Regulatory Analysis
Maine Revenue Services has published its 2018 version of the Business Tax Registration Application Booklet. The booklet contains forms and instructions for establishing new tax accounts or for EFT for various types of taxes, including Income Tax Withholding. There are no substantive updates to the instructions or forms – but taxpayers should use the versions of […]
The IRS recently published draft instructions for the 2019 Form 1098-F: Fines, Penalties, and Other Amounts. Form 1098-F is a new form created and required by Section 6050X, which was enacted as a part of the Tax Cuts and Jobs Act of 2018. Government or government entities that exercise self-regulatory powers must file a separate […]
The Colorado Department of Revenue recently released an updated version of Form DR 1102, Address Change or Business Closure Form. This form is used by businesses to provide updated information relating to businesses registered with the Colorado Department of Revenue for tax remitting and reporting purposes. Other than minor formatting changes, there is only one […]
The Comptroller of Maryland, Revenue Administration Division recently updated the Maryland Employer Withholding Guide. This guide provides information to employers on how the withholding tax law applies to them, which payments are subject to withholding, determining withholding payments and reporting, and how to file their withholding reports. The guide also provides withholding tax tables based […]
The New York Department of Taxation and Finance has released the interest rate per annum (compounded daily) on refunds and late payments assessments for the period 10/1/2018 thru 12/31/2018. The interest rates on withholding refunds and late payments remain unchanged, at 4% and 9%, respectively.
The Pennsylvania Department of Revenue has released its 2018 W-2 and 1099 Employer Withholding Reporting Instructions and Specifications Handbook, which filers should consult when electronically uploading W-2 and 1099 filings. There are no substantive changes to the specifications. The instructions now clarify that the specifications in this publication aren’t effective until January 3, 2019. Current specifications […]
The IRS has released the 2018 Instructions for Forms W-2 and W-3. Form W-2 is used by employers to report employee wage information to the IRS. There are a number of changes from the previous revision: Two new codes (Codes GG and HH) Code GG- Income from qualified equity grants under section 83 Code HH- […]
While the official position of the UK Government is that "Hard Brexit" remains an unlikely possibility given the mutual interests in reaching a negotiated withdrawal, Her Majesty Revenue and Customs (HMRC) nonetheless remains busy drafting rules and guidance which would come into play should the UK exit as of March 29, 2019. Their latest publication […]
The congress of Venezuela has enacted Decree 3.584/2018, by which the standard rate of VAT will be increased from 12% to 16%, effective September 1, 2018. According to the Decree, the rate increase will be temporary and will last until the end of 2019. This measure is intended to increase the tax collection of the […]
While nothing is official yet, there have been rumblings out of the Polish Ministry of Finance that sometime in 2019 the Government may do away with the time-tested requirement of submitting a monthly VAT return. In lieu of requiring the monthly return, Poland would incorporate additional data elements into their existing monthly SAF-T (Standard Audit […]
Country-by-Country News The Final Countdown to Mandatory eInvoicing in Italy September 1 marked the second milestone of the entry into force of the Italian eInvoicing mandate – this time targeting certain B2C goods purchased by non-EU citizens over a certain amount. But crucially, it also marked the three month, or 122 day, countdown to the […]
Washington’s Department of Revenue announced new rules for remote sellers and marketplace facilitators. Beginning October 1, 2018, remote sellers and marketplace facilitators making $100,000 worth of sales or 200 retail transactions, in Washington will be required to collect and remit sales tax, mirroring the standard recently validated by the Supreme Court in the SD v. […]
Washington’s Department of Revenue has announced new rules for remote sellers and marketplace facilitators. Beginning October 1, 2018 remote sellers and marketplace facilitators making $100,000 worth of sales, or 200 retail transactions, in Washington will be required to collect and remit sales tax on those sales, consistent with the threshold applied by the South Dakota […]
On July 27, 2018, the Nebraska Department of Revenue announced their intention to enforce sales tax collection on remote sellers starting January 1, 2019. The Department plans to enforce a threshold similar to what was seen in the Supreme Court’s Wayfair decision; remote sellers that have sales exceeding $100,000 or more than 200 transactions, annually […]
The IRS has released a draft for a new information return form that has been created as a result of the recently-passed Tax Cuts and Jobs Act. The new form is 1099-SB, Seller's Investment in Life Insurance Contract. Form 1099-SB, which will be used for TY 2018 filing, will be used by insurance companies to report the policy number assigned to […]
The Minnesota Department of Revenue has updated their “Forms and Instructions for Tax Year 2018,” “Information for Individuals,” and “Information for Businesses,” FAQ pages to include new information regarding 2018 returns. The “Amending 2017 Returns” FAQ page has been updated as well. Changes in the “Information for Individuals” FAQ address questions regarding itemized deductions and how […]
California has released Form 592-F and its instructions. Form 592-F is used to by partnerships and limited liability companies (LLCs) to report the total withholding for the year and to allocate income and related withholding to the foreign partners or members. There are no changes to Form 592-F. Changes to the Instructions to Form 592-F […]
The Minnesota Department of Revenue (DOR) has announced that beginning January 1, 2019, filers will no longer be able to use the Electronic Data Exchange (EDE) system to submit W-2 and 1099 files. The e-Services system has been enhanced to allow submissions of EFW2 and IRS 1220 files. Files may be compressed (.zip), and can […]