March 2026 has brought a wave of regulatory updates across IRS reporting, FATCA, and CRS frameworks. Comply Exchange has rounded up the most critical developments compliance teams need to know.
April 1042-S deadline looms for extended filers
Organisations that sought an extension on their 2025 tax year filings face an imminent deadline. Form 1042-S must be submitted to the IRS by 17 April 2026. Filers who submitted Form 8809 before the original 17 March deadline received an automatic 30-day extension. A second 30-day extension is available but must be actively requested before the current window closes. This extension covers only the IRS filing obligation and does not affect the deadline for furnishing statements to recipients.
IRS proposes new 1099-DA electronic delivery rules
On 5 March 2026, the IRS published proposed regulations under REG-105064-25, introducing a revised delivery framework for Form 1099-DA.
As highlighted by Comply Exchange, brokers would be permitted to move to a fully electronic delivery model, removing any obligation to offer a paper alternative. The proposal would also allow brokers to make electronic consent a condition of account access, with non-consenting customers potentially facing service restrictions. Once granted, consent could not be withdrawn.
Global FATCA and CRS developments
Comply Exchange’s roundup covers updates across six jurisdictions. Bermuda published Version 3.0 of its CRS Independent Compliance Review Guidelines on 13 March.
Guernsey’s Revenue Service confirmed the 30 June 2026 FATCA and CRS reporting deadline for the 2025 period, whilst warning of penalties for late submissions.
Hong Kong’s Inland Revenue Department mandated use of an updated encryption tool for all file submissions.
Jersey revised its FATCA and CRS practical guides to reflect the IRS’s adoption of FATCA XML Schema v2.0.1.
Singapore announced that from 1 January 2027, all FATCA XML submissions must use Schema Version 2.0.1.
Finally, South Africa confirmed implementation of the Crypto Asset Reporting Framework effective 1 March 2026, with new FAQ documents published to support institutions.
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