Kaplan 2021 Tax Withholding & Reporting Conference Updates

By Rasheed Khan
Read Time: 2 minutes
TAINA Rasheed Khans takeaways from the Kaplan Tax Withholding and Information Reporting Conference

Insights from the 2021 Tax Withholding and Reporting Conference

On the 10-11th of June, TAINA joined IRS officials and industry experts at the Kaplan International Tax Withholding and Reporting Virtual Conference , for two days of engaging discussion on the latest regulatory changes and idustry hot topics including FATCA & CRS reprting insights, 1446f final regulations and tax withholding updates.

I found Day 1 of the Kaplan Conference to be incredibly interesting and informative. A particular highlight of mine was the very well presented session with IRS Chief Counsel International presented by Jonathan Jackel -  EY, Laurie Hatten-Boyd – KPMG and John Sweeney – IRS ACCI. Thank you all for your insights on the following key industry updates; the publication of final chapter 3 / chapter 4 regulations, 1446(f) regulations, publication of the Form W-8 and instructions, 871(m) regulations, plus addressing any provision put forward based upon the “The Green Book” revenue proposal.


Key Conference Takeaway: IRS to provide a lot of support in 2021

I was particularly interested in the focus on the impact of 1446(f) to DVP transactions and the fact that these types of structures will trigger additional documentation, withholding and information reporting requirements. Topics that were also discussed in the session included, the extensive changes thst are anticipated for Forms W 8 (series) and Form 1042 S, and related instructions and the QDD extension of transition relief, Notice 2020-02.


Questions and answers from the session included:

Q - Can a QI that is a QDD apply for a waiver of the periodic review with respect to its QI activities if its certification period ends in 2019 or 2020?

A - Yes.  Section 10.07 of the QI agreement provides that a QI may apply for a waiver of the periodic review requirement if it is a QI that is not acting as a QDD and it meets the other requirements of section 10.07.

The IRS addressed many open questions that are now in the FAQ section under Certifications and Periodic Reviews.


I would like to thank Kaplan Financial Education and in particular Erika Estrada for connecting TAINA to the conference. We look forward to attending it again next year. I would also like to thank Cyrus Daftary – KPMG, Chip Collins – UBS for leading and moderating the various panels.

TAINA continues to track and monitor these changes and updates to identify and deliver the best in class regulatory technology that gives financial institutions a competitive. We would love to talk to you more about your current validation process and how our award winning FATCA and CRS Validation platform may add value to your business

Rasheed Khan

TAINA Technologies


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