Regulatory Analysis
The West Virginia State Tax Department has added a new publication, “Requests for Waiver of Electronic Filing and Payment Requirements.” This publication is retroactively effective to January 1, 2018 and applies to returns and payments for tax periods beginning on or after that date. The instructions provide a clear definition of the term “undue hardship” […]
The IRS has updated Form 5165, “Guide for Electronically Filing Affordable Care Act (ACA) Information Returns for Software Developers and Transmitters,” for Processing Year 2019. The following changes have been made: More information has been provided regarding the creation of an e-Services account. Additionally, there is a 2-factor authentication process. The List of Authorized Certificate […]
The Kentucky Department of Revenue has released Form 42A806-CD, Transmitter Report for CD Submission of Electronic Files in EFW2 or Pub 1220 Format. For Tax Years 2018 onward, filers submitting magnetic media reports to Kentucky must submit their media with Form 42A806-CD. The form requires the following information: Withholding account name. Withholding account number. Tax Year […]
The Canada Revenue Agency recently released the TY 2018 version of Form NR-4, Statement of Amounts Paid or Credited to Non-Residents of Canada. This form is filed by Canadian payers and withholding agents who make payments to non-residents of Canada for income such as interest, dividends, rents, royalties, pensions, and acting services in a film […]
The Canada Revenue Agency (CRA) has released Form T4A for Tax Year 2018. Form T4A is used to report pension, retirement, annuity, and other income payments and distributions to the CRA. While the form itself has not changed, there is one revision to the box description language on page 2 of the form. Box 16 […]
The Puerto Rican Treasury has released the 2018 Form 480.7A, Informative Return – Mortgage Interest Under the “Description” column, Puerto Rico has added a box for “Physical Address of the Property Subject to Loan,” including the Zip Code of that property. The instructions for this box provide: Enter the physical address of the property that guarantees […]
The Kentucky Department of Revenue has published the “2018 Specifications for Electronic Submission of 1099B, 1099DIV, 1099G, 1099INT, 1099K, 1099MISC, 1099OID, 1099R and W2G.” The DOR continues to use Publication 1220 formatting for all forms, with state defined fields in the B record. The DOR announces that they are no longer accepting paper copies of […]
The New Mexico Taxation and Revenue Department has updated FYI-107, “An Individual’s Guide to New Mexico Withholding Tax.” There are no substantive changes. To view the withholding guide in full, please follow the link.
The IRS recently released the final version of Form 1095-C for TY 2018. Form 1095-C details offers and coverage information for employer-provided health insurance. There are minor changes to the form for TY 2018, which are as follows: Part 1: The “Name of Employee” box has been separated out into First Name, Middle Initial, and […]
The IRS recently updated Form 1095-B, “Health Coverage,” for Tax Year 2018 reporting. The following changes have been made: The “Name of Employee” box has been separated out into First Name, Middle Initial, and Last Name sections (all part of Box 1) Column A of Boxes 23 through 40 in Part IV has been divided […]
The Governor of Hawaii has signed into law Act 66: Electronic Filing of Tax Returns. The new law authorizes, but does not mandate, the Department of Taxation to require electronic filing of tax returns from: Employers with annual withholding tax liability of more than $40,000; Taxpayers with annual general excise tax or transient accommodations tax liability […]
The Maryland Department of Taxes recently released an updated version of Form CRA, Combined Registration Application. This form is used by businesses in Maryland to register themselves with the Comptroller’s Office for the purposes of a number of tax types including Withholding Tax. There is only one update to the most recent version of this […]
The Colorado Department of Revenue recently released an updated version of Form DR 1102, Address Change or Business Closure Form. This form is used by businesses to provide updated information relating to businesses registered with the Colorado Department of Revenue for tax remitting and reporting purposes. Although this form was very recently updated in July […]
The IRS has published the draft instructions for Forms 1094-B and 1095-B, as well as the draft instructions for 1094-C and 1095-C, to be used in conjunction with ACA filings for Tax Year 2018. The following changes have been made to the 1094/1095-B Instructions: “Coverage under a section 1115 demonstration waiver program” has been removed from the […]
The IRS recently published an updated version of Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). This publication provides information on backup withholding procedures as they relate to information reporting involving missing or incorrect taxpayer identification numbers, or TINs. This recent update follows an update from July 2018, and provides a number of grammar […]
The IRS recently published a new version of Publication 1220 for tax year 2018. Publication 1220 contains the electronic filing instructions and specifications for Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G. A number of changes were made to Publication 1220 from the previous version issued in February 2018, which include the following: Specifications […]
The IRS has released the 2018 Instructions for Forms W-2 and W-3. Form W-2 is used by employers to report employee wage information to the IRS. There are a number of changes from the previous revision: Two new codes (Codes GG and HH) Code GG- Income from qualified equity grants under section 83 Code HH- […]
The Pennsylvania Department of Revenue has released its 2018 W-2 and 1099 Employer Withholding Reporting Instructions and Specifications Handbook, which filers should consult when electronically uploading W-2 and 1099 filings. There are no substantive changes to the specifications. The instructions now clarify that the specifications in this publication aren’t effective until January 3, 2019. Current specifications […]