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The Comply Catch-Up – July 2021 Issue 8

The Comply Catch-Up July 2021

Comply Updates

This month saw the launch of our first ever live demo series, ComplyLive. We would like to thank every one of you who tuned in to see our eForms showcase. It was a great success, and it is all thanks to our Comply Community. Stay tuned for future events coming later this year, and let’s make the next one even bigger!

Many new developments and enhancements are happening behind the scenes across all our solutions. In our Admin solution, we have implemented an OCR form splitter functionality. The OCR form splitter takes the manual effort out of organizing you form PDFs by dividing a PDF containing multiple forms into single PDFs of each form. On the mobile app side, we are currently in the BETA version of our latest product, the iX, our integrated wallet and eForms mobile application. Make sure to connect with us on LinkedIn and sign up to our mailing list to learn more about these developments and many others.

Comply continues to build partnerships that will help to provide a truly unique end-to-end U.S. Information Reporting and Withholding solution. If you are interested in discussing partnership potential, please visit our partnership page for more information and to schedule a discussion.

We have just received our 2021-2022 ISO27001 accreditation covering our virtual environment operation. 2020 was an interesting year when many companies went from working from secure physical environments to having to adopt fully remote practices overnight! This adds significant levels of risk when it comes to the security of our company and to the data we maintain. We quickly adopted a host of new processes to ensure corporate integrity and this has been recognised in our 2021/22 ISO27001 accreditation provided against our virtual environment.

Key Updates and Reminders

On July 2, 2021, the IRS published a DRAFT 2022 Form 1099-DIV. This new form includes the following key changes:

  • The 2022 Form 1099-DIV will be a continuous use form.
  • The FATCA filing requirement checkbox is now Box 11. This caused the following renumbering to occur:
    •  OLD Box 11 for reporting exempt-interest dividends from a mutual fund or other Registered Investment Company (RIC) is now NEW Box 12.
    • OLD Box 12 for reporting exempt-interest dividends subject to the alternative minimum tax is now NEW Box 13.
    • OLD Boxes 13-15 for reporting State Income Tax Withheld are now NEW Boxes 14-16.


On July 6, 2021, the IRS released new Publication 5147, Foreign Account Tax Compliance Act (FATCA) Foreign Financial Institution (FFI) List Search and Download Tool, which explains this process in detail for those unfamiliar with searching and downloading the FATCA FFI List.

While nothing has been released at this time, we are still expecting the IRS to start releasing new Forms W-8 soon. Based on information the IRS has released thus far, we can expect to see new Forms W-8IMY, W-8ECI, W-8BEN and W-8BEN-E.

The Internal Revenue Service proposed new regulations that would lower the threshold to electronically file information returns, such as W-2 and 1099 forms, instead of filing them on paper. The proposed regulations would gradually lower the current threshold of 250 to 100 for information returns required to be filed during calendar year 2022, and then from 100 to 10 for information returns required to be filed after 2022.


FATCA / CRS Key Dates & Reminders – Select Jurisdictions

Australia

  • The deadline for both FATCA and CRS reports from Australian RFIs is July 31. If you are unable to file your FATCA or CRS reports by July 31, you can request an extension of time using the mail option in Online services for agents or Online services for business.


Bahamas


Cayman Islands

  • The deadline for submission of FATCA and CRS reporting and filing declarations for 2019 and 2020 is July 31. See below for a full list of upcoming deadlines.


Gibraltar

  • The deadline for submission of FATCA and CRS reports for Gibraltar is July 31. Click here to view a complete list of Reportable Jurisdictions for the Purposes of the Automatic Exchange of Financial Account Information for Gibraltar.


Ireland

  • The Office of the Revenue Commissioners in Ireland published an updated list of CRS participating jurisdictions. Click here to see a full list of participating jurisdictions for CRS and DAC2 purposes.

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