Regulatory Analysis
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 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 […]
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.
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.
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 […]
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.
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). […]
On January 22, 2018, the President signed into law H.R. 195, which provides continuing funding to the federal government through February 8, 2018. While this resolution received a massive amount of media attention, the fact that law includes a suspension of the 2.3% medical device excise tax for two more years (until January 1, 2020) was […]
Panama has issued a new resolution announcing the implementation of a pilot program that will mandate the use of electronic invoices for VAT reporting in Panama. The General Directorate of Revenues (DGI) has indicated that they will be implementing the new invoicing system during the first semester of 2018, with 30 companies participating in a pilot program, to test the validity […]
Italy published its Budget Law of 2018 in the Official Gazette on December 29, 2017, which came into force on January 1, 2018. Of particular interest, a two-phase approach to electronic invoicing was announced. As of July 1, 2018, electronic invoicing will be mandatory for B2B supplies of gasoline, or diesel fuel intended for use […]
The Comptroller of Maryland recently updated the "What's New for the 2018 Tax Filing Season" (2017 Tax Year) page on the Comptroller's website. This page tracks changes in Maryland's tax law. The following changes have been made: For tax year 2017, Calvert County has increased its rate to 3.00% and Somerset County has increased its […]
On January 18, 2018, the European Commission proposed an overhaul of the European VAT System, building on the 2016 VAT Action Plan. The main goal of the proposed changes is to create a European VAT area that operates more efficiently in a globalized world and aids in preventing VAT fraud. The changes will also enhance […]
D.C. OTR recently released an updated version of Publication FR-230, the Income Tax Withholding Tables and Instructions. This publication contains information on income tax withholding rules as well as the actual income tax tables themselves. While a large part of the publication contains the same information as the previous version released for tax year […]
Montana recently released an updated version of their Form RW-3, the Annual Mineral Royalty Withholding Tax Reconciliation form. This form is filed along with Forms 1099-MISC and 1042-S as a reconciliation of amounts reported on those forms relating to mineral royalty withholding tax. The only change to the form is in the instructions: Form RW-3 […]
Mississippi recently released an updated version of Publication 89-700, the Withholding Income Tax Tables and Employer Instructions. This publication contains instructions and requirements for employer-related tax reporting, including withholding tax information reporting. Other than minor formatting changes, there are only two notable changes in the most recent version of this publication. Income Tax Rates: […]
Illinois has released its 2017 Form W-2G and 1099 Electronic Filing Specifications. Forms W-2G are mandated to be electronically filed for TY2017, and for TY2017 Forms 1099 will be electronically filed with the Illinois DOR on a voluntary basis. If a filer attempts to file Form W-2G information on magnetic media, it will not […]
Virginia recently released Tax Bulletin 17-13, which is used to communicate state tax interest rates for the First Quarter of 2018. Tax Bulletins of this nature are generally released on a quarterly basis. The tax interest rate for underpayments (assessments) will be 6% for the first quarter of 2018, while the rate for overpayments […]
Vermont recently published an updated version of Publication MTT-600, the Vermont Department of Taxes ACH Credit Processing Instructions. This publication provides information to taxpayers regarding electronic payments using the ACH Credit Payment system through the VTax web portal. Other than formatting updates, there are a few updates to this publication, which are as follows: […]