25.02.2015 1'

Individual Authorization

According to the Swiss Bankers Association, each Swiss Financial Institution that is currently acting as QI and/or QSL now requires an individual authorization under the Art. 271(1) of the Swiss Criminal Code from the Federal Department of Finance (EFD).

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According to the Swiss Bankers Association, each Swiss Financial Institution that is currently acting as QI and/or QSL now requires an individual authorization under the Art. 271(1) of the Swiss Criminal Code from the Federal Department of Finance (EFD). This decision has been made by the EFD based on the modifications made to the new QI agreement.

The Swiss Bankers Association, in cooperation with the EFD, has drafted a sample application (German), which should be submitted to the EFD before March 10, 2015 in order to be able to comply with the upcoming 1042 and 1042-S reporting deadlines (March 16, 2015).

The authorization will be granted for five years and automatically renewed thereafter for another five years.

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18.05.2026 3'

Submission of Forms 1042-S through IDES for Foreign Filers

With this newsletter, we would like to inform you about the IRS announcement of May 4, 2026, which introduced a new registration system for foreign filers in IDES (International Data Exchange System) enabling foreign filers to obtain a IDES TCC for the submission of Forms 1042-S after the upcoming FIRE (Filing Information Returns Electronically) Retirement by the end of 2026.

30.04.2026 3'

2026: CRS Reporting Reminder

Since the deadline for filing the CRS reporting is approaching, we would like to inform all Swiss financial institutions on their CRS reporting requirements and some specific updates relevant for the tax year 2025.

20.04.2026 4'

2026 New IRIS System and Approval of PQS as Authorized 1042-S and 1099 Transmitter

With this newsletter, we would like to inform you about the significant changes in the filing obligations of the Forms 1042-S and 1099, which will have an impact on many filers such as Qualified Intermediaries (“QIs”) (including Qualified Derivatives Dealer (“QDDs”) ), Withholding Foreign Partnerships (“WFPs”), Withholding Foreign Trusts (“WFT”) and other Withholding Agents (“WA”) as well as our new transmission service for Forms 1042-S and 1099.