Miscellaneous Guidance Released: Revenue Ruling 2018-17 clarifies that federal income tax withholding under section 3405 and Form 1099-R reporting under section 408 generally apply for the year a payment is made, as required by state law, from an individual retirement arrangement (IRA) to a state unclaimed property fund.
IRS Announces FATCA IDES Testing: The IRS announced FATCA International Data Exchange Service (IDES) opens for testing from Monday, June 18 to Friday, July 27. The test session will be open to users that have completed IDES enrollment by Thursday, June 14 at 5:00 p.m. EDT.
Paraguay Joins Tax Information Exchange Convention: The OECD announced that Paraguay signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, making it the 119th jurisdiction to join the convention. The convention is intended to aid implementation of automatic exchange of offshore financial account information and of Country-by-Country reports on activities of multinational enterprises under the Base Erosion and Profit Shifting (BEPS) Project.