Regulatory Analysis
The Hawaii Department of Taxation recently published an updated version of the instructions for submitting Forms HW-14 (Withholding Tax Return) and HW-30 (Employer’s Annual Transmittal of Income Tax Withheld from Wages). These instructions provide relevant information and guidance for withholding tax generally, and these forms specifically. These instructions were updated with new information regarding filing […]
The Virginia Department of Taxation recently published Tax Bulletin 21-8, which provides information on interest rates applicable to withholding tax underpayments and overpayments for the fourth quarter of 2021. Virginia Code Section 58.1-15 provides that the applicable rates for both underpayments and overpayments will be 2% higher than the federal rates for the same payment […]
The IRS released its 2021 revision of Publication 1179, the General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns. The update has a revision date of June 28, 2021. For the most part, only minor changes have been made to the information contained within the publication. The most […]
Kansas recently released an update to its Withholding tax guide, Publication KW-100. Though minor updates have been made, this appears to be the first full revision since 2017. Throughout the document, references to 2017 have been updated to 2021, and several minor grammatical and formatting changes have been made. Additionally, the tables have been updated […]
Oklahoma recently released an update to it’s WTR 10002, the Nonresident Royalty Withholding Tax Return. Aside from updating the revision date to 6/2021, there were several formatting and font changes to the form itself which will not affect reporting. The only notable changes to the form are found in the on-form instructions. The instructions for […]
New York recently released an update to its 2021 Form IT-2104, the Employee’s Withholding Allowance Certificate. The IT-2104 is used for claiming withholding allowances for New York State, New York City, and Yonkers. No changes were made to the form itself, but a couple of notable changes and additions have been made to the on-form […]
New Mexico recently released an update to it’s FYI 104 Publication which is the Withholding Tax general instructions document. The revision is noted as July of 2021 and many of the updates come from the development of new forms. The most important changes are detailed below. • Under the Notes for Who Must Withhold, a […]
Idaho recently updated its Wage Withholding Tables, changing several of the withholding brackets for the 2021 tax year. To view the complete table, click here.
Arkansas recently updated its Form ARW-3, the Transmittal of Wage and Tax Statements. The only changes to the form itself are that the fillable format was enhanced with defined areas for input. The form revision date was updated to June 28, 2021. To view the complete form, click here. ARW_3 ARW_3-1
The IRS recently released an updated version of Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(S). This publication provides information and procedures relating to backup withholding, including instructions on how payers and recipients must navigate the CP2100/2100A notification process. Most notably the publication was updated to include Form 1099-NEC by name: previously this form […]
New Mexico has released two new withholding forms and related instructions. Beginning July 1, 2021 form TRD-41414 is the new wage withholding tax return and form TRD-41409 is the new non-wage withholding tax return. These forms replace the prior CRS-1 semi-annual withholding return form. Where CRS-1 was previously used to report either wage or non-wage […]
The Turkish Revenue Administration (TRA) has published updated guidelines on the cancellation and objection of e-fatura and e-arsiv invoices. Two different guidelines are updated: the guidelines on the notification of cancellation and objection of e-fatura, and the guidelines on the notification of cancellation and objection of e-arsiv. The updated guidelines aim to inform taxable persons […]
Enacted by signature of the Governor on April 29, 2021 and effective July 1, 2021. Due to the cut-off date for the fall cycle, and the lack of a “transitional provision,” this bill will not change holders’ obligations for reporting in 2021. As previously highlighted, this RUUPA bill will replace the state’s existing law. The […]
The Michigan Department of Treasury recently published Revenue Administrative Bulletin 2021-5, which details the interest rate for underpayments and over payments for the period beginning on July 1, 2021 to December 31, 2021. The interest rate for this period remains unchanged from the first half of 2021, at an annual rate of 4.25%. To review […]
The IRS recently published Notice 2021-21 which extends a number of due dates as a form of relief pursuant to 26 U.S.C. 7508A(a). Due to the ongoing COVID-19 emergency the Secretary of Treasury has been granted the authority to provide relief in the form of extended due dates for certain returns and forms, including the […]
Virginia recently announced the interest rates for underpayments and overpayments of tax for the second quarter of 2021. Virginia bases it’s rates on the federal rates, holding their rates at 2% higher than the federal rates for over and underpayments. As the Federal rates for the second quarter have not changed, Virginia will maintain its […]
Missouri recently added three questions with answers to its Withholding Tax FAQ list. All three questions are regarding the revival of Form 1099-NEC. See the questions below: The first question asked whether the 1099-NEC needed a cover form like the MO-96 covered the 1099-MISC in previous years. The response is that no cover form is […]
Delaware recently released a new instruction sheet for Form W3 annual reconciliations. The instruction set gives box by box and line by line instructions on how to complete the W3 annual reconciliation form. In addition to instructions, the sheet gives the reminder that all employers required to file W-2s and 1099s electronically for federal purposes […]