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The Comply Catch-Up – March 2023 Issue 27

Comply Catch-Up March 2023
2023 Instructions for Form 1042-S Foreign Person’s U.S. Source Income Subject to Withholding
  • 2023 General Instructions for Certain Information Returns (Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G)

  • On March 22, 2023, the IRS revised FAQs for Form 1099-K Payment Card and Third Party Network Transactions. Updates include:
    • General Section – Question 3
    • Individuals Section – Questions 6 and 7
    • Filing Form 1099-K Section – Question 5

  • As a reminder, if you requested an automatic 30-day extension to file Forms 1042-S with the IRS, the extended due date is April 14, 2023.
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    FATCA / CRS Key Dates & Reminders – Select Jurisdictions

    OECD

    • On March 8, 2023, OECD announced that Angola became the 166th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).
    • On March 13, 2023, OECD published an updated list of AEOI Status of Commitments.

    Bahamas

    • The Bahamas Competent Authority published key dates for upcoming FATCA, CRS, and CbC reporting for 2022 reporting purposes. The AEOI Portal will open on Friday, July 14th at 9am EST and will close on Friday, August 25th at 5pm EST.

    British Virgin Islands

    Cayman Islands

    Guernsey

    • On March 2, 2023, States of Guernsey Revenue Service issued Bulletin 2023/3, which includes updates on US TIN reporting due to Notice 2023-11 released by the IRS.

    Isle of Man

    • On March 8, 2023, the Income Tax Division of the Isle of Man published an Industry Advisory Notice which includes updates on US TINs due to Notice 2023-11 released by the IRS.

    Singapore

    • On March 13, 2023, the Inland Revenue Authority of Singapore (IRAS) published instructions for reporting the Taxpayer Identification Number (TIN) of preexisting accounts that are reportable for FATCA purposes due to Notice 2023-11 released by the IRS. IRAS FAQs on FATCA and IRAS Supplementary XML User Guide for Preparing the FATCA Reporting Data File are both updated with more information on updated TIN field codes.

    • On March 30, 2023, IRAS published an updated List of Participating Jurisdictions for CRS reporting purposes, effective as of 31 March 2023. No new jurisdictions were added, but Kenya, Morocco and Trinidad and Tobago have been removed from the list.
     

    Comply Updates

    We released a brand-new version of our website this month! Our new website includes several new features that will make finding what you need easier than ever. Learn all about the Comply Ecosystem with AI-inspired technology to automate your tax compliance needs from start to finish.

    Join us May 1 – May 3, either in person or virtually, for the 2023 Tax Reporting & Withholding Conference! We will be sponsoring and presenting alongside other tax and industry experts. You can sign up and review the conference agenda here.

    Don’t miss out on any of our announcements – make sure to follow us on LinkedIn or sign up to receive marketing content 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.

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