Regulatory Analysis
The Internal Revenue Service has revised Form 8508 (Rev. 5-2026), Application for a Waiver from Electronic Filing of Information Returns. The form is used to request a waiver from the electronic filing requirement for a range of information returns filed through the FIRE and IRIS systems. The only substantive change is to the list of […]
The IRS has released its 2026 edition of Form 15397, the Application for Extension of Time to Furnish Recipient Statements. This form permits filers of tax information returns to request extensions for issuing statements to recipients. The form covers W-2, W-2G, 1042-S, 1095, 1097, 1098, 1099, 3921, 3922, and 5498 returns, including subdivisions of those […]
Vermont’s Department of Taxes has announced via email newsletter that it intends to accept 1099 filings in the new IRIS XML format promulgated by the IRS to replace the existing FIRE fixed-length reporting format. The Department will begin accepting records in the IRIS format in December, 2026. While the Department has not yet provided technical filing […]
The IRS has recently released Form 1099-MISC (Miscellaneous Information) for tax year 2026 (filing season 2027). This form is used to report miscellaneous income such as rents, royalties, prizes, awards, medical and health care payments, and other income payments. The payer and recipient information sections have been restructured, with the payer’s information separated from a […]
Madrid City Council opened its online submission portal for the Fire Brigade Contribution (FBC) levy on 19 May 2026, following the adoption of the Ordenanza Fiscal 15/2025 (BOCM No. 307, 26 December 2025). The reform pursues two objectives: aligning the levy with recent judicial doctrine, and restoring cost recovery, which had fallen from 35% at […]
The IRS has released the instructions for form 1099-DA for tax year 2026. These instructions are notable as 2025 was a transitional year for reporting this form, and the 2026 instructions are intended to be final instructions for the form. Form 1099-DA reports the sale of digital assets, including cryptocurrency and NFT sales. Such sales […]
The IRS has updated Form 941 (Employer’s Quarterly Federal Tax Return) and Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund), along with their respective Instructions, for 2026. These forms are used by employers to report quarterly wages, taxes withheld, and social security and Medicare obligations, and to correct errors on previously […]
The IRS has released final rules in the federal register for reporting of tips made tax-exempt by 2025’s One Big Beautiful Bill. These rules provide direction on what tip compensation qualifies for the exemption and how to report the compensation to payees. Briefly, tip compensation is subject to the exemption if it is paid for […]
The IRS has released draft regulations implementing the information reporting threshold changes under the One Big Beautiful Bill Act (OBBBA). The OBBBA raised the general reporting threshold for Forms 1099-MISC, 1099-NEC, W-2, and W-2G from $600 to $2,000, effective for payments made after December 31, 2025, with annual inflation adjustments beginning in 2027. The draft […]
As of April 24, 2026, all fuel and diesel sales transactions must include a special complement in their electronic invoices (CFDI). This complement is called the Concept Complement for the Invoicing of Hydrocarbons and Petroleum Products. What do I need to do? Add the complement to your invoice. Every CFDI you issue for the sale […]
Chile’s tax authority has delayed the implementation of new requirements for dispatch guides and invoices used in the transfer of goods. On April 10, the Servicio de Impuestos Internos (SII) published Exempt Resolution No. 52, officially postponing the effective date of these additional requirements. Originally expected to take effect earlier, the new compliance deadline is […]
Indiana Senate Bill 243 (SB 0243), signed into law on March 5, 2026, amends several sections of the Indiana Code concerning taxation. Key provisions include new penny rounding rules, new adjusted gross income deductions, and increased gambling withholding thresholds. The bill introduces a penny phaseout rounding framework under two new code provisions. IC 5-36.5, effective […]
The IRS has released its revised Publication 1099 (General Instructions for Certain Information Returns). This publication provides comprehensive guidance for filing Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G with the IRS and furnishing statements to recipients. Most notably, the IRS has retired the Filing Information Returns Electronically (FIRE) system. Beginning tax year […]
ProductCare, the recycling organization in charge of processing environmental handling fees (EHFs) on household waste products in several Canadian provinces, issued a notice recently that there will be a temporary pause on collecting EHFs in the provinces of Manitoba and Saskatchewan. Members are required to continue reporting, but as a $0 fee. See notice here. […]
The Mexican tax authority has published the technical documentation for the Complement Concept for Hydrocarbons and Petroleum Products, which must accompany the CFDI issued by taxpayers engaged in the sale of gasoline and diesel. The supplement incorporates the permit numbers issued by the energy authority, as well as information on the type of fuel sold. […]
The IRS released Notice 2026-20, allowing eligible taxpayers to use alternative methods of adequate identification under Treas. Reg. § 1.1012-1(j)(3)(ii) for digital asset units held in broker custody through December 31, 2026. This extends the temporary relief first provided in Notice 2025-7 for an additional year. For digital assets held in the custody of a […]
On 24 March 2026, Spain’s Council of Ministers adopted the Royal Decree mandating electronic invoicing for domestic B2B transactions between companies and professionals. The decree develops Article 12 of the Ley Crea y Crece (Law 18/2022) and aligns with the EU’s ViDA initiative. The primary policy objective is combating late payments — Spain’s average payment […]
The Rhode Island Division of Taxation recently released Advisory 2026-05, providing updated guidance on Form 1099 filing requirements for Tax Year 2025. The most significant change is an expanded filing threshold. Beginning with Tax Year 2025, issuers must file Form 1099 with the Division of Taxation whenever income greater than $100 is reported, regardless of […]