The latest IRS, FATCA and CRS news for April 2025
- 04/30/25
- 9 Min Read Time
In case you missed it, Jessica Zeltser joined forces with Wendy Walker (Sovos) and Jessalyn Dean (Ledgible) to unpack the essential do’s and don’ts of writing RFPs that actually solve problems, not stall progress. While the discussion was centered on the digital asset space, the insights shared are highly relevant across industries. Whether you’re in tax, tech, or operations, these takeaways can help you avoid common pitfalls and align stakeholders from the start.
We’ve gathered some of the highlights into a practical, no-fluff article designed to guide you through creating smarter, more strategic RFPs, because the right process makes all the difference.
Prefer to listen? We’ve also released an audio-only version of the webinar on our podcast, Withholding Nothing, on Spotify and Apple Podcasts.
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Coming up in May 2025
2025 Tax Reporting & Withholding Conference
We will be attending and sponsoring the 2025 Tax Reporting & Withholding Conference hosted by The Tax Reporting Group. The conference will be held in Washington D.C. from May 5th – May 7th. It’s not too late to register!
The event will be filled with the latest and greatest in the information reporting and withholding world, presented by industry experts and the IRS. Don’t miss out on the Technology & Testing Operational Controls session where Kai Kyriak will be speaking alongside co-hosts Aureon Herron-Hinds, (RSM) a partner and client, and Sean Sutton (TAINA). Expect thought-provoking insights and an in-depth discussion on how technology and automation are shaping the future of the tax information reporting and withholding industry.
IOFM Spring Conference & Expo
We will be attending and sponsoring the IOFM Spring Conference & Expo in Orlando from May 12th – May 14th. We will be showcasing the Comply Exchange product suite, with emphasis on our partnership with SAP Ariba.
Simplify IRS form collection, validation, and management directly within your SAP Ariba workflows. Through our partnership with SAP, Comply Exchange integrates seamlessly into SAP’s industry-leading procurement and spend management ecosystem, helping organizations reduce risk, save time, and automate compliance at scale.
Register now to attend!
Key IRS Updates April 2025:
Form 1099 Updates
During April, the IRS released the following DRAFT 1099 forms and instructions:
April 2025 FATCA and CRS Headlines:
British Virgin Islands: BVIFars Payment Portal
On April 8, 2025, the International Tax Authority (ITA) of British Virgins Islands published a notice that the BVIFars payment portal is now live and ready for use.
All entities with reporting obligations under FATCA, CRS and CbCr are required to enroll in the BVIFars portal to fulfill their reporting obligations.
- Each enrolled entity is required to pay an annual fee of $185.
- Payment must be made by June 1 each year. After the deadline, late fee and enforcement action will be applied.
The BVI Financial Account Reporting System – Payment Functionality User Guide can be found here.
Cayman Islands: CRS Reportable and Participating Jurisdictions
On March 31, 2025, the Department for International Tax Cooperation (DITC) of the Cayman Islands published updated lists of CRS Reportable and Participating Jurisdictions within Gazette Issue No. 07/2025:
- Reportable Jurisdictions
- Saint Kitts and Nevis has been added to the list for reports due in 2025 onwards.
- Cameroon and Mongolia have been added to the list for reports due in 2026 onwards.
- Tunisia is now included under reports due in 2026 onwards instead of 2025 onwards.
- Participating Jurisdictions
- Armenia, Georgia, Kazakhstan, Moldova, and Ukraine have been added as Participating Jurisdictions.
Germany: CRS Newsletter 02/2025
On April 2, 2025, the Federal Tax Office of Germany (BZSt) published CRS Newsletter 02/2025. Updates include:
- Provisional State Exchange List for 2025
- Manuals moved from the “Manuals” section to the “Electronic Data Transmission (BOP/ELMA)” section
- Conversion to the BZSt online portal and introduction of the DIP mass data interface
- Updates to excluded accounts
- Data record reporting
Malta: Implementing Guidelines on Automatic Exchange of Financial Account Information
The Office of the Commissioner for Revenue of Malta published Implementing Guidelines on Automatic Exchange of Financial Account Information Version 4.7.
Singapore: IRAS FATCA and CRS File and Record Level Validations
On April 7, 2025, the Inland Revenue Authority of Singapore (IRAS) published the following updated documents:
- List of IRAS CRS File and Record Level Errors
- Updated error description for error code 60005
- Added error code 98014
- List of IRAS FATCA File and Record Level Errors
- Added error code 9814
A Message From Our CEO
This is an exciting time for Comply Exchange as we continue to push the boundaries of what’s possible in tax compliance. With new regulations and reporting requirements on the horizon, we know the burden on our clients is only going to increase—dramatically.
We anticipated this shift early, and have been focused on doing what we do best: building smart, forward-thinking solutions. One of the most exciting initiatives I’ve had the privilege to be part of is now nearing its debut. We’re just weeks away from announcing a groundbreaking release—an innovation that brings together everything we’ve learned in document collection, data management, and AI automation. If you’ve seen our Extractor tool in action, you’ll know the power of what we’re building.
Our latest development introduces tokenization to tax form handling—an approach that is decentralized, immutable, blockchain-based, and virtually infinitely scalable. It’s a bold step toward the future of compliance. And to reflect the depth of thought and originality behind this project, we’ve even applied for several patents.
While we’re not quite ready to unveil the full details, we’ve started early discussions with a select group of partners. If you’re interested in being part of those conversations—and helping shape what’s next—we’d be happy to connect.
Before I give too much away, I’ll simply say that we’re also heading into a packed conference season. Our team will be on the ground in Washington, Orlando, and here in London over the coming weeks. These events are a great opportunity to connect with clients, partners, and peers—and if you happen to bump into me, don’t hesitate to ask about what’s coming next. I might even share a preview.
Exciting things are on the way—stay tuned!
— David Marley, CEO, Comply Exchange
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