Regulatory Analysis

Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021; with certain provisions applying retroactively to any claims, examinations, or litigation pending as of the effective date. This proposed bill covers three areas: audit practices, Voluntary Disclosure Agreements (VDA’s) and Individual Retirement Accounts (IRA’s). If passed this bill would expand […]

Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021. This bill would add provisions to the Delaware Unclaimed Property Act specifically requiring the reporting and remittance of virtual currency. DE S 103 defines virtual currency as a digital representation of value, including cryptocurrency, that does not have legal tender […]

Enacted and effective by signature of the Governor on April 15, 2021. The bill makes multiple changes to the Revised Uniform Unclaimed Property Act (the “Act”). This bill provides a specific definition of Financial Organization Loyalty Cards and exempts such items from the definition of Property under the Act. CO S 121 also removed two […]

MA Self Review Invitation Letters Update: April 2021 Pursuant to The Massachusetts Unclaimed Property Law (M.G.L.c. 200A), the Commonwealth of Massachusetts, State Treasurer’s Office (the “Commonwealth”) issued a wave of letters inviting companies to participate in their Self-Review Program. The Commonwealth mailed notices to holders believed to be noncompliant with Massachusetts unclaimed property reporting laws and […]

The IRS recently published Notice 2021-21 which extends a number of due dates as a form of relief pursuant to 26 U.S.C. 7508A(a). Due to the ongoing COVID-19 emergency the Secretary of Treasury has been granted the authority to provide relief in the form of extended due dates for certain returns and forms, including the […]

The Indian authorities have recently announced two significant changes related to its e-invoicing framework: While invoices relating to B2C transactions are not within the scope of mandatory e-invoicing in India, it is mandatory to include a self-generated QR code on B2C invoices. The Central Board of Indirect Taxes and Customs (CBIC) has now extended the […]

Virginia recently announced the interest rates for underpayments and overpayments of tax for the second quarter of 2021. Virginia bases it’s rates on the federal rates, holding their rates at 2% higher than the federal rates for over and underpayments. As the Federal rates for the second quarter have not changed, Virginia will maintain its […]

Missouri recently added three questions with answers to its Withholding Tax FAQ list. All three questions are regarding the revival of Form 1099-NEC. See the questions below: The first question asked whether the 1099-NEC needed a cover form like the MO-96 covered the 1099-MISC in previous years. The response is that no cover form is […]

Delaware recently released a new instruction sheet for Form W3 annual reconciliations. The instruction set gives box by box and line by line instructions on how to complete the W3 annual reconciliation form. In addition to instructions, the sheet gives the reminder that all employers required to file W-2s and 1099s electronically for federal purposes […]

On February 12, the Maryland Legislature overrode the Governor’s veto of House Bills 932 and 732 of the 2020 legislative session. Under the Maryland constitution, this means that the laws take effect 30 days after the override, or on the date specified in the Bills, whichever is later. As a result, House Bills 932 and […]

North Dakota recently released the 2021 version of it’s Income Tax Withholding Guideline, the employer’s guide to withholding for the state. Few changes were made this year, most of which revolve around the addition of federal Form 1099-NEC. These are detailed below: • Under reportable payments, 1099-NEC reportable payments have been differentiated from 1099-MISC reportable […]

The New York State Department of Taxation and Finance recently published an updated version of Publication 69, Electronic Reporting of Quarterly Combined Wage & Withholding Tax Information. This publication provides guidance and electronic filing specifications for withholding tax information relative to certain wage information to the Department. While the electronic reporting specifications themselves remain unchanged […]

The Iowa Department of Revenue recently published an update to certain Administrative Rules relating to a variety of topics including filing W-2 and 1099 forms. In 2019 the Department of Revenue adopted an amendment to Iowa Administrative Code Chapter 46 that inadvertently moved the annual deadline for filing Verified Summary of Payment (VSP) Reports, W-2 […]

The National Revenue Agency (NRA) with industry stakeholders are discussing the idea of introducing mandatory e-invoicing. By the end of 2021 a decision will be reached. ​ In parallel, changes for till reporting are proposed and are subject to public consultation. The changes will allow online retailers to not use cash registers but report their […]

Due to the effects of the pandemic on businesses, the Greek Ministry of Finance together with the IAPR (Greek tax authority) announced that the go-live of the myDATA eBooks mandate will be postponed to 1 July 2021. Data generated during the first six months of 2021, must be reported until 31 October 2021.

The UK Chancellor, Rishi Sunik, has just announced his 2021 budget for the UK. Amongst many tax measures announced was an extension to the current VAT rate reduction for the tourism and hospitality sector which was due to end on 31 March 2021. Businesses in the tourism and hospitality sector are currently able to apply […]

DE VDA Invitation Letters Update: February 19, 2021 Pursuant to 12 Del. C. §1173(b), the Delaware Secretary of State (SOS) has distributed a new wave of letters inviting companies to enter the unclaimed property Voluntary Disclosure Agreement (VDA) Program. Holders have 60 days from the date of the letter to enroll in the SOS VDA […]

Two amendments in Croatian law, Fiscalization in Cash Transactions, which were introduced in the last two years came into effect on 1 January 2021. The amendments pertain to: a) the implementation of the fiscalization procedure for sales through the self – service devices; secondary legislation about the process and measures for data security and exchange […]