Regulatory Analysis
Pennsylvania has released updated versions of its W-2/1099 CSV reporting instructions and specifications and EFW-2/EFW-2C. The only change was that the effective date of the specifications has been changed to after January 21, 2020, after which time all files uploaded must reflect the changes in the handbook. To view the full W-2/1099 CSV instructions and specifications, click here. […]
The Illinois Department of Revenue recently released their Electronic Filing Specifications for Forms W-2 and W-2C, which provide general instructions and state-specific specifications for filing these forms with the state. The updates to these specifications revolve around the removal of the web upload option for filing electronically. All electronically filed W-2 records must be transmitted […]
Georgia has released its Employer’s Tax Guide, updated for TY 2020. Additionally it has released TY 2020 updated G-7M, G-1003, GA-V, and G-7Q forms, respectively the Quarterly Return for Monthly Payers, Income Statement Return, Withholding Payment Voucher, and the Georgia Quarterly Return for Quarterly Payers. Employer’s Tax Guide Link Applies tax laws as of January […]
Colorado has released a new publication, the Wage Withholding Tax Guide. With the release of this document, Colorado has incorporated the FYI #5 and FYI #6 into a single unitary tax withholding guide. Directions in the new publication have been edited for clarity and consistency but in terms of processes, thresholds, frequencies and other information, […]
West Virginia has issued a revised publication and form, TSD-436 and IT-103 (Requests For Waiver Of Electronic Filing And Payment Requirements and West Virginia Withholding Year End Reconciliation, respectively). The changes are outlined below. TSD-436 Language updated in the Background section explaining that for returns filed on or after January 1, 2019, any person required to […]
California Franchise Tax Board (FTB) Information Returns filing requirements updated. California no longer strictly following Federal guidelines. New requirements are: You need to file an information return with California if: The recipient is a California resident or part-year resident The source of a 1099 transaction was in California.
Alabama will hold its annual Weather Preparedness Sales Tax Holiday from Friday, February 21, 2020 through Sunday, February 23, 2020, giving shoppers the opportunity to purchase certain severe weather preparedness items free of state and certain local sales tax when the cost per item is $60 or less, or in the case of portable generators […]
As previously reported, the Louisiana legislature passed House Bill 560 this year, which imposed a new tax on certain CBD products effective January 1, 2020. Based on recent guidance released by the Department of Revenue (DOR), it’s now clear that the new tax is not applied at the point of retail sale. Rather, it’s properly […]
In 2019, many European Union Member States took advantage of the alignment of physical publications and electronic publications, recently allowed by Council Directive (EU) 2018/1713. It appears 2020 is no different, as the following Member States have followed suit: Austria Electronic publications in Austria are currently taxed at the standard VAT rate of 20%, while physical […]
The Portuguese tax authorities are implementing a new filing system to declare Stamp Duty in Portugal in 2020. Tax payers will now be required to provide detailed information on a transactional basis in order to issue the Stamp Duty return. For insurers, this means that, each month, they will be required to report: The tax […]
Back in July 2019 Costa Rica enacted a new VAT law that, among other things, taxed digital goods and services. The law provided that in the cases of trans-national supplies of digital goods and services where the supplier was not established in Costa Rica, VAT would be withheld by the financial entities/credit card companies used […]
The Paraguayan congress approved the law N° 6380/19 which among other things mandates local credit card companies to collect and pay to the tax administration the VAT applicable to sales of digital services when the supplier is a foreign company and the service is considered as provided in the country. For that purpose, the law […]
The Massachusetts Department of Revenue recently released its W-2 Handbook. This booklet contains instructions and specifications for filing W-2 reports with the state electronically. The most significant change to this booklet and its specifications lies in the RS (State) Record for W-2 reporting: positions 360 – 370 were revised to accommodate Federal Mass Wages, while […]
Michigan recently enacted legislation requiring to collect tax on behalf of marketplace sellers once they meet certain thresholds. Marketplace facilitators must collects tax when they facilitate gross sales of $100,000 or more or when they facilitate 200 or more separate transactions for the sale of tangible personal property to purchasers in Michigan during the previous […]
Changes to 1099/W-2G instructions were confined to the “What’s New” section. These changes explain the changes to the federal 1099-B and 1099-G forms as posted in the IRS’s 1220 Publication. What’s New: Form 1099-B, Proceeds from Broker and Barter Exchange Transactions Payee “B” Record: Field Position 620 – Applicable Checkbox for Qualified Opportunity Fund (QOF) […]
VA released W2 and 1099 specs for TY 2019. This publication contains specifications for reporting W2s and 1099s. There are several updates to this publication which are as follows: P. 4: Amending Data Web Upload does not currently accept the W2C format. If you are correcting a wage amount or amount withheld, fix the incorrect amount in […]
New York has released its 2020 “Withholding Tax Tables and Methods,” which contains withholding tables for 2020. The revised tables go into effect January 1, 2020. To review the tax tables, please follow this link.
The Illinois Department of Revenue recently published Informational Bulletin FY 2020-14 which details a new state filing requirement for Federal Form 1099-K. Federal Form 1099-K reports certain payment card and third party network transactions, and any entities issuing this form to Illinois payees will now be required to file those reports with Illinois. Beginning with […]