Regulatory Analysis
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, […]
Jersey recently issued the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Amendment) (Jersey) Regulations 2017 amending the Taxation Regulations 2015. The New Regulations include three key changes: All words and definitions used in the Regulations which have been defined by the CRS shall follow the same definitions established in the CRS The period for […]
Connecticut released the 2017 Electronic Specifications for Submission of State and Local Government Tax Exempt Bond Interest Information. There are a number of changes from the previous revision: New due date: January 31, 2018 New specifications: A separate “A” record for each fund or bond reported. On the “A” record in positions 26-27, use […]
Nebraska's Department of Revenue recently published "Important Information for Employers and Payors on Preparing Federal Forms W-2." The guidance document informs payors of the proper format for filing W-2 forms with the state. More importantly, the DOR changed the filing date for 2017 electronic filing of W-2s. The new due date is January 31. A […]
Ohio has released the 2018 due dates for employer withholding for state withholding and local school districts. This includes due dates for monthly, quarterly, and partial-weekly filers. The due dates largely remain the same as 2017’s with some modification for those dates that fall on a weekend or holiday.
The North Carolina Department of Revenue recently released specifications for reporting Form 1042-S information through the eNC3 web portal. These specifications are effective beginning on January 1, 2018, and reporting of Form 1042-S data is due on January 31, 2018 for TY 2017. Please note this is earlier than the federal due date for Form […]
Pennsylvania recently released an updated version of Form REV-1667R, Annual Withholding Reconciliation Statement with Instructions. This form is filed with W-2 and 1099 information sent to the Pennsylvania DOR for the purposes of annual reconciliation of submitted records. The biggest change to the updated form is its title: the previous iteration of REV-1667R was known […]
Pennsylvania recently issued a number of General Information Publications for certain information returns, including the 1099-MISC and 1099-R. The General Information & Specifications: 1099-MISC is an updated version of a previous 1099-MISC Overview that was available on the PA DOR website. It contains much of the same information as its predecessor document, including “Who must File”, “Filing […]
New Zealand has released IR1087, FATCA Trusts guidance notes. This guidance is meant to specify how FATCA is applied in New Zealand to trusts that maintain or hold financial accounts. A trust that is a Reporting New Zealand Financial Institution (NFZI) will be required to register with the IRS and will have FATCA due diligence […]
The IRS has released the 2018 Form 1099-CAP and Instructions. This form is used to report information regarding shareholders who receive cash, stock, or other property from an acquisition of control or a substantial change in capital structure. The only change made on the 2018 Form 1099-CAP and Instructions was on Form 1099-CAP, where “CORPORATION’S […]
Wisconsin has released its revised Guide to Wage Statements and Information Returns, Publication 117. All information return statements will now be due by January 31. These statements were previously due February 28, and the advancement of the due date is in line with the due dates for W-2 returns. The change in due dates affects […]
The Kentucky Department of Revenue recently published an updated version of Form 42A806, the Transmitter Report for filing W-2/K-2, 1099, and W-2G Statements. This form is generally submitted with Kentucky paper statements or electronic CD formatted documents in which Kentucky state taxes have been withheld. In addition to formatting updates that change the appearance […]
The IRS recently released the 2018 Form 5498-ESA and Instructions. This form is used to report contributions, including rollover contributions, to any Coverdell ESA. A Coverdell ESA is a trust or custodial account created or organized in the United States for the exclusive purpose of paying the qualified education expenses of an individual who is […]
The IRS has released the 2018 Form 1099-SA, Form 5498-SA and Instructions. Form 1099-SA is used to report distributions from an HSA, Archer MSA, or Medicare Advantage MSA. Form 5498-SA is used to report HSA, Archer MSA, or Medicare Advantage MSA Information. The only changes made were on Form 1099-SA and Form 5498-SA. On Form […]
The IRS has released the 2018 Form 1099-DIV and Instructions. Form 1099-DIV is used to report dividends and distributions. The only changes made were on Form 1099-DIV. On Form 1099-DIV, “PAYER’S federal identification number” and “RECIPIENT’S identification number” are now “PAYER’S TIN” and “RECIPIENT’S TIN.” To view the 2018 Form 1099-DIV and Instructions, please click […]
The Virginia Department of Taxation Updated its Electronic Payment Guide. The Guide has been updated and includes several key changes. Under the electronic filing requirements, please note the following: Use of Form ST-8 is effective for filing periods beginning July 1 to August 20 monthly returns, and October 20 for quarterly returns Use of Form […]