Regulatory Analysis
The Pennsylvania Department of Revenue recently updated their W-2 and 1099 Employer Withholding Reporting Instructions and Specifications Handbook for 2018. This most recent update follows an update in May 2018, where a significant overhaul to the specifications was made in order to account for updates to the reporting criteria. This most recent update includes a […]
The Kansas Department of Revenue recently updated Publication KS-1216, Business Tax Application. This form and its instructions are used to register new businesses with the Kansas Department of Revenue for business tax purposes, including withholding tax. The most recent update has added the option to file by phone via TeleFile. TeleFile can only be used […]
The IRS has announced final regulations that will allow filers or transmitters of an information return on the Form W-2 series (except Form W-2G) or a form reporting nonemployee compensation (1099-MISC) to request only one non-automatic 30-day extension of time to file the information return beyond the due date. No additional extension of time to […]
New Jersey has recently released an updated version of the 2018 Income Tax Withholding Instructions. This publication provides instructions for calculating, reporting, and remitting withholding tax for those with withholding obligations in New Jersey. There are a small number of changes from the previous revision, which are listed below. "Rate Tables" show an updated date, for withholding […]
The IRS has released the 2018 AIR XML Schemas and Business Rules. There are a number of changes from the previous revisions: Form 1094-B XML Schema Changes: New addition, “Choice: CountryCd or CountryNm” If ForeignAddressGrp is present, there is a required choice between CountryCd or CountryNm Form 1094-C XML Schema Changes: New addition, “Choice: CountryCd […]
The IRS has released the 2018 Draft Form 1095-B. This form is used to report Affordable Care Act information to the IRS. The only change to Form 1095-B is that In Part III, Covered Individuals, column A is now divided into three separate sub-columns: First name, middle initial, and last name. Please click here to view a […]
The IRS has released the 2018 AIR Business Rules. There are a number of changes from the previous revisions: Form 1094-B Business Rules Changes: No changes Form 1094-C Business Rules Changes: Deleted Rules 1094C-011, 1094C-012, 1094C-015-01, 1094C-016-01, 1094C‐021, 1094C‐022, 1094C‐024, 1094C‐025, 1094C‐045‐01, 1094C‐048, 1094C‐050, 1094C‐060‐01, 1094C‐061, 1094C‐063‐01, 1094C‐064, 1094C‐081 New Rules 1094C‐045‐02, 1094C‐048‐01, 1094C‐050‐01, 1094C‐060‐02, […]
The IRS has officially announced they are eliminating the automatic 30-day extension of time for the 1099-MISC with Nonemployee Compensation. This move forces organizations with large amounts of independent contractors to question current tax information reporting processes, ensuring they don’t endure the same challenges faced from the original PATH Act deadline changes. PATH Act History […]
The New York Department of Taxation and Finance recently made a change to wage withholding requirements, specifically the non-annual withholding reporting requirements. Effective January 1, 2019and in accordance with Part I of Chapter 59 of the Laws of 2018, employers will be required to complete all of Form NYS-45 Part C (Employee Wage and Withholding Information) […]
The IRS has released the 2018 Instructions for Forms 1099-R and 5498. Form 1099-R is used to report distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, and insurance contracts to the IRS. Form 5498 is used to report IRA contribution information to the IRS. There are a number of changes from the previous revision: […]
The IRS has updated the 2018 Form 1099-DIV. Form 1099-DIV is used to report dividends and distributions to the IRS. There are some changes from the previous revision: New Box Added Box 5, Section 199A dividends This box is used to report dividends eligible for the 20% qualified business income deduction under section 199A. To […]
The Wisconsin Department of Revenue has released a revised version of BTR-101, Application for Wisconsin Business Tax Registration. There is only one minor change that has little bearing on withholding and information reporting – the village of Sister Bay is now subject to the premier resort area tax, and applicant must indicate whether it is located […]
The Comptroller’s Office of Maryland has updated their “What’s New” page with information for Tax Year 2018 Reporting. First, the Taxpayer Services Office in Annapolis office has changed addresses. The new address is 60 West Street, Suite 102, Annapolis. Second, the tax year 2018 standard deduction is increased to a maximum value of $2,250 for […]
The IRS has released an updated 2018 General Instructions for Certain Information Returns. The IRS had previously released a final version of the 2018 General Instructions in January 2018, but they have since made some changes. Below is a list of the changes from the previous release: The publication now includes instructions for new 1099 […]
The New Mexico Taxation and Revenue Department recently updated Publication FYI-102, Information for New Businesses. This publication contains information for business owners on how to register their businesses for taxation purposes with the Department, certain requirements relating to tax information reporting such as electronic filing requirements, and Department resources for new businesses. The main change […]
The IRS has amended the 2018 Instructions for Form 1098 to make a change to reporting of acquisition points. The following was added to the last bullet point in "Exceptions" under "Points" "Generally, to acquire a principal residence to the extent the points are allocable to an amount of principal in excess of $750,000." Previously […]
The Delaware Division of Revenue has updated its publication listing the tax periods and due dates for eighth-monthly, monthly, and quarterly withholding filers. While filing schedules are generally the same – monthly (Form W1) due halfway through following month; eight-monthly (Form W1A) due within 3 business days; and quarterly (Form W1Q) due a month following the end […]
The IRS has released 2018 Form 5498. Form 5498 is used to report IRA Contribution Information to the IRS. There are only minor changes from the previous revision: Form changed to say “TRUSTEE or ISSUER’S TIN” and “PARTICIPANT’S TIN” Previously, it was written out as “taxpayer identification number” Box 13a instructions now say “This amount […]