Regulatory Analysis
New York has released its 2020 “Withholding Tax Tables and Methods,” which contains withholding tables for 2020. The revised tables go into effect January 1, 2020. To review the tax tables, please follow this link.
The Illinois Department of Revenue recently published Informational Bulletin FY 2020-14 which details a new state filing requirement for Federal Form 1099-K. Federal Form 1099-K reports certain payment card and third party network transactions, and any entities issuing this form to Illinois payees will now be required to file those reports with Illinois. Beginning with […]
The Connecticut Department of Revenue Services recently released updated specifications for information returns which include 1099 and W-2 reports. These publications not only include electronic filing specifications, but also include instructions and information relevant to filing for the upcoming information returns deadline of January 31, 2020. While the specifications remain largely unchanged from the prior […]
The Canada Revenue Agency recently published their TY 2019 (calendar year 2020) specifications for reporting information returns electronically. These specifications are used to transmit information returns like the T5 and T5008 slips to the CRA electronically. There were a number of changes to these specifications from TY 2018, a selection of which are listed below: […]
The Pennsylvania Department of Revenue recently released two publications containing the specifications for electronic reporting of W-2 and 1099 information. These specifications are separated into two separate sets: W-2 and 1099 specifications for Comma Delimited File Formats, and specifications based on the Social Security Administration’s EFW-2 format. There are several changes to these publications compared […]
The Wisconsin Department of Revenue recently released a new version of Publication 172, Annual W-2, 1099-R, 1099-MISC, and W-2G Electronic Reporting. This publication contains information and rules relating to electronic reporting of information returns, along with specification for the transmittal of these reports electronically. The current version is labeled as proposed guidance, pending public comment. […]
The Wisconsin Department of Revenue recently published a Withholding Tax Update bulletin for tax year 2019. This bulletin contains information relating to withholding remittance and reporting, information reporting, and other tax updates relevant to employers in Wisconsin. There are several updates listed in this bulletin, including the following: Withholding deposit reports (Form WT-6) and annual […]
The Wisconsin Department of Revenue recently published an updated version of Publication W-166, Withholding Tax Guide. This publication contains information relating to withholding tax remittance and reporting, including registering for state tax accounts and processes for withholding tax deposits and reporting. There are several updates to the guide in this most recent version, which include […]
Vermont recently published their applicable interest rates for calendar year 2020. These rates will be effective beginning January 1, 2020 and apply to the underpayment and overpayment of tax liabilities during the 2020 calendar year. The overpayment annual rate for 2020 will be 5.5%, while the underpayment annual rate will be 7.5%. To review these […]
Maryland has published its 2019 Form MW508, Annual Employer Withholding Reconciliation Return, due January 31, 2020. Aside from updates to relevant dates/years, there are no changes to this form from the previous version. Additionally, Maryland published its 2019 Maryland Employer Reporting of 1099s Instructions and Specifications and its 2019 Maryland Employer Reporting of W2s Instructions and Specifications. These filings […]
The Louisiana Department of Revenue has released its Fourth Quarter Employer’s Return of Louisiana Withholding Tax Form L1, for the months of October, November, and December, which is due to the Department by January 31, 2019. Every employer who is required to withhold Louisiana state income tax is required to file this return on a quarterly basis, […]
Effective January 1, 2020, Rhode Island will be implementing two significant changes to withholding tax obligations. For certain taxpayers, electronic filing will be mandatory and filing frequencies will be reduced. The “weekly” frequency for submitting withheld tax to the Division of Taxation will replace the current “quarter-monthly” and “daily” frequencies. A week will be defined […]
The West Virginia State Tax Department recently released Publications IT-105 and IT 105.1, Electronic Media Specifications for Forms W-2 and 1099/W-2G, respectively. These specifications are published and provided to taxpayers in order to format and transmit electronic reports for these form types to West Virginia. There are a few updates to each publication, as outlined […]
Kentucky has published its Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2019. Kentucky follows the IRS EFW2 format; however, there are some state-specific instructions contained herein that should be followed. This publication has not changed from the previous year’s version.
Kansas has released the following publications for tax year 2019/reporting year 2020: Form K-2MT (Kansas W-2 Specifications for Electronic Filing – EFW2 Format) Form K-99CSV (Kansas 1099 Specifications for Electronic Filing – CSV Format) Form K-99MT (Kansas 1099 specifications for Electronic Filing – Pub. 1220 Format) Form KW-2CSV (Kansas W-2 Specifications for Electronic Filing – CSV Format) […]
Arizona has released its 2019 Publication 701, Optical Media Reporting. This publication contains information about reporting by optical media of Arizona withholding on federal Forms W-2, W-2c, W2-G and 1099-R (or any other Form 1099 equivalent), if reporting Arizona withholding. There are some revisions to this publication of which filers should take note: The publication now […]
The IRS is set to officially release final regulations related to information reporting obligations under Section 6050Y related to reportable policy sales of life insurance contracts and payments of reportable death benefits. The rules codified in these new final regulations will affect the filing responsibilities of those affected with regard to Forms 1099-LS and 1099-SB, […]
Kentucky has released its 2019 electronic specifications for submitting Forms W-2G, 1099-B, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-MISC, 1099-OID, and 1099-R. There are some changes to this publication and the specifications of which filers should take note: • The Amount Type for Code 5 for Reporting Payments on Form 1099-DIV changed from “REIT Dividends” to “Section 199A […]