Regulatory Analysis

The Model 1B IGA between Turkmenistan and the United States has entered into force.  Model 1B IGAs create a non-reciprocal reporting obligation between the tax authority of Turkmenistan and the United States. Turkmenistan has not released any further guidance at this time.

Hong Kong's Inland Revenue Department recently updated Chapter 10 (Due Diligence: New Individual Accounts) of the AEOI Guidance for Financial Institutions. The updated chapter clarifies the procedure for seeking self-certification, reminding FIs that self-certification should be both obtained and validated within a period of 90 days after the FI has knowledge that a new account […]

The Kentucky Department of Revenue recently released updated Electronic Specifications for the Submission of W-2 and 1099 Reports. These specifications are used by taxpayers to transmit W-2 and 1099 information to the Kentucky DOR in a certain format. While the changes to the W-2 Specifications were minor, the 1099 & W-2G specifications experienced several updates […]

Ohio's Department of Taxation recently published the 2017 W-2 Filing Specifications.  The Department of Taxation accepts W-2 and 1099-R data in CD-ROM format.   There are several key changes from last year's specifications that should be noted:    A new box 12 Code FF money field, Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement […]

Arkansas recently published an updated version of its Specifications for Filing W-2 & 1099 Forms Electronically. These specifications are used to submit withholding tax data to the Arkansas Department of Finance and Administration in an electronic format. While the actual specifications remain unchanged from 2016, there is one significant change for tax year 2017: W-2 […]

Connecticut recently updated the CT Withholding Certificate for Pension or Annuity Payments (Form CT-W4P). This form is used to report withholding on taxable pension and annuity distributions that payers are required to withhold on. The form has been completely overhauled due to a change in the law requiring withholding on pension and annuity distributions. House […]

D.C. has released its 2018 EFT Payment Guide. Much of the guide remains the same as last year’s revision. Changes include new instructions that Official Payments (OPAY) allows a limit of $100,000 including the processing fee, and if the payment and the processing fee exceed $100,000 then the payment must be split. Additionally, contact information […]

Hawaii's Department of Taxation recently revised Form BB-1, the Basic Business Application.  The updated application removed a number of questions regarding unemployment insurance and business start information.  The instructions for the form now includes specific instructions for lines 6 and 7. The revised form also advises that Form VP-1W is no longer valid for tax […]

Colorado recently released an updated version of its FYI General 11 Publication, Colorado Civil Tax Penalties and Interest. The penalties and interest discussed in this publication cover a wide array of tax types, including withholding tax. Penalties for late payment of withholding taxes remains unchanged from the previous version of this publication: the greater of […]

South Carolina recently published the 2017 version of Publication RS1, the Instructions & Specification for Filing Forms W-2. This publication is used by filers to produce and upload withholding reporting information to the South Carolina Department of Revenue, through their MyDORWAY portal. There are a few changes to the publication from the previous version, which […]

Maine recently published updated Specifications & Instructions for 1099/W-2G forms and W-2 forms. These specifications are used by filers to transmit withholding reporting data to the Maine Revenue Services (MRS) using the MEETRS filing portal. The most notable update is the due date for both 1099s and W-2 forms: MRS has advanced their due date […]

Senator Orrin Hatch and Representative Kevin Brady have each introduced a similar version of the “Healthcare Market Certainty and Mandate Relief Act” (S. 2052, H.R. 4200) in their respective houses. This legislation would suspend the ACA’s individual mandate from 2017 through 2021. It would also lift the employer mandate going back to 2015, thus exempting […]

Representative James Renacci has introduced House Bill H.R. 3956, the Simplifying Technical Aspects Regarding Seasonality Act of 2017 (the STARS Act). The STARS Act would amend the Internal Revenue Code to exclude seasonal employees from the definition of “full-time employee” for purposes of the employer mandate to provide employees with minimum essential health care coverage. […]

Senator Susan Collins has introduced Senate Bill S. 1782, the Forty Hours is Full Time Act of 2017. This bill would amend the Internal Revenue Code, with respect to the employer mandate to provide health care coverage, to modify the formula for calculating the number of full-time employees employed by an applicable large employer subject to […]

Ireland recently updated its AEOI FAQs.  The only significant change involves updated lists of participant countries for years 2017 and 2018.  

Congressman Tom Rice has introduced the New Economy Works to Guarantee Independence and Growth (NEW GIG) Act. The legislation would clarify provision in the tax code that classify workers as either independent contractors or employees. The bill would also alter the reporting thresholds for both Form 1099-K and Form 1099-MISC.   For third party network […]

Switzerland recently issued an updated version of its CRS Technical Guidance, which provides Swiss Financial Institutions with technical descriptions and specifications required for CRS return transmissions.  The updated version of the technical guidance contains three (3) main modification: The Length of the MessageRefld is limited to 170 characters Removal of an invalid character from the […]

The Hellenic Republic (Greece) recently released a series of legislation relating to AEOI reporting under CRS.  Decision No. 1135 establishes a list of jurisdictions that Greece plans to partner with under the MCAA.  Decision No. 1144 establishes the jurisdictions with which the MCAA is in effect. Decision No. 1130 concerns the designation of Competent Authorities, […]