Comply Exchange has released its latest roundup of key regulatory developments across IRS reporting, FATCA, and the Common Reporting Standard (CRS) for March 2026, covering critical deadlines and international compliance updates that financial institutions should be aware of.
Form 1042-S filing deadline approaching
Organisations that filed an extension for the 2025 tax year face an imminent deadline. The revised submission date for Form 1042-S is 17 April 2026. The original deadline was 17 March 2026, 15 March fell on a Sunday, and filers who submitted Form 8809 on or before that date were granted an automatic 30-day extension.
Those requiring additional time may apply for a second 30-day extension, though this is not automatic and must be requested via a further Form 8809 before the current extension lapses. Importantly, the extension covers only IRS filing obligations and does not affect the deadline for furnishing statements to recipients.
IRS proposes new framework for Form 1099-DA delivery
On 5 March 2026, the IRS published proposed regulations under REG-105064-25, setting out a revised approach to how digital asset brokers may deliver Form 1099-DA.
According to Comply Exchange, the proposal represents a meaningful departure from existing 1099 rules by permitting brokers to rely solely on electronic delivery, removing the obligation to offer a paper alternative.
Under this framework, brokers could also require electronic consent as a condition of service, and customers unwilling to agree could face account restrictions or termination. Unlike current rules, there would be no requirement to allow recipients to withdraw consent once given.
IRS draft forms and publications released
In March, the IRS also issued draft versions of several key forms and publications, including updated versions of Form 1099-NEC, Form 1099-MISC, and Form 1099-K, all revised for December 2026.
International FATCA and CRS developments
Comply Exchange also highlighted a series of notable international developments across FATCA and CRS reporting. In Bermuda, the Ministry of Finance published Version 3.0 of its CRS Independent Compliance Review Guidelines on 13 March 2026, alongside updated certification and reviewer approval letter templates.
Guernsey’s Revenue Service issued Bulletin 2026/2 on 10 March, confirming that the FATCA and CRS reporting deadline for the 2025 period remains 30 June 2026.
Hong Kong’s Inland Revenue Department announced the release of an updated encryption tool, which reporting financial institutions must now use when submitting files.
In Singapore, the Inland Revenue Authority announced that from 1 January 2027, all FATCA returns in XML format must use Schema Version 2.0.1, bringing reporting in line with updated ISO country and currency code lists.
Meanwhile, South Africa confirmed on 6 March 2026 that it has implemented the Crypto Asset Reporting Framework (CARF), effective 1 March 2026.
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