Regulatory Analysis
Virginia recently released Tax Bulletin 17-13, which is used to communicate state tax interest rates for the First Quarter of 2018. Tax Bulletins of this nature are generally released on a quarterly basis. The tax interest rate for underpayments (assessments) will be 6% for the first quarter of 2018, while the rate for overpayments […]
Vermont recently published an updated version of Publication MTT-600, the Vermont Department of Taxes ACH Credit Processing Instructions. This publication provides information to taxpayers regarding electronic payments using the ACH Credit Payment system through the VTax web portal. Other than formatting updates, there are a few updates to this publication, which are as follows: […]
Georgia has released its 2018 Federal Format Specifications. These specifications are used to file Forms W-2, W-2c, and 1099 information with the Georgia Department of Revenue. There are no changes to the specifications from the previous revision. To view the 2018 specifications, please click here.
Colorado's Department of Revenue recently updated DR 1093, the Annual Transmittal of State W-2 Forms. While there are no changes to the form itself, the interest rate has been raised from .25% (.0025) to .333% (.003333). To view the form in full, please follow the link.
California's Employment Development Department recently updated DE 8829, the Household Employer's Guide, for 2018. The following changes have been made: All returns, wage reports, and tax deposits must be filed online with the EDD. This is a change from last year where employers with less than 10 employers could file by paper. The 2018 State […]
On December 29, 2017, Norway's Ministry of Finance amended their Bookkeeping Regulations to revise the timeline relating to the mandatory implementation of the Standard Audit File-Tax (SAF-T) mandate. The Ministry now specifies that SAF-T reporting will be required on January 1, 2020 or later. This action was entirely expected as the Norwegian Tax Administration had […]
On January 12, the United States Supreme Court agreed to hear a case through which they will re-consider the primacy of “physical presence” in determining a sellers’ obligation to collect and remit sales tax across the country. The case (South Dakota v. Wayfair, Inc. Et al.) comes to the Court based on a South Dakota […]
California's Employment Development Department recently updated DE 4, the Employee's Withholding Allowance Certificate. While there have been no changes to the form itself, the withholding calculating tables for Worksheet C have been updated. Please refer to the link to view the changes in full.
California's Employment Development Department recently updated DE-44, the California Employer's Guide, for 2018. The following changes have been made: All returns, wage reports, and tax deposits must be filed online with the EDD. This is a change from last year where employers with less than 10 employers could file by paper. The 2018 State Disability […]
Puerto Rico has released the 2017 revision of Form 480.7. This form is typically used to report retirement account information. Changes to the form come from new boxes used to report distributions related to Hurricane Maria: New boxes Box 10, Income Tax Withheld at Source on Eligible Distributions for Reason of Extreme Economic Emergency Due […]
Minnesota recently updated a number of their specifications and publications relating to electronic filing, specifically W-2, 1099, and Bulk Filing instructions. There are a few changes to the publications, which are detailed as follows. Fact Sheet 02: W-2 Specifications Under the “Key and Send” and “Submitting your file in e-Services” instructions, the first step […]
North Carolina recently released the 2018 version of Publication NC-30, the Income Tax Withholding Tables and Instructions for Employers. This publication provides instruction and requirements for employment- related tax information reporting, including W-2 and 1099 information. Two important updates were made to the publication for 2018, which are as follows: Penalties were updated by […]
The IRS recently issued an update to the 2017 Instructions for Form 1042-S. These modified instructions include Boxes 13i and 13L, which are for Recipient Foreign Taxpayer Identification Number (TIN) and Date of Birth, respectively. These updates are meant to provide greater detail and clarity with regard to a few aspects of the instructions, as […]
Vermont recently announced a change to state information reporting that directly affects reporting of Form 1099-K. With the passage of Act 73 of 2017, which modifies Vermont tax information reporting law under 32 V.S.A. § 5862d, the new law requires third party settlement organizations (TPSOs) to report payments that equal to or exceed $600 per person. This change […]
The Canada Revenue Agency (CRA) recently released an updated version of their Statement of Securities Transactions, Form T5008, and the accompanying Publication T4091. Form T5008 is used by traders or dealers in securities to report purchases of securities as principal for their own account, and sales of securities they make as an agent or nominee, […]
The Canada Revenue Agency (CRA) recently released an updated version of their Statement of Investment Income, or T5 slip. This slip is used to report dividends paid from a number of sources, including Canadian Corporations, capital gains dividends, and interest from Canadian sources. There is one significant change to the most recent version of […]