The Comply Catch-Up August 2022 Issue 21

Key Dates and Reminders

• If you filed Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, requesting an extension of time to file Form 1042, then you should mail your Form 1042 by September 15, 2022, to: Internal Revenue Service, P.O. Box 409101, Ogden, UT 84409

• The deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) applications is September 30, 2022. Applications submitted after September 30, 2022 will not be processed. Prospective applicants unable to submit an application before the September 30, 2022 deadline, should wait until January 1, 2023 to submit the application for the 2023 year.

• During August, the IRS published the following DRAFT 1099 and 1042 forms. Check out the draft forms below:
• • DRAFT 2022 Form 1042 Schedule Q, Tax Liability of Qualified Derivatives Dealer (QDD)
  • DRAFT Instructions for Form 1099-PATR (Rev. January 2023)
  • DRAFT 2023 Instructions for Forms 1099-SA and 5498-SA
  • DRAFT Form 1099-QA (Rev. January 2023) Distributions from ABLE Accounts

FATCA / IRS Key Dates & Reminders – Select Jurisdictions

OECD

• The OECD published updated information on Rules Governing Tax Residency for both Brazil and Maldives. Check out the updated information below:
  • Brazil (modified August 1, 2022)
  • Maldives (modified August 22, 2022)

Cayman Islands

• The annual reporting deadline for FIs to submit the CRS Compliance Form is 15 September. The CRS Compliance Form can be completed using the online smart form or in a bulk CSV upload via the DITC Portal. Check out the CRS Guidelines, DITC Portal User Guide, and Cayman CRS Legislation & Resources website page for more information.

Finland

• On August 15, 2022, the Finnish Tax Administration updated its list of FATCA, CRS, and DAC2 Frequently Asked Questions (FAQs) website page. Check out the updated FAQs here.

Ireland

• On August 17, 2022, the Ireland Revenue Commissioners published an updated Reporting Entity Registration Form. The completion of the form is required to register with Revenue as a Reporting Entity by entities who do not have an Irish Tax Reference Number or an Irish Revenue Customer Number but have a FATCA, CRS, CbC, and/or DAC6 reporting obligation in Ireland. The completed form can be returned via MyEnquiries portal and selecting AEOI or by post to the Office of the Revenue Commissioners.

Comply Updates

Join us at the Sovos Comply and Connect Conference in Washington, D.C. on November 9 – 11. This annual event showcases experts addressing top changes and challenges your business faces in tax withholding and information reporting compliance. Register here.

If you would like to schedule a demo and discuss how Comply can help you automate and centralize your information reporting and withholding requirements, contact us at contact@complyexchange.com.