The Comply Catch-Up – December 2020 Issue 1

Dec 18, 2020

What’s new with Comply?

We wanted to start sharing with you all of the exciting things that have been happening with Comply in recent months, including new developments, partnerships and much more.

In case you haven’t heard,we announced our partnership with Sovos at their conference back in October. Comply Exchange and Sovos will be working together to bring a first to market, true end-to-end information reporting and withholding solution.

We have successfully integrated our own OCR capabilities powered by Kofax technology. This makes documenting paper forms easier than ever!

ComplyPro officially launched in May of this year and has gone through the first round of CPE accreditation. BY completing our Foundation Course, you can earn 9.5 CPE Credits, all from the comfort of your own home.

What you need to know this December

On November 5, 2020, the IRS updated QI/WP/WT FAQ 13 under the section Certifications and Periodic Reviews. Updated FAQ 13 tells QIs that are acting as withholding agents in their intermediary capacity not to exclude section 871(m) transactions from their review.

The IRS Public Key for FATCA filing is set to expire on December 13, 2020. On that day, the IRS will replace the existing key with its new key. Beginning on December 14, 2020, filers will need to download the new IRS Public Key from the IDES website to file FATCA Reports. Here is the link! https://www.ides-support.com/

In January, 2021, the IRS plans to launch a secure submission platform on its website, IRS.gov.