Regulatory Analysis
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.
West Virginia recently updated Form IT-103, Withholding Year End Reconciliation Form. This form is used by payers to report their year-end withholding along with any applicable W-2 and 1099 forms. While the form has undergone formatting changes, the information reported on the form remains the same. A second page was added with instructions and […]
Puerto Rico has updated Publication 17-06. Publication 17-06 contains the electronic specifications for the 480 series of forms. With this update, Puerto Rico has included the specifications for Forms 480.7 and 480.7C, which were previously omitted due to the number of changes made to those forms. The following is a non-exhaustive list of changes […]
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 […]
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: […]
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 […]
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 […]