Regulatory Analysis
The California Franchise Tax Board (“FTB”) recently published its January 2021 issue of the Tax News bulletin which outlines certain tax and regulatory updates. In this bulletin the FTB announced a new filing requirement for Form 1099-NEC beginning in tax year 2020. Payers are required to report nonemployee compensation payments on Form 1099-NEC to the […]
The Alabama Department of Revenue recently confirmed by telephone that payers will be required to file Form 1099-NEC with the state in accordance with existing information return filing requirements. Alabama has not updated their guidance to date and is unlikely to do so prior to the state’s due date for 1099 forms. However, Form 1099-NEC […]
Maine recently released its 2021 specifications for electronic transmission of quarterly and amended quarterly withholding. There were a few notable changes to the specifications. The most important of these have been detailed below. Specifications for Electronic Transmittal of Income Tax Withholding • (T) Record o Locations 123-136 Field – Added “Overpayment to be refunded. Line […]
Delaware’s Division of Revenue recently updated it’s W-2 and 1099 FAQ which covers a variety of topics and questions about filing forms W-2 and 1099 series forms with Delaware. A few notable changes were found and are detailed below. • Form 4804 is no longer required for 1099 submissions to the state that do not […]
Ohio recently posted its 2020-2021 payment schedule for withholding tax due dates. This document covers the entirety of tax year 2021. The dates for 2021 payments have been shifted to account for weekends and holiday closures. To view the complete schedule, click here.
The Idaho State Tax Commission recently published updated e-Filing guides for information returns, specifically W-2 and 1099 reports. These publications contain instructions, guidance, and specifications for filing these information return types electronically with the state. There are several updates to these publications, which are as follows: 1099 e-Filing Guide: Instructions for 1099s with Idaho Withholding […]
New Jersey recently released the 2020 version of NJ-EFW2, the Specifications for Reporting W-2 Information Via Electronic Filing. Several minor grammatical and formatting changes were made but no changes were made to the specifications themselves. To view the full specifications, please click here.
The Arizona Department of Revenue recently published information creating a new filing requirement for Form 1099-S. This filing requirement is new for tax year 2020 and requires Form 1099-S to be filed if certain criteria are met: specifically, if the form must be filed federally AND if the address or legal description of the property […]
The Arizona Department of Revenue recently published an update to Publication 701, Submitting Arizona Forms A1-R, A1-APR, and Federal Forms W-2, W-2c, W-2G, and 1099. This publication provides instructions and filing specifications for reporting these forms to the Department of Revenue for the upcoming tax year 2020 filing season. There are several updates to this […]
Minnesota recently released its 2020 specifications for both 1099 and W-2/W-2C on Withholding Fact Sheets 2 and 2A. There only change to the specifications was that the years for the form and the revision dates have been updated for tax year 2020 filing in 2021. No changes were made to the specifications themselves. To view […]
New Jersey recently released new updates to the NJ-WT, the New Jersey Income Tax Withholding Instructions. There were several changes to the document since the previous revision in October of 2020. The most notable of these changes are detailed below. How to Withhold: A notation has been edited to state that the federal W-4 should […]
New York recently released an updated version of Publication NYS-50, the Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax. Several changes were made to the publication this year including updates to websites and department names. The most notable of these changes are detailed below. Highlighted Changes New sections added regarding how changes to […]
Missouri recently released it’s Employer’s Tax Guide for Tax Year 2021. This guide contains general information regarding filing and payment of withholding taxes for Missouri employers. Additionally, the publication contains the updated tax withholding tables. The most notable change was a revision of the withholding tables to include increased standard deductions. Several other minor changes […]
Mississippi recently released an update to it’s October release of the 1099 Specifications which includes specific “B” record requirements for filing Forms 1099-NEC with the state Department of Revenue. The specific details are listed below. 1099-NEC E-File Format Section Added MS DOR will follow any IRS file record specification changes for the current year MS […]
The Hawaii Department of Taxation recently updated their 1099 filing requirements to include Form 1099-NEC for tax year 2020 reporting purposes. Hawaii has conformed to the federal use and filing of Form 1099-NEC and will require reporting when the taxpayer is engaged in a trade or business in Hawaii or has a place of business […]
Last week, the New Mexico Department of Revenue issued a news release reminding taxpayers of big changes to gross receipts tax collection and reporting coming in July. Pursuant to House Bill No. 6 of the 2019 legislative session, sales and leases of tangible personal property in New Mexico will be subject to local tax at […]
The West Virginia State Tax Department recently published Administrative Notice 2020-24 which provides information related to interest rates on underpayments and overpayments of taxes. These rates are established by the State Tax Commissioner by their authority under West Virginia Code §11-10-17 and §11-10-17a. Beginning January 1, 2021 and ending on December 31, 2021, inclusive, the […]
The Oklahoma Tax Commission recently updated their Frequently Asked Questions page relating to 1099 filing requirements. Along with the previously required forms, Oklahoma will now require Form 1099-NEC for tax year 2020 and beyond. Filers must report payments of $750 or more made to an Oklahoma resident or to a nonresident when the services were […]