Regulatory Analysis
The IRS has amended the 2018 Instructions for Form 1098 to make a change to reporting of acquisition points. The following was added to the last bullet point in "Exceptions" under "Points" "Generally, to acquire a principal residence to the extent the points are allocable to an amount of principal in excess of $750,000." Previously […]
The Delaware Division of Revenue has updated its publication listing the tax periods and due dates for eighth-monthly, monthly, and quarterly withholding filers. While filing schedules are generally the same – monthly (Form W1) due halfway through following month; eight-monthly (Form W1A) due within 3 business days; and quarterly (Form W1Q) due a month following the end […]
The IRS has released 2018 Form 5498. Form 5498 is used to report IRA Contribution Information to the IRS. There are only minor changes from the previous revision: Form changed to say “TRUSTEE or ISSUER’S TIN” and “PARTICIPANT’S TIN” Previously, it was written out as “taxpayer identification number” Box 13a instructions now say “This amount […]
The Idaho State Tax Commission has issued an updated Guide to Income Tax Withholding. The revision is a routine update of the tables for withholding computation methods for 2018. The change is reflected in the income tax tables used to file individual income tax returns. Key revisions to this guide: Idaho added the 2018 W-4 worksheet […]
The Alabama Department of Revenue has announced the per annum interest rate applicable for overpayments and underpayments during the third quarter of Tax Year 2018. The rate will remain at the same interest rate as the previous quarter at 5%. To review this and previous interest rates, please visit the Alabama Department of Revenue's website by clicking here.
The Connecticut Department of Revenue Services recently published an updated version of Form REG-1, Business Taxes Registration Application. This form is used to register businesses for tax-related purposes with the Department of Revenue Services, including income tax withholding. There are a few changes to the form this year, which was last updated in 2012. These […]
The North Carolina Department of Revenue recently updated Form NC-BR, the Business Registration Application for Income Tax Withholding, Sales and Use Tax, and Other Taxes and Service Charge. This form is used to register businesses with the North Carolina Department of Revenue for tax-related purposes. In Section 1, “Identifying Information”, a space was added for […]
The Illinois Department of Revenue recently released an updated version of Form IL-941-X, the 2018 Amended Illinois Withholding Income Tax Return. This form is filed by employers who seek to amend their withholding tax returns (filed on Form IL-941) for the 2018 tax year. The form is largely the same as the previous version released […]
The New Mexico Taxation and Revenue Department recently updated Publication FYI-104, New Mexico Withholding Tax. This publication outlines general information for employers and businesses responsible for calculating, withholding, and remitting withholding tax reports and payments to the New Mexico Taxation and Revenue Department. The most recent update maintained the language within the publication, and the […]
The IRS has released the 2019 Draft Form W-4. There are a number of changes to Form W-4 from the previous year as a result of changes created by the passage of the Tax Cuts and Jobs Act in December 2017. The Tax Cuts and Jobs Act made changes to the law, including increasing the […]
The New York Department of Taxation recently notified taxpayers that the due date for municipal bond reporting has been extended from June 30, 2018 to August 31, 2018. This decision to extend the due date for the 2018 filing year is attributable to certain delays in sending updated requests for information using Form AU-306. For more […]
The IRS recently released a draft version of the 2018 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance, Contracts, etc. This form is used to report income from a number of sources related to retirement and other qualified plans. There are number of changes in this draft version of the form, which […]
The South Carolina Department of Revenue has released a revised version of its ACH Credit Instructions and Guidelines. This publication should be consulted when making withholding tax deposits by electronic funds transfer. Taxpayers should use ACH Debit to send the funds to the Department of Revenue’s bank account through a banking program offered by their financial […]
The South Carolina Department of Revenue has released a revised version of its publication for the Batch Filing Program for Withholding Quarterly Tax Returns. This publication assists those taxpayers who file 100 or more returns for a tax period for the same tax year in submitting their returns electronically, as required by South Carolina law. There are […]
The California Employer Development Department (EDD) has revised Publication DE-44, its 2018 Employer’s Guide, which details reporting and withholding requirements for employers who pay employees in the State of California. There is only one substantive revision to this publication – it now includes information pertaining to the Electronic Reporting and Payment Mandate that went into effect […]
The IRS has released Proposed Rule REG-102951 containing the proposed regulations amending the rules for determining when information returns will be required to be filed electronically. These proposed regulations would require that all information returns, regardless of type, be taken into account to determine whether a filer meets the 250-return threshold and, therefore, must file […]
The Governor of New Jersey just signed the first (in the wake of the federal ACA individual mandate repeal) state individual mandate into law. It will become effective January 1, 2019, so there will be no gap between the expiration of the federal individual mandate and the enforcement of the NJ individual mandate. According to the bill, […]
Maine's Revenue Services published their MEETRS File Formatting Specifications for Electronic Transmittal of Quarterly Income Tax Withholding for 2018. Beginning in 2018 the MEETRS application will support the filing of amended withholding returns. Form 941A-ME has been eliminated and incorporated into Form 941 ME. The following withholding file layout changes are effective beginning first quarter […]