Regulatory Analysis
The IRS recently released the tax year 2018 version of Publication 1187, Specifications for Electronic Filing of Form 1042-S. These specifications are used to file 1042-S reports electronically through the IRS FIRE system. There are a number of updates to the new version of this publication, which include the following: Part A, Section 6.0.1, Filing […]
The Treasury of Puerto Rico has released Form 480.7C, Informative Return – Retirement Plans and Annuities. Form 480.7C must be prepared for each participant or beneficiary of a retirement plan or annuity who, during Tax Year 2018, received a distribution of income from annuities or pensions from qualified or non-qualified plans under Section 1081.01 of the […]
The New Mexico Taxation and Revenue Department revised Bulletin B-400.4, “effective Interest Rates for Late Payment of Tax Due.” The annual tax rate will continue to hold at 5% until December 31, 2018. The Taxation and Revenue Department has not yet announced the rate for 2019. To view the bulletin in full, please follow the […]
New York Tax recently updated Form NY-100, “New York State Employer Registration for Unemployment Insurance, Withholding, and Wage Reporting.” The following changes have been made: Business Employers seeking to file NY-100 must register at businessexpress.ny.gov. Home employers will continue to register at www.labor.ny.gov Filers are required to attach a copy of Form CP 575 from the IRS […]
The Nebraska Department of Revenue recently published Revenue Ruling 99-18-1, “Interest Rate Assessed on State Taxes.” The tax rate will continue to be 3% until December 31, 2018. Starting January 1, 2019, the interest rate on state taxes will be raised to 5%. To view the Revenue Ruling in full, please follow the link.
The Ohio Department of Taxation has published W-2 Magnetic Media specifications for TY2018 reporting. The following record changes have been made: A new box 12 Code GG money field, Income from Qualified Equity Grant Under Section 83, has been added to the: RO (Employee Optional) Record in positions 122-132 RU (Total Optional) Record in positions […]
The Kentucky Department of Revenue has published “Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2018.” The DOR reminds filers that there is only one format for reporting via web based filing or CD. Kentucky statute now requires any withholder issuing more than 25 withholding statements […]
The Delaware Department of Finance, Division of Revenue, has updated its W-2 and 1099 Form FAQs to reflect the new deadlines for 2018 filings. Per the update, W-2 and 1099-MISC forms reporting non-employee compensation in box 7 are due by January 31, 2019. Forms 1099-MISC without non-employee compensation and 1099-R are due by the following […]
The New Jersey Division of Taxation has published the electronic specifications for reporting Tax Year 2018 W-2 information. As has been the case in past years, the specifications conform to those published by the Social Security Administration (EFW2). This booklet contains instructions and specifications for e-filing W-2 information with the Division. Submissions are due by February 28, 2019. […]
The Puerto Rico Hacienda recently released Forms 499R-2 and 499R-2C for Tax Year 2018. These forms are the Puerto Rico equivalent of the W-2 and W-2c (respectively), and must be filed with the Hacienda and the Social Security Administration by every employer that has paid wages with income tax withheld for Puerto Rico (or to […]
The IRS has recently revised Publication 1179, “General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns.” The document details the format and specifications for printing various tax information return forms to be sent to the IRS and recipients. The What’s New for the revision notes the following: Copies […]
The Pennsylvania Department of Revenue has revised two of its withholding publications. The General Information & Specifications for W-2 and PA W-3 Quarterly Filing has one minor update: It now provides the web address for e-TIDES: www.etides.state.pa.us The Starting a Business in Pennsylvania Guide has some additional information about entrepreneurial assistance to answer questions about doing business in the state. […]
Indiana's Department of Revenue recently updated Departmental Notice #1, How to Compute Withholding for State and County Income Tax. The Notice informs filers that effective January 1, 2018, certain professional team members and race team members are subject to county tax. Income Tax Information Bulletin # 88 and Commissioner's Directive #51 can provide further information. The Notice […]
Maine Revenue Services has updated some forms and instructions relevant to withholding. Form 941BN-ME, which is completed to report a change in your withholding account, contact information or to cancel your withholding account, is now exclusively used for income tax withholding accounts; previously, it was also used for unemployment contributions accounts. There is no update […]
The Missouri Department of Revenue recently released an updated version of Publication 4282, Employer’s Tax Guide. This Guide provides instructions and information on filing and remitting withholding tax to the Missouri Department of Revenue, along with electronic specifications for those filing their reports electronically. There are a few updates to this version of the publication, […]
The Virginia Department of Taxation recently published Tax Bulletin 18-5, which details the interest rate for certain tax types. This includes the underpayment and overpayment rates for unpaid taxes or refunds, respectively. The rate for the fourth quarter of 2018 remains unchanged at 7% for both underpayments and overpayments. To review this Tax Bulletin in […]
The IRS recently released an updated version of Publication 1586, Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs. This publication details the information related to penalty notices issued by the IRS (Notice 972CG), the procedure for addressing such notices, and the penalties themselves. There are a number of updates to the content of […]
The South Carolina Department of Revenue recently released SC Information Letter #18-11, which outlines the interest rates applied to underpayments and overpayments of taxes paid to the Department. The applicable interest rate of 5% carries over from the previous quarter, and will persist through December 31, 2018. To review this Information Letter in its entirety, […]