The latest IRS, FATCA and CRS news for May 2025
- 05/30/25
- 7 Min Read Time
Coming up in June 2025
Comply Exchange -Sovos Webinar
Comply Exchange will be joining Sovos on a webinar in the coming weeks to discuss: W-8/W-9 Management for Digital Assets – Collection and Validation Tactics for Upcoming 1099-DA Compliance.
Register here as you won’t want to miss this webinar that walks through successful collection techniques, document management solutions and how to handle specific use cases.
ESG FinTech Summit
On June 11, Comply Exchange will be attending and exhibiting the ESG FinTech Summit in London. If you are there, stop by to learn more about Comply Exchange and the innovative software solutions that we offer, including our latest innovation: Comply Extractor.
Comply Extractor harnesses OCR and AI technology to automate data extraction from withholding statements, tax forms and other documents, regardless of their format or complexity, while simultaneously building a W-8IMY structure.
IDES Testing
The IRS announced that the IDES portal will be open for testing from Wednesday, June 4, 2025, at 8:00 AM EDT to Tuesday, July 1, 2025, at 5:00 PM EDT. You can view all testing sessions on the IDES Testing Schedule web page.
Upcoming FATCA and CRS Filing Reminders
The following jurisdictions have a June 30 submission deadline for Reporting Financial Institutions to submit both their FATCA and CRS reports:
- Guernsey
- Ireland
- Isle of Man
- Jersey
- Luxembourg
Key IRS Updates May 2025:
Form 1042 Updates
On May 16, 2025, the IRS released the following DRAFT forms:
- 2025 Form 1042 Annual Withholding Tax Return for U.S. Source Income of Foreign Persons
- 2026 Form 1042-S Foreign Person’s U.S. Source Income Subject to Withholding
- 2025 Form 1042-T Annual Summary and Transmittal of Forms 1042-S
May 2025 FATCA and CRS Headlines:
Barbados: AEOI Portal Availability
The Barbados Revenue Authority (BRA) published a note reminding Reporting Financial Institutions of the availability of the AEOI Portal for TY2024 FATCA and CRS reporting. The Portal will be available for submissions from May 1, 2025, to July 31, 2025.
Germany: FATCA Data Transmission
On May 2, 2025, the Federal Tax Office of Germany (BZSt) published an update noting that the production environment for the transmission of FATCA data for the reporting period 2024 will be available from 01 May 2025.
Data for the reporting period 2024 must be submitted in full to BZSt by 31 July 2025.
Singapore: 2024 FATCA and CRS Filing Deadline Reminder
As a reminder, all Reporting SGFIs must submit their 2024 FATCA and CRS returns to the Inland Revenue Authority of Singapore (“IRAS”) by 31 May 2025. Reporting SGFIs may face enforcement actions, including a penalty of up to $5,000, for late or non-filing of their FATCA and CRS returns.
United Kingdom: 2024 FATCA and CRS Filing Deadline Reminder
The United Kingdom’s HMRC issued a reminder that the FATCA and CRS reporting deadline for TY2024 reporting is May 31, 2025. HMRC also indicated that no penalties would be applicable for late or incorrect submissions where a reasonable explanation was provided.
A Message From Our CEO
With a lot of upcoming FATCA and CRS reporting deadlines, plus new regimes and reporting requirements related to digital assets beginning as early as next year, organizations are under mounting pressure to adapt quickly and accurately. Regulatory scope is expanding, timelines are tightening, and manual processes are no longer sustainable.
As organizations work to meet deadlines and deliver transparency, the need for smarter, more scalable technology has never been clearer. AI isn’t just a future state vision, it’s already helping teams process complex forms and extract insights faster and more accurately than ever before. At Comply Exchange, we’re focused on simplifying the complex and automating the burdensome because compliance shouldn’t come at the cost of capacity.
In light of the above, we have some really exciting things that we are working on here and look forward to announcing very soon. Stay tuned…
— David Marley, CEO, Comply Exchange
Join Our Mailing List
Join Our Mailing List
Listen to our podcast where we talk tax and tech!