Regulatory Analysis

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Posted October 30, 2020 by Joanna Hysi
Greece: Amendment to myDATA law following previous press release

The changes related to the myDATA scheme announced through a recent press release are now established in law. The scheme remains voluntary for 2020 and mandatory from 1 January 2021, but a new phased timeline has been published and new historical data are in scope. Data issued between October – December 2020 can be reported until […]

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Posted October 29, 2020 by Christophe Bourdaire
Spain – Plan to Increase the IPT Rate From 6% to 8% in 2021

The Spanish Government presented its Budget Law project for 2021 on 28 October 2020. The project includes a plan to increase the insurance premium tax (IPT) rate from 6% to 8%.  This move would increase the revenue generated by IPT in Spain by one third. The Budget Law project will now be debated and votes […]

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Posted October 24, 2020 by Gabriel Pezzato
Portugal: Foreign companies have more time to comply with the obligation to use certified software

Portugal has postponed the obligation for taxable persons that are not established but are VAT registered in Portugal to issue invoices through certified software from 1 January to 1 July 2021.  The tax authority’s decision is available in Portuguese on the tax authority’s website.

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Posted October 24, 2020 by Paul Ogawa
Maryland Publishes Updated W-2 and 1099 Electronic Reporting Specifications

The Maryland Comptroller’s Office recently published updated electronic reporting specifications for W-2 and 1099 reports. These specifications and instructions are used by taxpayers to format and file information returns electronically. While the specifications remain largely the same as tax year 2019 for both types of information returns, there were minor updates made to each publication […]

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Posted October 24, 2020 by Paul Ogawa
Indiana Publishes Electronic Reporting Specifications for 1099 and W-2G Forms

The Indiana Department of Revenue recently published an updated set of electronic reporting specifications for 1099 and W-2G forms. These specifications are used to format electronic records for submission to the state. The updates to the publication include adding layout tables for the specifications and adding Code “NE” for 1099-NEC reporting. Note that Indiana utilizes […]

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Posted October 24, 2020 by Paul Ogawa
Delaware to Require 1099-NEC Reporting for TY 2020

The Delaware Department of Revenue has announced a requirement to file Form 1099-NEC for TY 2020. Through a FAQ published on their website, the 1099-NEC will be due on February 1, 2021 and will be required when the form is issued to a Delaware resident (regardless of where the services were performed) or to non-residents […]

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Posted October 24, 2020 by Paul Ogawa
IRS Provides Final Regulations on Income Tax Withholding on Certain Periodic Retirement & Annuity Payments

The IRS recently issued final regulations relating to the withholding rate on certain periodic retirement and annuity payments. This change was initiated by Section 3405(a)(4) of the Tax Cuts and Jobs Act (“TCJA”) and in part replaces the default rate for withholding on periodic payments under Section 3405(a) of the Code. Originally based on treating […]

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Posted October 24, 2020 by Paul Ogawa
North Carolina to Require 1099-NEC Reporting for TY 2020

The North Carolina Department of Revenue recently published an important notice relating to information returns due for TY 2020: specifically, information relating to Forms 1099-NEC and 1099-MISC. First, Form 1099-NEC will now be required for TY 2020 if the statement reports North Carolina income tax withheld. These must be filed with the department as a […]

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Posted October 24, 2020 by Robert Beck
Kentucky Releases 2020 Specifications for Electronic Submission of 1099 and W2G Forms and Will Require 1099-NEC Reporting for TY 2020

Kentucky recently released its 2020 Specifications for Electronic Submission of 1099 and W2G forms, adding specification details for filing forms 1099-NEC with the state. These specifications detail how to electronically submit forms 1099 and W2G to the state of Kentucky including the record formats. The document was updated with dates for the 2020 tax year. […]

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Posted October 24, 2020 by Victor Duarte
Vietnam: New Decree officially delays the e-invoicing mandate to 1 July 2022

Several months after a draft Decree on invoicing was published, the Vietnamese Government approved on 19 October 2020 the Decree 123/2020/ND-CP regulating invoices and documents. This Decree postpones the e-invoicing mandate until July 1, 2022. The new deadline is in line with the date of implementation of the rules concerning the e-invoicing system envisaged in […]

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Posted October 14, 2020 by Paul Ogawa
Arizona to Require 1099-NEC Reporting for TY 2020

Leading up to the tax year 2020 filing season, Arizona has confirmed via e-mail that they will require 1099-NEC filing with their Department of Revenue. Presently Publication 701 indicates that all 1099s reporting Arizona income tax withheld are required for state reporting purposes. Further, Sovos has confirmed with the Department of Revenue that Form 1099-NEC will be […]

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Posted October 14, 2020 by Paul Ogawa
Iowa Publishes Updated Electronic Reporting Specifications for Information Returns

The Iowa Department of Revenue recently published an updated version of Publication 44-082, Electronic Reporting of Wage and Tax Statements and Information Returns. This publication provides instructions, information, and specifications for submitting W-2 and 1099 records to the Department electronically. Primarily the updates to these specifications and instructions involves the acceptance of Form 1099-NEC through […]

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Posted October 14, 2020 by Selin Adler Ring
Oman announces the introduction of VAT in 2021

Important steps have recently been taken towards the long awaited adoption of VAT in Oman, making it the fourth Gulf State to introduce VAT as part of Gulf Union agreement. The Sultan of Oman has issued a Royal Decree (Decree) in relation to VAT implementation. According to the Decree, a 5% VAT rate will be […]

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Posted October 6, 2020 by Jesse Rooney
IRS States Forgiveness of Payroll Protection Program (PPP) Loans May Not Require Form 1099-C

The Internal Revenue Service has provided guidance on whether forgiven Payroll Protection Program (PPP) loans require the issuance of a 1099-C, stating that Form 1099-C should not be filed where loans are forgiven under the CARES Act.   The Payroll Protection Program issued forgivable loans to employers to encourage employee retention during 2020; these PPP loans […]

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Posted October 6, 2020 by Paul Ogawa
Indiana Publishes Updated W-2 & WH-3 Filing Requirements Booklet

The Indiana Department of Revenue has published their updated W-2 and WH-3 Filing Requirements Booklet for tax year 2020. This booklet contains instructions and specifications for filing wage records (W-2) electronically with the state. There are a few minor changes to this publication, which are as follows: All references to the INtax filing portal were […]

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Posted October 6, 2020 by Paul Ogawa
Kentucky Publishes Updated Electronic Specifications for W-2 Filing

The Kentucky Department of Revenue recently published an updated version of their Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2020. This publication provides instructions and specifications for filing W-2 records electronically with the state. There are a couple of minor updates to the publication, which […]

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Posted October 2, 2020 by Selin Adler Ring
Indian E-invoicing System is Live with a 30 Day Grace Period

India’s e-invoicing mandate is live as of yesterday with a last minute 30 day grace period granted for taxpayers in scope to obtain invoice reference numbers. The grace period ends in November and as of November the requirement to include the IRN and the QR code on the invoices will be enforced, meaning that invoices […]

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Posted October 2, 2020 by Joanna Hysi
Greece introduces last-minute changes: myDATA live as pilot for 2020

Yesterday, on the actual go-live date of the myDATA reporting framework, the Greek authorities recategorised the roll-out from mandatory to a voluntary pilot program for 2020. The mandatory phase, which should have started yesterday, has instead been deferred to 1 January 2021. For more information about the announced changes, read our blog.  

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