Blog
The IRS has released ACA Information Returns (AIR) Schemas, Business Rules and Crosswalks for Tax Year 2017. The business rules, schemas and crosswalks are for Forms 1094-B, 1094-C, 1095-B, and 1095-C. There are a number of changes from last year’s with many of the changes coming in the form of name changes for certain data […]
Cook County Illinois suspended collection of their recently enacted sweetened beverage tax after receiving a temporary restraining order from Cook County Circuit Court. The sweetened beverage tax consisted of a $0.01 tax on each ounce of sweetened beverage sold at retail effective July 1, 2017. The Illinois Retail Merchants Association and several grocers sued the […]
New Mexico recently updated a published bulletin which details the effective interest rates for late payments on tax due. This bulletin lists the annual and daily percentage rates for the late payment of taxes due, along with a method for calculating daily interest during the applicable period. The annual rate of interest remains unchanged from […]
Minnesota’s Department of Revenue recently updated Minnesota Income Tax Withholding Instruction Booklet and Tax Tables as well as Fact Sheets 2 and 2a. The Instruction Booklet provides general direction for withholding while Fact Sheets 2 and 2a provide more detailed instructions for submitting W-2 and 1099 information, respectively. Most importantly, all three documents have advanced the […]
The IRS has published Frequently Asked Questions regarding the FFI agreement renewal. The deadline for the renewal is July 31, 2017, and the obligation to renew applies to Participating FFIs not covered by an IGA, Reporting FFIs under a Model 2 IGA, and Registered Deemed-Compliant FFIs that are Reporting FFIs under a Model 1 IGA operating branches […]
On June 26, 2017, Governor John Bell Edwards signed House Bill 629 into law (Act No. 424). Under this Act, polyroll tubing for commercial farm irrigation is now exempt from tax, as well as purchases and leases by qualifying radiation therapy treatment centers. Act No. 424 also limits the exemption for fuels and gases to […]
The IRS recently released Bulletin No. 2017-26. The bulletin is noteworthy particularly because part of this Bulletin will be repurposed into Publication 1179. Below is a list of the changes the IRS has specifically highlighted for attention: Vendor code. The use of a vendor code is encouraged in place of a form printer EINs. See Section […]
The IRS recently published the 2017 version of Form W-2GU, the Guam Wage and Tax Statement. This form is used to report Guam wages, and should not be used to report wages subject to U.S. income tax withholding. While the form itself remains the same, there are minor changes made to the instructions attached to […]
The IRS has released an updated Publication 1179 for Tax Year 2017. This publication provides guidelines for those who create and provide substitute information returns to follow. There are a few changes from the previous revision: Vendor codes The use of a vendor code is encouraged in place of a form printer EINs The 4-digit […]
Last year, Louisiana re-vamped their tax code, and among the changes imposed was that medical devices went from being exempt to being taxed at a 3% rate. This change was scheduled to expire on July 1, 2018. However, on June 23, 2017, Governor John Bell Edwards signed Senate Bill 180 into law (Act No. 426). […]
Just a day before it was slated to take effect, a Cook County Circuit Court granted an emergency motion that temporarily bars the enforcement of the Sweetened Beverage Tax. The ordinance, which was passed last November, would have imposed a $.01 per ounce tax on virtually all sales of sweetened beverages (and beverage syrups) in […]
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 […]
Senate Bill 97 (Act No. 378) qualifies the Louisiana sales and use tax exemptions for certain agricultural items. Effective January 1, 2018, sales of seeds used for planting crops, pesticides used for agricultural purposes, liquefied petroleum gases used for farm purposes, and commercial farm irrigation equipment will only be exempt when made to commercial farmers.
Under House Bill 396 (Act No. 340) Louisiana will permit full exemptions from sales and use taxes for platinum, gold, or silver bullion, valued on its precious metal content; numismatic coins with a sales price of no more than one thousand dollars; and numismatic coins sold at a national, statewide, or multi-parish numismatic trade show. […]
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 […]
Sales and Use Tax Process: Benchmarks and Best Practices for Retailers Webinar Recap Thank you again for joining us on June 14 for our latest webinar, “Sales and Use Tax Process: Benchmarks and Best Practices for Retailers.” Mark Christenson and I shared results of a recent Aberdeen Benchmark Study revealing the unique challenges retailers of […]