Regulatory Analysis
The IRS recently released its 2024 Publication 1187, the Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. This publication is updated at least annually with later changes occurring occasionally. There were few substantive changes in the publication this year, the only notable one being the use of field […]
The IRS recently released an update to Form 941-X and the accompanying instructions. Form 941-X is the form for reporting Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund to the IRS. Generally, the form is updated yearly. This year, the updates to the form are in conjunction with the expiration of the social […]
Maryland will waive penalties and interest for late withholding for Maryland businesses from January 1 to May 31, 2024, in the wake the Key Bridge collapse. Provided payments are made by May 31, 2024, any late payments during that period will not be subject to late penalties or interest. The waiver is automatic and applies to […]
The IRS recently released its 2024 Form 941, Schedule B, and Schedule R along with the accompanying instructions. Several changes have been made to the 941 and to Schedule R, while Schedule B remained largely unchanged for 2024. Many of the changes found throughout the form, schedules, and instructions this year are related to the […]
The IRS has released its 2024 General Instructions for Forms W-2 and W-3. Form W-2 is used to report employment income to the IRS and Form W-3 is the employer’s transmittal of wage and tax statements to the IRS. These instructions cover the W-2, W-2c, W-2GU, W-2VI, and W-2AS forms along with form W-3 for […]
On December 19, 2023, the proposed changes to the US Code of Federal Regulations relating to the de minimis error safe harbor exceptions to penalties for information returns and payee statements were added to the Code as final regulations. The updates are effective as of the publishing date of December 19, 2023, but are applicable […]
The previously proposed delays to the roll-out schedule of the French e-invoicing mandate should now be considered as finalized, following a push from the French Government yesterday to move the Finance Law for 2024 to a vote without a prior debate, thereby closing the door to further amendments. As part of the Finance Law for […]
On July 11, 2023, the Ministry of Finance of the United Arab Emirates (UAE) announced five major strategic transformational projects which aim to advance the country in the field of digital government. One of the announced projects is the “E-Billing System”, a system that will automate and thus facilitate the procedures for filing tax returns […]
The SAT published on its official website the First Advance Version of the Sixth Resolution of Modifications to the Miscellaneous Tax Resolution 2023. It extends the term until December 31, 2023, for those taxpayers who issue the CFDI with Carta Porte supplement to comply with all the requirements contained in the “Instructions for filling out […]
The tax authority in Bizkaia published an update for the technical documentation related to Bizkaia SII. The documentation introduces the value “AJ” (Ajuste del Margen de Beneficio) in the ledger of issued invoices for modifications of the tax base and quota for which there is no obligation to issue a rectifying invoice derived from the […]
June 30, 2023, marks the end of the grace period for those who make payments for salaries and who are obliged to issue CFDIs for them, may choose to issue them in version 3.3 with payroll supplement in version 1.2, in accordance with The Second Resolution of Modifications to the Miscellaneous Tax Resolution (RMF) for […]
On May 31, 2023, Argentina published the AFIP General Resolution No. 5364/2023, through which it establishes the Electronic Control Action System, its implementation and Administrative Statuses of the Unique Tax Identification Code (CUIT). Through this resolution, a procedure for controlling compliance with tax, customs and social security obligations of taxpayers and/or responsible persons called the […]
Through the aforementioned Resolution, the authority made modifications to the content of the RMF for 2023, among which the following stand out in terms of CFDI´s: DEDICATED TRANSPORT SERVICES In rule 2.7.7.1.3., the wording is specified to indicate that the client or contractor of dedicated transport services must issue a CFDI of transfer type to […]
A new Taxpayer Orientation Manual version 1.00a General View (MOC NFCom 1.00a – Visão Geral) and Taxpayer Orientation Manual version 1.00a Annex 1 Layout and Validation Rules (MOC NFCom 1.00a – Anexo I Leiaute e Regras de Validação) for the NFCom (electronic invoice for communication services – Model 62) have been published. These Manuals follow […]
The Italian Tax Authority (Agenzia delle Entrate) will make available on the 15th May of 2023, a new platform for the provision of free services, via API, called API Management. This measure is part of an initiative to simplify administration and promote digital services, and it is aimed at an audience of users interested in […]
Mexico: The SAT published the standard and the error matrix of the Carta Porte Supplement version 2.0 Revision C, that is integrated into CFDI version 4.0 Among the main changes are: 4 service keys were incorporated into the additional validation of the CFDI ProdServ Key. The coexistence of the Carta Porte supplement was incorporated with […]
Exciting news out of Israel as the government approved the 2023-2024 budget on 24 February 2023 to introduce a Continuous Transaction Control (CTC) model in their tax system. This is a long-awaited move that will have significant implications for businesses operating within the country. The new plan, which was prepared by the Ministry of Finance […]
The obligation to submit the EFD-Reinf (Digital Fiscal Record of Withholdings and Other Fiscal Information) for the next group of obliged taxpayers, which was set to begin March 2023, has been postponed. Normative Instruction n. 2.133, of 27 February 2023 has now been officially published postponing such obligation, meaning that affected taxpayers must submit their […]