As previously reported in this forum, on July 1, 2017, Colorado’s long anticipated notice and reporting requirements for non-collecting retailers goes into effect. In the last few days, Colorado moved to finalize the details as to how the rule will be enforced, which are described in Emergency Rule 39.21-112.35. This law requires retailers that do not […]
Filing extended for 1099-MISC Forms reporting non-employee compensation now in line with federal calendar. Delaware recently amended legislation pertaining to information returns, and part of this legislation advances the filing due date for 1099-MISC forms reporting non-employee compensation in Box 7. This brings the filing deadlines in line with the federal calendar. 1099-MISC forms with Box […]
The IRS released an updated FFI Agreement for Financial Institutions with FATCA obligations on December 30, 2016. Those FFIs whose agreements expired at the end of last year, and that wish to retain their GIINs, are required to renew their FFI Agreements. They can do so through the FATCA FFI Registration System. The FFIs will be […]
The IRS has published draft versions of its revised Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting, and instructions for filers of this form. There are a number of significant updates to this form of which filers should be aware: Qualified Derivatives Dealers […]
The Senate has proposed legislation that would nullify penalties for the individual and employer mandates. However, it would not repeal IRS reporting obligations under IRC §§ 6055 and 6056 or nullify penalties under IRC §§ 6721 and 6722. Accordingly, any employer or insurer that does not issue and file the relevant 1094 and 1095 forms […]
Just two days before it was slated to take effect, the Massachusetts Department of Revenue revoked the highly controversial Directive 17-1 that sought to extend sales tax collection and remittance responsibilities on internet vendors that licensed software to Massachusetts customers, used cookies or contracted with marketplace providers located in the state. While Directive 17.2 revoking the earlier guidance is […]
Virginia has lately released an updated copy of its Electronic Payment Guide. This guide details the instructions necessary to complete an ACH payment to the Department of Taxation. No material changes were made to instructions for filing or paying taxes related to withholding or information returns. Some changes were made to the instructions for filing […]
South Carolina recently released an updated Form WH-1601, Withholding Tax Coupon. This form/coupon is used to submit payment to the South Carolina Department of Revenue. This form/coupon also has an electronic counterpart on the South Carolina MYDORWAY online portal for those who make their payments electronically. There was one minor change to the preliminary instructions […]
The South Carolina Department of Revenue recently published Information Letter #17-9, detailing interest rates for overpayments and underpayments relating to withholding tax through September 2017. South Carolina publishes these Information Letters periodically throughout the year, and these letters are the primary method of notifying the taxpaying public about changes in withholding tax interest. The effective […]
Senate Majority Leader Mitch McConnell announced Tuesday afternoon that the Senate would not hold a vote this week on the Better Care Reconciliation Act of 2017, as had been originally planned. Senate leadership cited a need for further revision to the original draft, as five Senators have vowed to vote against the bill in its current form. A […]
The Congressional Budget Office has handed down its report on last week’s discussion draft of the Senate’s Better Care Reconciliation Act of 2017. By the CBO’s estimate, the Senate bill would result in an additional 22 million Americans being uninsured over the next 10 years – on top of the current estimated 28 million who […]
Regulatory and legislative updates to 1099 form requirements that took place in recent weeks. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. The Sovos Regulatory Analysis team continually monitors and documents each of these updates in our Regulatory Feed. Here are several recently updated […]
The Netherlands Competent Authority, through their Community Data Partners website, published a reminder for all FIs submitting FATCA and/or CRS data in 2017. All submissions must be made by August 1, 2017: any initial file deliveries or corrections received after that date may not be considered. To review this published notice, please visit the Community […]
On July 1, 2017, Colorado’s long anticipated notice and reporting requirements for non-collecting retailers goes into effect. This law requires retailers that do not have sales tax nexus but make $100K or more in annual sales to Colorado customers to report transactions to the state as well as notify purchasers of their use tax obligation. […]
Senate leadership released a discussion draft of the Better Care Reconciliation Act of 2017 – its version of the House’s American Health Care Act (AHCA) intended to repeal and replace the Affordable Care Act. Although this legislation would nullify penalties for the individual and employer mandates, it would not repeal IRS reporting obligations under IRC […]
Companies should take note of shifting 1099-K thresholds at the state level. The explosive growth of the “sharing economy” — including peer-to-peer business transactions for goods and services — has attracted attention from governments looking for their piece of the market, which is estimated to grow to $335 billion by 2025. These businesses may have […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos Regulatory Analysis team continually monitors new regulations and updates across the globe and publishes them in our Regulatory Feed. Here are some important changes that occurred in recent weeks: OECD Gets First Results from Disclosure […]
Senate Majority Leader Mitch McConnell has announced that leadership plans to release a “discussion draft” of their version of the AHCA bill on Thursday June 22^nd^, with a vote to be held on a final bill one week later. The Congressional Budget Office is expected to release a report concerning the Senate bill early next […]