Tag: Form W-9

With reporting demands tightening again, organisations are preparing for another year shaped by tax rule updates, revised IRS forms and rising expectations around reporting...

In the ever-shifting landscape of tax compliance, timing can be the deciding factor between seamless operations and regulatory headaches. A crucial, yet often overlooked aspect of this timing is the IRS sunset period—the window of time given to transition from an old version of a tax form to its updated counterpart.

Collecting taxpayer identification numbers (TINs) through Forms W-8 or W-9 is critical for compliance but often overlooked until it’s too late. To avoid future risks, firms should consider gathering this documentation early—ideally during onboarding—while carefully balancing user experience.

On June 28, 2024, the IRS released the much-anticipated final regulations for digital asset brokers, providing detailed guidance for reporting sales and exchanges of digital assets.