Regulatory Analysis
Congress recently passed the Bipartisan Budget Act of 2018 (Public Law No. 115-123). As a result of the bill passing, the mortgage insurance premium deduction has been extended for tax year 2017. Mortgage insurance premiums are reported on Box 5 of Form 1098. To view the bill in its entirety, please click here.
The State of Hawaii Department of Taxation recently released an updated version of Form VP-1, Tax Payment Voucher. This form replaces its predecessor form VP-1W, which was a general withholding tax payment voucher. VP-1 expands its applicability by allowing use for a variety of tax types. Specifically, VP-1 may be used to submit payments for […]
Alabama recently passed Act 2017-294. This Act requires that Payment Settlement Entities (PSEs) file Form 1099-K for payees with an Alabama address. The 1099-K forms are due within 30 days after the Federal due date on or before April 30th each year. To view the announcement, please click here.
The State of Hawaii Department of Taxation recently released an updated version of Form N-1, Declaration of Estimated Income Tax for Individuals. This form is used by individuals to submit their estimated tax liability for the year in which that income is earned: this updated form will be used for filing year 2018. There […]
Rhode Island's Division of Taxation recently published W-2 Electronic Filing Requirements for Tax Year 2017. All electronic filings must be submitted in a .txt format. The Division of Taxation reminds filers that while W-2s may be submitted electronically or by magnetic media if appropriate, Form RI-W3 must be submitted by filed by paper. The address for Ri-W3 […]
West Virginia recently published the final version of IT-105, their Electronic W-2 Reporting Specifications. This publication provides the rules and electronic specifications for reporting W-2 data through the West Virginia MyTax portal. There are a few updates to the 2017 version of these specifications, which are as follows: All 2017 withholding data must be […]
Ohio recently updated their Specifications for Filing W-2 Forms Electronically. These specifications are based on the federal model provided by the Social Security Administration, with state-specific modifications added for the purposes of Ohio reporting requirements. A number of changes were made to the specifications for TY 2017, which are as follows: RA Record: […]
The IRS has issued a revision of Publication 1187, Specifications for Electronic Filing of Form 1042-S. The revision addresses the use of Amendment Numbers and Unique Form Identifiers when transmitting one and two transaction corrections. In a One Transaction Correction (used for incorrect money amounts, incorrect codes and/or check boxes, incorrect addresses, or forms 1042-S […]
The IRS recently updated Publication 1220, "Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G." Additional information has been added regarding the new Form 8809 as well as Notice 2018-06. A new section has been introduced, providing important filing guidance for TY 2017 for Form 1099-MISC non-employee compensation (NEC). […]
Connecticut's Department of Revenue recently revised Publication AU-408, "Specifications for Submission of 2017 State and Local Government Tax Exempt Bond Interest Information." There are no substantive changes to the form. To read the specifications in full, please follow the link.
Louisiana's Department of Revenue recently published Revenue Information Bulletin No. 17-001, "2018 Interest Rate Collected on Unpaid Taxes." Effective January 1, 2018, through December 31, 2018, interest on unpaid taxes will be collected at the annual rate of 8.00%. This is an increase from last year's interest rate of 7.25%. To read the bulletin in […]
The Massachusetts Department of Revenue recently published Technical Information Release (TIR) 18-001, which discusses the interest rate on overpayments and underpayments. The interest rates in the first quarter of 2018 remains at 3% for overpayments, while the interest rate for underpayments remains at 5%. To view TIR 18-001 in full, please follow the link.
Massachusetts' Department of Revenue recently updated Form M-941, for Employer's Return of Income Taxes Withheld. The updated version of the form does not have M-941-W, the list of dates and amounts of payments made for the quarter, attached. To view M-941 in full, please follow the link.
Maine's Revenue Services recently published a 2018 version of Form 941-BN-ME, the Business Change Notification form. There are no substantive changes to the form from last year's version. To view Form 941-BN-ME in full, please follow the link below. Maine's Revenue Services recently published a 2018 version of Form 941-BN-ME, the Business Change […]
Maine's Revenue Services recently published the 2018 version of Form 941ME, Employer's Return of Maine Income Tax Withholding. There is a new line 8 for Form 941ME. Line 8 states "[i]f amended, enter withholding reported on original or as previously adjusted for Form 941ME, line 1 (line 8a). Adjusted amount (line 8b). See instructions. Enter […]
Maine's Revenue Services recently published the 2018 version of the Instructions for Filing Maine Income Tax Withholding Form 941ME. There are new instructions regarding the newly included Line 8 on Form 941. Additionally, instructions regarding Column E have been deleted. Finally, the interest rate has been reduced from 7% to 6%. To read the […]
South Carolina's Department of Revenue published SC Information Letter #17-18. This advisory letter updated the list of their interest rates to include the first quarter of 2018 (January 1 through March 31). The interest rate remains at 4%. To read the advisory letter in full, please follow the link.
Alabama has released its 2018 Withholding Booklet. The Withholding Booklet contains tax tables as well as instructions for employers and withholding agents. The only changes from the previous revision is the release of some updated withholding tax tables. To view the 2018 Withholding Booklet, please click here.