Regulatory Analysis
The Romanian Chamber of Deputies published a Draft Law on the approval of the Government Emergency Ordinance no. 120/2021 on the administration, operation and implementation of the national e-invoicing system (Draft Law) on 20 April 2022. The Draft Law includes important amendments to GEO no. 120/2021. The changes proposed in the Draft Law are as […]
On April 13, 2022, the Kentucky legislature voted to override a gubernatorial veto to enact House Bill 8 which provides for a reduction of the individual income tax rate and an expansion of sales and use taxes with an effective date of January 1, 2023. The new law reduces the individual income tax rate to […]
Romania introduced an e-Transport system, which will be used to monitor the transport of goods on the national territory. After minor revisions, the draft Emergency Ordinance was published in the Official Gazette on 11 April 2022 (GEO no. 41). The revisions made in the ordinance are: Addition of a provision regarding personal data protection The […]
On April 8, 2022, Kentucky Governor Andy Beshear vetoed House Bill 8 which would have provided for a reduction of the individual income rate and an expansion of sales and use taxes. The legislature can still override the veto by a majority vote of both houses, which are adjourned until April 13, 2022. If passed, the […]
The National Agency For Fiscal Administration (ANAF) has issued a draft order on April 8, 2022 to clarify products that are considered high fiscal risk products as part of the new e-transport framework. The order establishes five high-risk product categories as follows: Vegetables, plants, roots and tubers, foodstuffs falling within CN codes 0701 to 0714 inclusive […]
Beginning July 1, 2022, various products related to infant care, personal hygiene, and medical care will be exempt from sales tax in the state of Maryland. Specifically, Governor Hogan signed eight bills providing sales tax exemptions for items such as diapers, toothbrushes, certain masks, baby wipes, as well as blood pressure monitors. The enacted bills […]
The IRS has revised Form 1099-K. The form has been changed to be a continual use form, minimizing changes for subsequent years. There is a substantial change to filing direction. For tax year 2022, third-party network transactions reporting a sum of at least $600 must be reported to the IRS, regardless of number of transactions. […]
The IRS has released its 2022 Form 5498, which is used for reporting IRA contributions and Form 5498-ESA which is used for reporting Coverdell ESA contributions. Few changes were made to either form for this year other than the form year and dates across the form being updated for the 2022 tax year. Notably, the […]
The IRS has released a continuous use format version of Form 1099-S for use beginning in Tax Year 2022. The 1099-S is used for repotting the proceeds from real estate transactions to the IRS. The only notable changes to the form were those made to change the format to continuous use, including removing the form […]
The IRS has revised Form 1099-DIV. The revised form has been moved to continual use, a change intended to reduce the necessity for annual revisions. There are no changes to the filing directions for the form. The revised form removed reference to specific years as a means to enable continual use. It also changes the […]
On the 30th of March 2022 EU Commission has published a derogatory decision, exempting Poland from Article 218 and Article 232 of Directive 2006/112/EC, which were hindering Poland from developing mandatory e-invoicing. The decision will apply from 1 April 2023 until 31 March 2026, after receiving the last approval from the EU Council. The mandatory […]
The IRS has released its 2022 Form 1099-PATR which is used for reporting taxable distributions received from cooperatives. Few changes have been made this year to the form. Most notably, the form has been updated with dates for the 2022 tax year, the Free File notice has been changed to the Free File Program, and […]
The IRS has chosen to extend the continuous use format for several forms including Form 1099-LS, 1099-Q, 1099-SA, and 1097-BTC. These forms were converted to a continuous usage format in 2019 and have remained unchanged since. The forms are respectively used for the reporting of reportable life insurance sales, payments made from qualified education programs […]
The IRS has released a Continuous Use Format version of Form 1099-NEC to be used beginning in Tax Year 2022 and forward. This form is used for reporting nonemployment compensation paid to payees. Few changes were made other than those necessary to convert the form to continuous use format. Some minor wording changes were made […]
The IRS has released a continuous use format version of Form 1099-MISC for use beginning in Tax Year 2022. This form is used for reporting various non-employment income including fishing boat proceeds, medical and health payments, substitute payments in lieu of dividends or interest, crop insurance proceeds, gross proceeds paid to an attorney, fish purchased […]
The IRS has released its 2022 Form 941. Form 941 is the employer’s quarterly federal tax return. There are a number of changes to the form. Most notably, the 2022 form now requires the reporting of qualified medical and family leave paid in 2022 for the period of time from April to October, 2021, setting […]
The IRS has released a revised Form 1099-C and instructions. The revision is to a continual use form, designed to minimize future revisions by removing year-specific text on the form. There are no changes to the form nor the instructions that affect filing directions. The revised form removes the reference to specific years in the […]
The Internal Revenue Service has released a revision to Form 1099-A. The form in question reports acquisition or abandonment of secured property. The revised form moves to a continual use format designed to minimize future modifications to the form. There are no changes to the filing requirements for the form. The revised Form 1099-A has […]