Regulatory Analysis
Utah governor Gary Herbert called a special session of the legislature, which convened on July 18th, 2018. This session was targeted to address a few critical issues, including online retailer sales tax collection in the wake of the U.S. Supreme Court's ruling in South Dakota v. Wayfair. According to the proposed legislation on this issue, Utah would […]
As a part of the recent legislative Special Session called in Utah, Senate Bill 2001, known as the Online Sales Tax Amendment Bill, passed both chambers of the legislature on July 19, 2018. This bill has similar threshold requirements for remote seller tax collection, as have been seen in bills that have been passed since […]
As reported in this forum, Hawaii has been one of the first states to expressly impose a collection and remittance requirement on remote sellers in the wake of the South Dakota v. Wayfair decision. Their requirement became effective July 1 and until recently purported to apply to transactions retroactive to January 1, 2018. However, Hawaii […]
On Friday, July 13, 2018, HMRC released additional information regarding the Making Tax Digital initiative, which is currently set to go into effect in the United Kingdom on April 1, 2019. This new information, contained in; VAT Notice 700/22, includes further details on the requirements of digital records and digital links where data transfer is made between software […]
The New Mexico Taxation and Revenue Department recently updated Publication FYI-104, New Mexico Withholding Tax. This publication outlines general information for employers and businesses responsible for calculating, withholding, and remitting withholding tax reports and payments to the New Mexico Taxation and Revenue Department. The most recent update maintained the language within the publication, and the […]
The Illinois Department of Revenue recently released an updated version of Form IL-941-X, the 2018 Amended Illinois Withholding Income Tax Return. This form is filed by employers who seek to amend their withholding tax returns (filed on Form IL-941) for the 2018 tax year. The form is largely the same as the previous version released […]
The North Carolina Department of Revenue recently updated Form NC-BR, the Business Registration Application for Income Tax Withholding, Sales and Use Tax, and Other Taxes and Service Charge. This form is used to register businesses with the North Carolina Department of Revenue for tax-related purposes. In Section 1, “Identifying Information”, a space was added for […]
The Connecticut Department of Revenue Services recently published an updated version of Form REG-1, Business Taxes Registration Application. This form is used to register businesses for tax-related purposes with the Department of Revenue Services, including income tax withholding. There are a few changes to the form this year, which was last updated in 2012. These […]
The Alabama Department of Revenue has announced the per annum interest rate applicable for overpayments and underpayments during the third quarter of Tax Year 2018. The rate will remain at the same interest rate as the previous quarter at 5%. To review this and previous interest rates, please visit the Alabama Department of Revenue's website by clicking here.
The Idaho State Tax Commission has issued an updated Guide to Income Tax Withholding. The revision is a routine update of the tables for withholding computation methods for 2018. The change is reflected in the income tax tables used to file individual income tax returns. Key revisions to this guide: Idaho added the 2018 W-4 worksheet […]
The IRS has released 2018 Form 5498. Form 5498 is used to report IRA Contribution Information to the IRS. There are only minor changes from the previous revision: Form changed to say “TRUSTEE or ISSUER’S TIN” and “PARTICIPANT’S TIN” Previously, it was written out as “taxpayer identification number” Box 13a instructions now say “This amount […]
The Delaware Division of Revenue has updated its publication listing the tax periods and due dates for eighth-monthly, monthly, and quarterly withholding filers. While filing schedules are generally the same – monthly (Form W1) due halfway through following month; eight-monthly (Form W1A) due within 3 business days; and quarterly (Form W1Q) due a month following the end […]
The IRS has amended the 2018 Instructions for Form 1098 to make a change to reporting of acquisition points. The following was added to the last bullet point in "Exceptions" under "Points" "Generally, to acquire a principal residence to the extent the points are allocable to an amount of principal in excess of $750,000." Previously […]
The New Mexico Taxation and Revenue Department recently updated Publication FYI-102, Information for New Businesses. This publication contains information for business owners on how to register their businesses for taxation purposes with the Department, certain requirements relating to tax information reporting such as electronic filing requirements, and Department resources for new businesses. The main change […]
The IRS has released an updated 2018 General Instructions for Certain Information Returns. The IRS had previously released a final version of the 2018 General Instructions in January 2018, but they have since made some changes. Below is a list of the changes from the previous release: The publication now includes instructions for new 1099 […]
North Dakota joins the growing number of states requiring the collection of sales tax from certain remote sellers. Beginning October 1, 2018, remote sellers with sales meeting or exceeding either $100,000 or 200 separate transactions shipped to North Dakota during the previous calendar year will be required to collect and remit North Dakota sales tax. For more […]
On June 28, 2018, Massachusetts Governor Charlie Baker signed House Bill 4640 into law. The bill dubbed by some a "Grand Bargain" includes provisions related to the minimum wage, paid family leave as well as a number of measures intended to forestall certain planned ballot initiatives. As it relates to sales tax – the bill creates […]
On July 3, 2018, the Alabama Department of Revenue issued guidance for online sellers indicating that rule 810-6-2-.90.03, an Alabama regulation which imposes a collection and remittance responsibility on remote sellers with Alabama sales exceeding of $250,000 will be applied prospectively for sales made on or after October 1, 2018. For more information click here.