Blog

Idaho Publishes Revised Guide to Income Tax Withholding

The Idaho State Tax Commission has issued a revised Guide to Income Tax Withholding. The revision is a routine update of the tables for withholding computation methods for 2017. These tables are periodically adjusted for inflation. Although these figures are effective for 2017, withholding agents are not required to adjust the withholding amounts for the months of January […]

Read More
Virginia Issues Revised eForms W-2 – 1099 Guide

Virginia Tax has published a revision of its eForms W-2 – 1099 Guide, which filers should utilize in order to ensure accurate and complete online submissions. The Business iFile system allows the use of eForms, which is a free, secure online service that allows employers and payers to electronically file forms W-2, 1099-R, and 1099-MISC directly […]

Read More
IRS Releases ACA Business Rules and Schemas for 2017

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 […]

Read More
Cook County Suspends Collection of Sweetened Beverage Tax

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 […]

Read More
New Mexico Publishes Interest Rates for Late Payment of Tax Due Through September 2017

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 […]

Read More
Minnesota Moves Up Due Dates For Submitting W-2 and 1099 Information Returns

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 […]

Read More
IRS Publishes FAQs for FFI Agreement Renewal

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 […]

Read More
LA House Bill 629 becomes Act No. 424

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 […]

Read More
IRS Releases Bulletin No. 2017-26 Highlighting Certain Information Return Updates and Changes

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 […]

Read More
IRS Releases 2017 Guam Wage & Tax Statement

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 […]

Read More
IRS Releases Publication 1179, General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns

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 […]

Read More
LA restores the sales and use tax exemption for medical devices.

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). […]

Read More
Cook County Court Blocks Sweetened Beverage Tax

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 […]

Read More
Colorado Finalizes Emergency Rule on Reporting for Non Collecting Retailers

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 […]

Read More
Delaware Advances Filing Due Date for 1099-MISC

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 […]

Read More
IRS Reminds Financial Institutions to Renew FFI Agreements

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 […]

Read More
IRS Releases Drafts of Form W-8IMY and Instructions

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 […]

Read More
Senate ACA Replacement Bill Would Eliminate Mandate Penalties but Maintain Employer Reporting Obligations and Penalties

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 […]

Read More