Regulatory Analysis
The Kentucky Department of Revenue has updated the 2018 Withholding Tax Table and Formula guide. The formula has not changed since the last release but the tables have been updated to reflect the update 5% flat tax rate announced earlier in 2018. To review these updated Withholding Tax Tables, please visit the Kentucky Department of […]
The IRS has released 2019 Draft Forms 1098-C, 1098-MA, and 1098-Q. Each form reports something different to the IRS: Form 1098-C is used to report the contributions of motor vehicles, boats, and airplanes to the IRS. Form 1098-MA is used to report mortgage assistance payments to the IRS, and Form 1098-Q reports qualifying longevity annuity […]
On August 3, 2018, the federal tax administration of Argentina (AFIP) enacted Resolutions 4290, 4291 and 4292, which specify deadlines and unify procedures that taxpayers should follow when issuing, reporting and saving invoices. According to these resolutions, regular and small taxpayers, as well those that are not subject or exempt from VAT, should use Fiscal controllers […]
President of the Slovak Republic has signed off the IPT Act no. 213/2018 Coll. which is effective from 01 January 2019. Moreover, the Ministry of Finance of the Slovak Republic has issued a guidance MF/010937/2018-731 dated 30 July 2018 establishing the IPT return form. According to section 2 of the guidance, the new IPT form […]
The IRS has officially announced they are eliminating the automatic 30-day extension of time for the 1099-MISC with Nonemployee Compensation. This move forces organizations with large amounts of independent contractors to question current tax information reporting processes, ensuring they don’t endure the same challenges faced from the original PATH Act deadline changes. PATH Act History […]
The New Hampshire legislature ended their special session on July 25th without passing legislation intended to protect New Hampshire businesses from being forced to collect sales tax on out-of-state sales. New Hampshire is one of 5 states that do not have a general statewide sales tax and after the recent Supreme Court decision in Wayfair, New […]
The Kentucky Department of Revenue recently updated its guidance regarding the impending tax collection and remittance obligation by remote sellers. Specifically, Kentucky has legislation in place that requires remote retailers with 200 or more sales into the state or $100,000 or more in gross receipts from sales into the state based on the previous or current calendar year sales […]
The Italian tax administration has announced the postponement of the early implementation of the electronic invoicing mandate for roadside fuel and service stations. According to Regulation Prot. n. 89757/2018, all taxpayers in the business of supplying fuel and gasoline intended to be used as motor fuel, or supplying services as subcontractors under agreements with public bodies, were required to […]
Based on recent activity in the Massachusetts legislature, it appears increasingly likely that a Sales Tax Holiday will take place in mid August. Specifically, over the last few days the Massachusetts Senate approved an amendment to an economic development bill establishing a Sales Tax Holiday weekend, running from August 11 to 12. The senate provision […]
The Comptroller’s Office of Maryland has updated their “What’s New” page with information for Tax Year 2018 Reporting. First, the Taxpayer Services Office in Annapolis office has changed addresses. The new address is 60 West Street, Suite 102, Annapolis. Second, the tax year 2018 standard deduction is increased to a maximum value of $2,250 for […]
The Wisconsin Department of Revenue has released a revised version of BTR-101, Application for Wisconsin Business Tax Registration. There is only one minor change that has little bearing on withholding and information reporting – the village of Sister Bay is now subject to the premier resort area tax, and applicant must indicate whether it is located […]
The IRS has updated the 2018 Form 1099-DIV. Form 1099-DIV is used to report dividends and distributions to the IRS. There are some changes from the previous revision: New Box Added Box 5, Section 199A dividends This box is used to report dividends eligible for the 20% qualified business income deduction under section 199A. To […]
The IRS has released the 2018 Instructions for Forms 1099-R and 5498. Form 1099-R is used to report distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, and insurance contracts to the IRS. Form 5498 is used to report IRA contribution information to the IRS. There are a number of changes from the previous revision: […]
The New York Department of Taxation and Finance recently made a change to wage withholding requirements, specifically the non-annual withholding reporting requirements. Effective January 1, 2019and in accordance with Part I of Chapter 59 of the Laws of 2018, employers will be required to complete all of Form NYS-45 Part C (Employee Wage and Withholding Information) […]
South Africa's Minister of Finance has published a draft amendment, which if enacted, would change South Africa's VAT rate back to 14%. This proposed draft amendment, which is open for public comment, would revert the rate back to 14% and currently has a retro-active effective date to April 1, 2018. The proposed amendment comes after […]
Following the U.S. Supreme Court’s decision in South Dakota v. Wayfair, the Wyoming Department of Revenue has announced that it will require remote sellers to collect and remit sales tax for sales made into the state. This requirement will not apply to small sellers who conduct fewer than 200 transactions or have less than $100,000 in […]
Following the decision of the U.S. Supreme Court in South Dakota v. Wayfair, the Minnesota Department of Revenue has provided preliminary guidance on their plans to tax remote sales. The plan is that by October 1, 2018, remote sellers conducting direct sales will be required to register, collect and remit tax for transactions made to Minnesota purchasers […]
On July 24, 2018, the U.S. House Judiciary Committee held a hearing to examine the recent Supreme Court decision in South Dakota v. Wayfair and its impact on consumers and small businesses. The question being debated – should Congress act? Eight witnesses testified as to their perspective on business impact and the wisdom of Congressional action. […]