#Reporting

Elizabeth A. McMorrow

2 days ago

Guernsey FATCA & CRS Updates

Guernsey Revenue Service issued a bulletin covering upcoming FATCA and Common Reporting Standard (CRS) deadlines and requirements. Mandatory Registration for All FIs Any Guernsey financial institution (FI) that was newly incorporated, established or transferred-in since the last reporting period must register with the Guernsey Revenue Service via IGOR by February 28, 2023. To read more on this topic, see my December 24, 2021 blog post: New Guernsey Bulletin Mandatory Registra

Elizabeth A. McMorrow

2 days ago

IRS FATCA TIN Codes for Y2022 Reporting

The U.S. Internal Revenue Service (IRS) updated the tax identification number (TIN) codes to be used in Y2022 FATCA reporting when certain Model 1 Foreign Financial Institutions (FFIs) have been unable to obtain a U.S. TIN for their pre-existing accounts that are reportable accounts. IRS TIN Reprieve For information regarding IRS Notice 2023-11 and the requirements for when an FFI may use the TIN codes, please see my recent blog post: FATCA: IRS Gives FFIs US TIN Reprieve. Tr

Elizabeth A. McMorrow

2 days ago

BVI FATCA & CRS Deadlines

The British Virgin Islands (BVI) International Tax Authority (ITA) announced its FATCA and Common Reporting Standard (CRS) reporting deadlines: FATCA Annual Enrolment deadline: 1st April 2023. FATCA Annual Reporting Submission deadline: 31st May 2023. CRS Annual Enrolment/Notification deadline: 30 April 2023. CRS Annual Reporting Submission deadline: 31st May 2023. The CRS reportable jurisdictions for Y2022 have not yet been updated. The BVI Financial Account Reporting System

Singapore Updates CRS Reportable Jurisdictions

Elizabeth A. McMorrow

4 days ago

Singapore Updates CRS Reportable Jurisdictions

The Inland Revenue Authority of Singapore (IRAS) published its updated list of reportable jurisdictions on February 1, 2023. It has added Ghana, Jamaica and the Maldives as reportable jurisdictions for Y2022 reporting. No jurisdictions were removed compared to the Y2021 reporting list. The deadline for Reporting Singapore Financial Institutions (SGFIs) to submit Y2022 CRS returns to IRAS is May 31, 2023. Singapore does require CRS nil returns. Reporting SGFIs may face enforce

Elizabeth A. McMorrow

Jan 19

Guernsey Updates CRS Partner List

Guernsey Revenue Service published a bulletin with the Reportable Jurisdictions for the Y2022 and Y2023 reporting periods. The Y2023 list includes the jurisdiction in the above chart and the following jurisdictions: Georgia Rwanda Tunisia The deadline for submitting Y2022 CRS reporting in the Guernsey IGOR portal is June 30, 2023. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #CRA #Guernsey #Reporting

Elizabeth A. McMorrow

Jan 16

FATCA: IRS Gives FFIs US TIN Reprieve

The U.S. Internal Revenue Service (IRS) recently issued Notice 2023-11 which will be in Internal Revenue Bulletin (IRB) 2023-3, dated January 17, 2023. The IRS provided procedures by which a Foreign Financial Institution (FFI) can remain compliant despite not obtaining U.S. tax identification numbers (TINs) from certain account holders who are U.S. Persons under FATCA. What Is the Reprieve? The IRS will not determine an FFI is significantly non-compliant with the FFI’s FATCA

Elizabeth A. McMorrow

Jan 16

CRS: Updated UK Reportable Jurisdictions

On January 5, 2023, the United Kingdom HM Revenue & Customs (UK HMRC) updated the list of reportable jurisdictions in its International Exchange of Information Manual. The changes since the 2022 reporting year are that Moldova, Montenegro, Thailand and Uganda have been added to the list and Morocco has been removed from the International Exchange of Information Manual list. The following is the complete HMRC list of Reportable Jurisdictions under the Common Reporting Standard

Elizabeth A. McMorrow

Dec 23, 2022

Singapore Updated FATCA Reporting Form

On December 20, 2022, the Inland Revenue Authority of Singapore (IRAS) updated its FATCA Fillable PDF Form. Specifically, IRAS updated the form to include a drop down box allowing the filer to indicate which jurisdiction issued the TIN. This drop down box is located on page 2 of the form in “Section B. Account Holder or Payee Information.” The FATCA Return PDF form must be submitted electronically to IRAS through myTaxPortal (mytax.iras.gov.sg). The form cannot be printed and

Elizabeth A. McMorrow

Oct 29, 2022

Bahamas Announces Upcoming FATCA/CRS Portal Dates

The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal will open for FATCA and CRS registration and submissions on Tuesday, November 1, 2022 at 9 AM EST. The portal will close on Friday, November 25, 2022 at 5PM EST. This is a good opportunity for Financial Institutions (FIs) with FATCA and CRS reporting obligations that missed the August 26, 2022 portal deadline and for updating any changes related to internal staffing. Once the portal

Elizabeth A. McMorrow

Sep 29, 2022

FATCA: IRS Public Key Expires October 14

The IRS announced the Public Key for FATCA filing will expire on October 14, 2022. For those financial institutions (FIs) who submit their FATCA reporting directly to the U.S. Internal Revenue Service (IRS), it is critical to determine if you have downloaded the IRS’ new public key and checked to see if your digital certificate is current. What Is IDES? Certain FIs transmit data directly to the IRS through the International Data Exchange Service (IDES). https://www.irs.gov/bu

