The Latest IRS, FATCA and CRS News for August 2025
- 08/29/25
- 6 Min Read Time
Coming up in September 2025:
IRS: QI, WP, WT Application Deadline
The deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) applications for the 2025 year is September 30, 2025.
Applications must be submitted through the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS) and any applications submitted after September 30, 2025, will not be processed.
Bermuda: CRS Compliance Form
All Bermuda Reporting Financial Institution (RFIs) and Trustee-Documented Trusts (TDTs) must submit the CRS Compliance Form no later than September 30, 2025.
Cayman Islands: CRS Compliance Form
All Cayman Island Financial Institutions (FIs) with a CRS reporting obligation must submit the 2024 CRS Compliance Form by September 15, 2025.
IRS & Treasury Updates August 2025:
IRS: Draft Forms
The IRS released the following DRAFT forms during the month of August:
- 2025 Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons
- Instructions for Form 7004 (Rev. December 2025), Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns
- Form 8804 (Rev. December 2025), Annual Return for Partnership Withholding Tax (Section 1446)
- Instructions for Forms 8804, 8805, and 8813 (Rev. January 2026)
August 2025 FATCA, CRS and CARF Headlines:
OECD: Updated CRS and CARF FAQs
On July 30, 2025, OECD issued a new set of frequently asked questions (FAQs) to provide interpretative guidance on the Crypto-Asset Reporting Framework (CARF) and the amended Common Reporting Standard (CRS).
OECD: Updates to Tax Identification Number and Tax Residency Information
On August 18, 2025, the OECD published updated information on Tax Identification Numbers for Uruguay and Tax Residency information for Panama.
Singapore: CRS XML Schema Version 3.0
On August 18, 2025, the Inland Revenue Authority of Singapore (IRAS) posted an update regarding the CRS XML Schema Version 3.0. Beginning January 1, 2027, all CRS returns in XML format must be formatted and submitted using the OECD Common Reporting Standard XML Schema version 3.0.
IRAS will release, in due course, the updated edition of the IRAS XML Schema User Guide for CRS Return which will explain the information required to be included in each element to be reported in the CRS XML Schema v3.0.
United Kingdom: Updates to International Exchange of Information Manual
On August 5, 2025, HMRC updated its International Exchange of Information Manual (IEIM), section IEIM402880, Due Diligence: Pre-Existing Individual Accounts: Lower Value Accounts: Curing Indicia. The update provides additional information regarding FATCA and US place of birth.
Additionally, on August 6, 2025, HMRC also updated IEIM, section IEIM905400, Circumstances in which a Penalty will not Apply. This section was changed to include reasonable care, as well as reasonable excuse.
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A Message From Our CEO
August is traditionally a quieter month, but for us it’s a valuable time to work behind the scenes. We’re using this period to prepare for the final few months of the year and the inevitable busyness of year-end reporting. It’s also given us the space to focus on an exciting new project that we look forward to announcing very soon.