Regulatory Analysis
The IRS recently released an updated Publication 1586. The guidance on missing taxpayer identification numbers (TINs) and incorrect TINs has been updated to reflect final Treasury Regulations related to forms 1095-B and 1095-C that were published earlier this year. Additionally, a note has been added to clarify the de minimis rule. Publication 1586 can be […]
This month, the IRS released the first W-2C update since 2014. Aside from Copy A, W-2C is now fillable. There were several changes to the Copy D Employer Instructions. Employers are cautioned against sending IRS.gov printed forms to the SSA. A reference to the old 250 form electronic filing threshold was removed and replaced by […]
In a recently released Maine Tax Alert, Maine Revenue Services announced that the electronic filing threshold for information returns will be lowered from 250 returns to 10 aggregate returns, beginning with returns filed in 2024. Maine law adopts the federal electronic filing thresholds. Earlier this year, the new federal electronic filing threshold of 10 aggregate […]
Missouri recently released its Employer’s Tax Guide for Tax Year 2023. 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 only change is that when there is an overpayment on a withholding account, employers must submit Form 4854 requesting […]
Minnesota has revised its Form W-4MNP, “Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments.” The form is used by payees to indicate desired withholding for the payment types in question. The revised form is simplified to reflect state law changes that permit more flexibility for payees who can now request any rate […]
9/7/2023 Earlier this year, Nebraska Governor Pillen signed LB 727, which among other provisions, added “net wrap, baling wire, and twine” as part of the commercial agriculture exemption. Twine is defined as “a strong string of two or more strands twisted together used in the baling of livestock feed or bedding”. This amendment is set […]
Pennsylvania has published Tax Bulletin 2023-01. This document clarifies 1099-MISC and 1099-NEC reporting and withholding instructions. The document clarifies when Forms 1099-NEC and 1099-MISC, particularly noting that Pennsylvania requires reporting of these forms when federal reporting is required. Previously, direction for reporting of these forms was required when reporting compensation for services performed by state […]
The Bizkaia Tax Authority has published information regarding a possible postponement of the Batuz obligation for small and medium-sized companies, micro-enterprises, self-employed workers, small-sized cooperatives, or non-profit entities. A draft law is under discussion for this purpose. As it is still a draft, it needs to be officially published in order to become effective. The […]
On August 30, 2023, the German Federal Government approved the draft act (Growth Opportunities Act) published by the Ministry of Finance (BMF) on July 14, 2023, which includes, among others, the introduction of the nationwide B2B e-invoicing mandate. This marks the onset of the legislative process for the adoption of the draft act by the […]
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the eighth wave of Phase 2 of e-invoicing. The eighth wave covers taxpayers with at least SAR 40 million (app. USD 10 million) revenue subject to VAT for 2021 or 2022. Taxpayers within this group are expected to integrate as of March 1, 2024. Phase 2 […]
Through Resolution 201-5160a, the tax authority established that on July 31, 2023, expired the deadline for request in a justified manner the exception to the Electronic Invoicing System, for those companies that provide goods and services to the Government. This request will be subject to a resolution of the General Directorate of Revenue in which […]
8/10/2023 Earlier this year Washington state enacted Substitute Senate Bill 5218 (Chapter 319 of Session Laws of 2023). This new law exempts sales of mobility enhancing equipment to critical needs patients from sales and use tax. Washington defines critical needs patient as an individual with a diagnosis or medical condition that results in significant physical […]
As announced in Fiji’s National Budget for 2023-2024 by the Fiji Revenue and Customs Service, the standard VAT rate increased from 9% to 15% for all non-zero-rated items beginning on August 1, 2023. The budget announcement can be found here.
ANAF updated the return D300 in response to the enactment of Law 88 from April, 2023. This legislative amendment introduced VAT exemptions with right of the deduction to construction services supplied to hospitals, as well as certain supplies of medical equipment and orthopedic products. To align with the new amendment, the revised D300 requires taxpayers […]
On August 4, 2023, the Polish President signed an Act amending the VAT Act and certain other laws which introduces mandatory e-invoicing via KSeF. This means that the e-invoicing mandate will enter into force on July 1, 2024, without any further postponements. The press information can be found here and the official announcement from the […]
The Ministry of Finance published a draft regulation amending the regulation on the use of KSeF from December 27, 2021, which is applicable to the voluntary phase of the e-invoicing system via KSeF. The draft regulation is open to public consultation until August 18, 2023, for businesses to submit their comments. The amended regulation on […]
The Ministry of Finance published an updated API for the test environment in KSeF (National E-Invoicing System) which supports both FA(1) and FA(2) schemas. From July to August 2023, both schema versions, meaning both FA(1) and FA(2), will apply in the KSeF test environment. The official announcement can be found here: API KSeF dla środowiska […]
The Act on Guarantee Fund for Non-Life Insurance Companies, executive order no. 2067, has been amended recently by Act no. 480. The main change is that the scope of insurance companies liable to make contributions to the Guarantee Fund in Denmark has been extended to include life insurers writing occupational accidental insurance / industrial injury […]