The latest IRS, FATCA and CRS news for March 2025
- 04/01/25
- 7 Min Read Time
COMING UP IN APRIL 2025:
Form 1042-S Deadline
If you filed Form 8809, Application for Extension of Time to File Information Returns, for a 30-day extension to file Form 1042-S, the reporting deadline is coming up on April 16, 2025.
Key IRS Updates March 2025:
Form 1099 Updates:
During March, the IRS released the April 2025 revision Form 1099-MISC and Form 1099-NEC along with instructions.
The IRS also released the following additional 1099 forms and instructions. All forms and instructions can be found on the IRS Forms, Instructions and Publications page:
- Form 1099-A (Rev. April 2025) Acquisition or Abandonment of Secured Property
- Form 1099-C (Rev. April 2025) Cancellation of Debt
- Instructions for Forms 1099-A and 1099-C (Rev. April 2025): Acquisition or Abandonment of Secured Property and Cancellation of Debt
- Form 1099-CAP (Rev. April 2025) and Instructions (Rev. April 2025): Changes in Corporate Control and Capital Structure
- Form 1099-H (Rev. April 2025) and Instructions (Rev. April 2025): Health Coverage Tax Credit (HCTC) Advance Payments
- Form 1099-LS (Rev. April 2025) and Instructions (Rev. April 2025): Reportable Life Insurance Sale
- Form 1099-LTC (Rev. April 2025) and Instructions (Rev. April 2025): Long-Term Care and Accelerated Death Benefits
- Form 1099-PATR (Rev. April 2025) and Instructions (Rev. April 2025): Taxable Distributions Received from Cooperatives
- Form 1099-Q (Rev. April 2025) and Instructions (Rev. April 2025): Payments From Qualified Education Programs (Under Sections 529 and 530)
- Form 1099-QA (Rev. April 2025) and 2025 Instructions: Distributions from ABLE Accounts
- 2025 Form 1099-R Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
- Form 1099-S (Rev. April 2025) and Instructions (Rev. April 2025): Proceeds from Real Estate Transactions
- Form 1099-SA (Rev. April 2025) and 2025 Instructions: Distributions from an HSA, Archer MSA, or Medicare Advantage MSA
- Form 1099-SB (Rev. April 2025) and Instructions (Rev. April 2025): Seller’s Investment in Life Insurance Contract
March 2025 FATCA and CRS Headlines:
OECD: Tax Identification Number Update
On March 10, 2025, the OECD published updated information on Tax Identification Numbers for Romania.
Switzerland
On March 7, 2025, the Swiss Federal Council initiated a consultation regarding the ratification of a new Foreign Account Tax Compliance Act (FATCA) Model 1 Intergovernmental Agreement (IGA) with the United States and its implementation into Swiss domestic law. This consultation seeks feedback on the agreement, the draft federal law, and the draft ordinance, and will remain open until June 14, 2025.
The FATCA Model 1 IGA was signed by Switzerland and the United States on June 27, 2024, marking a transition from the existing Model 2 IGA to a Model 1 IGA. Under the current Model 2 framework, Swiss financial institutions report account details directly to the U.S. Internal Revenue Service (IRS) with the consent of U.S. clients. In contrast, the Model 1 IGA establishes an automatic and reciprocal exchange of financial account information between the tax authorities of both countries.
A Message From Our CEO
It’s been a busy and exciting month at Comply Exchange! As we wrap up another reporting season, we’re keeping the momentum going with some major developments on our end.
We’re especially excited about the advancements to our AI Extractor platform. With growing interest from clients and partners, we’re expanding its capabilities to automatically handle multi-tier withholding statements and complex document packs—making tax compliance even more seamless. This enhanced functionality will be available in the coming weeks, and we can’t wait to share it with you.
Looking ahead, we’re also gearing up for a few upcoming conferences this spring, where we’ll continue to showcase how Comply is helping organizations streamline documentation, reduce risk, and stay ahead of regulatory change.
Brighter days and big things ahead—stay tuned!
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Coming Up In April 2025:
Form 1042-S Deadline
If you filed Form 8809, Application for Extension of Time to File Information Returns, for a 30-day extension to file Form 1042-S, the reporting deadline is coming up on April 16, 2025.