Cayman Islands FATCA/CRS deadline: Monday, August 1, 2022

Elizabeth A. McMorrow

Jul 11, 2022

Cayman Islands FATCA/CRS deadline: Monday, August 1, 2022

For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #CaymanIslands #FATCA #CRS #Reporting

Bahamas Updates CRS Exchange Partner List

Elizabeth A. McMorrow

Jul 1, 2022

Bahamas Updates CRS Exchange Partner List

The Bahamas Competent Authority posted the Updated CRS-AEOI Partner List Effective June 27, 2022. With the deletion of Costa Rica and the addition of Curacao, Ecuador, and Peru, the Bahamas’ Common Reporting Standard (CRS) exchange partner list now includes 67 jurisdictions. The Bahamas FATCA/CRS portal will open for FATCA and CRS registration and submissions on Monday, July 18, 2022 at 9 AM EDT. The portal will close on Friday, August 26, 2022 at 5PM EDT. Financial Instituti

Which U.S. Persons Are Exempt from FATCA Reporting?

Elizabeth A. McMorrow

Jun 6, 2022

Which U.S. Persons Are Exempt from FATCA Reporting?

Foreign Financial Institutions (FFIs) participating in FATCA through an IGA or as a Participating FFI are required to undertake annual FATCA reporting on certain U.S. Persons. The FFI documents U.S. Persons by obtaining a U.S. Internal Revenue Service (IRS) Form W-9 or substitute Form W-9 from its customer. However, some U.S. Persons are exempt from being reported and may use the Form W-9 to document their exemption. Line 4 Line 4 of the Form W-9 is where a U.S. Person may li

Elizabeth A. McMorrow

Mar 3, 2022

Bahamas Announces FATCA/CRS Portal Dates

The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal will open for FATCA and CRS registration and submissions on Monday, July 18, 2022 at 9 AM EDT. The portal will close on Friday, August 26, 2022 at 5PM EDT. Financial Institutions (FIs) with FATCA and CRS reporting obligations that miss the August 26, 2022 portal deadline will need to contact the Bahamas Competent Authority at helpdesk@taxreporting.finance.gov.bs or information@taxr

Elizabeth McMorrow

Feb 23, 2022

Singapore Updated FATCA TIN Reporting FAQ

On February 23, 2022, the Inland Revenue Authority of Singapore (IRAS) updated its IRAS FAQs on the Foreign Account Tax Compliance Act (FATCA). Specifically, IRAS updated FAQ B.7 dealing with reporting tax identification numbers (TINs). The FAQ is: "How should a Reporting SGFI report TINs of Foreign Entity Account Holders (where Entity Account Holder is not a U.S. Person such as in the case of a Passive NFFE)? We have confirmed that the Entity Account Holder Type is either FA

BVI Portal Offline & US TIN Instructions

Elizabeth A. McMorrow

Feb 21, 2022

BVI Portal Offline & US TIN Instructions

On February 21, 2022, the British Virgin Islands International Tax Authority (BVI ITA) announced the BVI Financial Account Reporting System (BVIFARS) will be offline starting Monday, February 21, 2022 until further notice. The BVI ITA expects to provide an update regarding the portal during the week of February 21. The BVI ITA also provided a reminder regarding the mandatory inclusion of tax identification numbers (TINs) in FATCA reporting. FATCA TIN Reporting As part of a Fi

Elizabeth A. McMorrow

Feb 8, 2022

Cayman Islands Updates Portal & CRS Jurisdictions

CRS Reportable Jurisdictions On January 31, 2022, the Cayman Islands published an updated list of Common Reporting Standard (CRS) Reportable Jurisdictions. Jamaica, Kenya and Morocco have been added as CRS Reportable Jurisdictions for Y2021 reporting. Kuwait has been removed from the list of CRS Reportable Jurisdictions. Financial Institution Deregistration The functionality of the Cayman Islands Department for International Tax Cooperation portal (DITC Portal) has increased

Elizabeth A. McMorrow

Jan 10, 2022

Guernsey Posts CRS Partner List

Guernsey Revenue Service published a bulletin with the Reportable Jurisdictions for the Y2021 and Y2022 reporting periods. The Y2022 list includes the jurisdiction in the above chart and the following jurisdictions: Jordan Moldova Montenegro Thailand Uganda Ukraine The deadline for submitting Y2021 CRS reporting in the Guernsey IGOR portal is June 30, 2022. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #Guernsey #CRS #Reportin

Elizabeth A. McMorrow

Dec 20, 2021

Bahamas FATCA/CRS Portal Open until January 14

The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal is now open for FATCA and CRS registration and submissions. Additionally, Financial Institutions (FIs) are able to submit corrections to previous filings for non-U.S. tax identification numbers (TINs). To access the portal, click here. The portal will close on Friday, January 14, 2022 at 5 PM EST. After the portal closes, FIs with FATCA or CRS reporting obligations should contact th

Elizabeth A. McMorrow

Nov 17, 2021

FATCA: IRS Public Key Expires December 3

The IRS announced the Public Key for FATCA filing will expire on December 3, 2021. For those financial institutions (FIs) who submit their FATCA reporting directly to the U.S. Internal Revenue Service (IRS), it is critical to determine if you have downloaded the IRS’ new public key and checked to see if your digital certificate is current. What Is IDES? Certain FIs transmit data directly to the IRS through the International Data Exchange Service (IDES). Depending on the amoun

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