Regulatory Analysis
The New Mexico Taxation and Revenue Department recently published an updated version of Publication FYI-102, Information for New Businesses. This publication covers a number of subjects related to registration, filing, and payment of business taxes in New Mexico including withholding tax. There is one change of note in this most recent release, which provides a […]
Rhode Island has announced that it has implemented a health insurance individual mandate, requiring all Rhode Island residents to maintain health insurance coverage for all months beginning January 1, 2020. Penalties will be imposed in 2021 when submitting individual tax returns for Tax Year 2020. The Individual Mandate will entail an employer reporting requirement. Employers will […]
New Jersey has released additional information pertinent to employer filing obligations under the new health insurance individual mandate – specifically addressing the obligations of out-of-state employers of New Jersey residents. Out-of-State employers who employ New Jersey residents have the same filing requirements as in-State businesses. These requirements are not limited to businesses that withhold New Jersey payroll […]
The Social Security Administration recently released the EFW-2 and EFW-2C publications, which contains the electronic filing specifications for filing Form W-2 and W-2 corrections. While the publications indicate there are no record layout changes for tax year 2019, there are several updates that filers should be aware of for the upcoming tax year. The Social […]
The Oregon Department of Revenue recently released an updated version of the 2019 Combined Payroll Tax Report, Publication 150-211-155. This publication provides information to Oregon businesses relating to payroll tax payment and reporting, and includes certain forms and instructions related to registering a business with the Department for tax purposes. There are a number of […]
North Carolina provided notice that it will grant a general, automatic waiver for the electronic filing requirement of annual forms NC-3, W-2, and 1099 with the Department of Revenue. Note that the waiver does not affect the deadline to file; annual tax information filings must be completed by January 31, 2020. In addition, the notice […]
The IRS recently released Publication 1179 for Tax Year 2019. This publication contains the general rules and specifications for substitute information return forms, including Forms 1099 and 5498. There were several updates made to the publication for the upcoming tax year 2019, which include the addition of Forms 1098-F, 1099-LS, and 1099-SB to the numerous […]
The Iowa Department of Revenue has issued proposed amendments to existing regulations aimed at providing solutions to difficulties encountered when filing information returns in prior tax years. Specifically addressing the filing of forms W-2 and 1099, the proposed amendments aim to change the filing requirements for these forms. These proposed changes include: Amending the existing […]
The New Mexico Department of Taxation and Revenue recently released Bulletin B-400.4, publishing the effective interest rates for late payment of tax due. This bulletin is released on a periodic basis during the course of the year to announce interest rates applicable for specific time frames. The interest rate for the period between July 1, […]
Pennsylvania has revised REV-415, Employer Withholding Information Guide. The only update is to the mailing addresses for sending paper information returns to the DOR. Paper 1099-Rs or 1099-MISC showing PA tax withheld must be accompanied by the (REV-1667) Annual Withholding Reconciliation Statement. Forms should be mailed to: PA Department of Revenue Bureau of Business […]
The Governor of California has signed a bill that will institute a health insurance individual mandate – requiring California residents to maintain minimum essential coverage (MEC), as was construed under Affordable Care Act, for themselves and their dependents. Failure to do so will result in the imposition of a penalty, to be determined by the California Health […]
Oregon recently passed a sweeping paid family leave law which would give paid time off to those responsible for the care of sick family members or themselves. House Bill 2005 was signed into law on July 1, 2019, and would provide paid leave benefits to new parents, victims of domestic violence, and those charged with […]
The IRS has finalized regulations, pursuant to Internal Revenue Code §§ 6051 and 6052, that allow for TIN masking on W-2s beginning in tax year 2020 (for forms to be filed in 2021). The Tax Cuts and Jobs Act, passed in 2017, allowed for the IRS to implement this regulation for purposes of identity theft protection […]
The Virginia Department of Taxation is making a change to state interest rates relating to the overpayment and underpayments of tax for the third quarter of 2019. Virginia Code §58.1-15 provides for a rate that is 2% higher than the federal rate: since federal rates for the third quarter of 2019 are at 5%, Virginia […]
The North Dakota Office of the State Tax Commissioner recently issued an important notice regarding a law change affecting the electronic filing requirement for information returns. Per North Dakota House Bill 1112, the previous electronic filing threshold of 250 or more forms is being replaced with a requirement for all employers with 10 or more […]
The D.C. Office of Tax and Revenue recently updated their Electronic Funds Transfer (EFT) Guide. This publication provides information regarding EFT payments including bank information for payments, TXP and Addenda Record layouts, and tax type codes and definitions. The most recent update added two changes to the publication, which are as follows: A code for […]
The South Carolina Department of Revenue recently published an updated version of Form D-128, Registration Application for Electronic Funds Transfer. This form is used by payers to register their business for automatic payments through ACH Credit or ACH Debit. There is one update to the most recent version of this form, which is as follows: […]
The Georgia Department of Revenue recently published an updated version of the Employer’s Tax Guide. This publication provides information for employers including how to file and pay withholding tax returns, withholding tax tables, and annual filing of information returns. The Guide remains largely unchanged from its previous version with the exception of the addition of […]