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 […]
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 […]