Regulatory Analysis

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Posted November 24, 2020 by Robert Beck
South Carolina Releases Updated Tax Registration Application Form SCDOR-111

South Carolina has released an updated version of Form SCDOR-111. The form is used to  register for various types of tax withheld for the state. While not a complete redesign, the document underwent significant changes for the 2020 Tax Year, the most notable of which are detailed below: Section A has been renamed Entity Registration […]

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Posted November 24, 2020 by Robert Beck
Nebraska Releases Updated Form W-4NA, Form 941N, and Nebraska Circular EN for 2020 Tax Year

Income Tax Withholding Certificate for Nonresident Individuals, used for nonresidents performing personal services substantially in Nebraska. Form 941N is the Nebraska Income Tax Withholding Return, used for employers to report withholding to Nebraska. The Nebraska Circular EN is the state’s guide on income tax withholding for wages, pensions and annuities, and gambling winnings. Most of […]

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Posted November 24, 2020 by Paul Ogawa
Utah Publishes Updated Publication on Interest and Penalties

The Utah State Tax Commission recently published an updated version of Publication 58, Utah Interest and Penalties. This publication contains information and instruction relating to how interest rates and penalties are applied to certain tax types including withholding tax and information return filing. The publication remains largely unchanged except for the addition of the interest […]

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Posted November 24, 2020 by Paul Ogawa
Rhode Island Updates Interest Rates for 2021

The State of Rhode Island’s Division of Taxation recently published updated interest rates for calendar year 2021. These rates apply to delinquent taxes due to the state and overpayments made to the state. For calendar year 2021, the interest rate for delinquent taxes remains the same at 18% per annum, while the interest rate on […]

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Posted November 24, 2020 by Paul Ogawa
Missouri Posts Interest Rates for Q1 2021

The Missouri Department of Revenue recently published updated interest rates for refunds and delinquencies for 2021. These rates apply to tax payments due to the Department, or refunds that are due to the taxpayer during the taxable year. They are based on the prime rates charged by financial institutions and are effective for the applicable […]

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Posted November 24, 2020 by Paul Ogawa
Mississippi Publishes Updated Procedures and Specifications for Electronic Filing of Information Returns

The Mississippi Department of Revenue recently published an updated version of Publication 89-145, Procedures and Specifications for Filing Wage and Tax Information Electronically. This publication provides instructions and electronic filing specifications for reporting 1099 and W-2 information to the state of Mississippi. While the specifications and instructions remain largely the same from the prior version […]

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Posted November 24, 2020 by Robert Beck
Pennsylvania Releases EFW2 Specifications for 2020

Pennsylvania recently released its EFW2/EFW2C Reporting Instructions and Specifications Handbook. This booklet contains the EFW2 specifications and special instructions for reporting information returns to Pennsylvania. The most notable change this year is that Pennsylvania will now require filing of Forms 1099-NEC with the commonwealth and that the e-TIDES system will accept those files as well. […]

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Posted November 24, 2020 by Robert Beck
Rhode Island Announces Extension For ACA Reporting For Tax Year 2020

Rhode Island recently released an FAQ for its Health Insurance Mandate reporting requirements. The most notable part of the FAQ is an announcement that the Division of Taxation will extend the state reporting deadline to individuals from January 31, 2021 to March 2, 2021, and the deadline for reporting to the Division from January 31, 2021 […]

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Posted November 24, 2020 by Robert Beck
Nebraska Releases Updated Form 501N for Tax Year 2020

Nebraska recently released an updated version of its Form 501N, the Nebraska Monthly Income Tax Withholding Deposit form. This form is used for reporting the monthly deposit numbers to the state Department of Revenue. The only notable change to the form is that ACH Debit and ACH Credit electronic payments are not named specifically but […]

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Posted November 24, 2020 by Robert Beck
Oregon Releases Plain Paper Specifications for Tax Year 2020

Oregon recently released specifications for plain paper filing for tax year 2020. Some significant changes were made to the specifications this year including the removal of the OA domestic specifications (though that form may remain valid for some domestic employers) and the inclusion of Schedule B and OQ specifications. One change was noted for Form […]

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Posted November 24, 2020 by Russell Hughes
Irish government to give power to tax authorities to order non-Irish traders to appoint fiscal representative

The Irish government has recently set out its Finance Bill for 2020 which includes an amendment to the Irish VAT Act giving tax authorities the power to issue a notice to a non-Irish trader requiring them to appoint a fiscal representative. Many EU Member States already make it a mandatory requirement for non-EU businesses to […]

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Posted November 24, 2020 by Bradley Feimer
European Commission Seeks Consultation on Proposal of VAT Reforms for Financial and Insurance Services Copy

The European Commission (“EC”) recently opened a feedback period on an initiative to reform the VAT exemptions applied to financial and insurance services. This period is open for four weeks, ending November 19th, 2020. The initiative aims to address the lack of VAT neutrality and the regulatory complexity and uncertainty in delineating the scope of […]

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Posted November 24, 2020 by Bradley Feimer
European Commission Seeks Consultation on Proposal of VAT Reforms for Financial and Insurance Services Copy

The European Commission (“EC”) recently opened a feedback period on an initiative to reform the VAT exemptions applied to financial and insurance services. This period is open for four weeks, ending November 19th, 2020. The initiative aims to address the lack of VAT neutrality and the regulatory complexity and uncertainty in delineating the scope of […]

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Posted November 24, 2020 by Elliot Shulver
Tax Alert: Germany IPT Law Changes

The German Tax Authority (Bundestag) approved the “Law on the Modernisation of Insurance Tax Law and Amendment of Employment Law Regulations” at the end of last month. The law limits the IPT exemption currently available on personal insurance such as Health and Disability insurance. Going forward the tax exemption should only apply to insurance policies […]

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Posted November 10, 2020 by Elliot Shulver
HMRC Issues IPT Consultation on Admin & Unfair Outcomes

HMRC has issued an insurance premium tax (IPT) consultation on Administration and Unfair Outcomes which follows the previous IPT call for evidence in 2019. This consultation focuses on improving IPT administration and preventing IPT avoidance and evasion such as value shifting and unregistered insurers. The deadline for responses is 5 February 2021. More information can […]

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Posted November 9, 2020 by Bradley Feimer
European Commission Seeks Consultation on Proposal of VAT Reforms for Financial and Insurance Services

The European Commission (“EC”) recently opened a feedback period on an initiative to reform the VAT exemptions applied to financial and insurance services. This period is open for four weeks, ending November 19th, 2020. The initiative aims to address the lack of VAT neutrality and the regulatory complexity and uncertainty in delineating the scope of […]

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Posted November 9, 2020 by Robert Beck
Hawaii Releases EFW2 Specifications Guide for Tax Year 2020

Hawaii recently released its Publication EF-10 EFW2 and EFW2C Format for Forms W-2 and W-2C. Some changes have been made to the document including formatting and some grammatical changes. The most notable of these changes are detailed below: Under Methods of Transmission, the option to create an EFW2 file by converting a .txt extension to […]

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Posted November 9, 2020 by Daniel Kostrzewa
Pennsylvania Considers Face Masks to be Exempt Clothing

On October 29, 2020, Pennsylvania updated its guidance to indicate that both cloth and disposable face masks are clothing and therefore exempt from sales tax. According to Pennsylvania, “face masks (cloth and disposable) are exempt from Pennsylvania sales tax. Prior to the COVID-19 pandemic, masks sold at retail were typically subject to Pennsylvania sales tax. […]

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