Regulatory Analysis
The Kentucky Department of Revenue has published the 2018 Withholding Tax Table and Formula. The table and formula are effective for Tax Years beginning January 1, 2018. Kentucky has enacted a new 5% flat tax rate for income withholding. As a result of this change, exemptions are not taken into account, only the standard deduction. […]
Missouri recently updated their website with Refund Interest Rates for the 3rd quarter of 2018. These interest rates apply to withholding payments and refunds, and change periodically throughout the course of the tax year. The interest rate for refunds has increased to 1.2% for the third quarter of 2018. To review this update […]
The Utah State Tax Commission recently published an updated version of Publication 14, the Utah Withholding Tax Guide. This guide contains information on withholding tax filing information and requirements, along with tax withholding tables to assist employers and businesses with their withholding information reporting obligations. The principal update to Publication 14 involves the Congressional […]
Record Changes A new Box 12 Code GG money field, Income from Qualified Equity Grants Under Section 83, has been added to the: RO (Employee Optional) Record in positions 122 – 132 RU (Total Optional) Record in positions 160 – 174 A new Box 12 Code HH money field, Aggregate Deferrals Under Section 83 Elections as […]
The California Employment Development Department has released an updated Form DE 1245W, E-File and E-Pay Mandate Waiver Request. Filers should use this form to request an exemption from the e-file and e-pay mandate which requires employers to file their employment tax returns, wage reports, and payroll tax deposits electronically. While the form itself has not been […]
The SSA has released its 2018 W-2C Specifications. There are a number of changes from the previous revision: Record Changes A new Box 12 Code GG money field, Originally Reported and Correct Income from Qualified Equity Grants Under Section 83, has been added to the: RCO (Employee Optional) Record in positions 233-243, 244-254 RCU (Total […]
The Louisiana Department of Revenue has released its Second Quarter Employer’s Return of Louisiana Withholding Tax Form L1, which is due to the Department by July 31, 2018. Every employer who is required to withhold Louisiana state income tax is required to file this return on a quarterly basis, and the Department releases a new form for […]
The Kentucky Department of Revenue has created a new version of Form K-1 for electronic funds transfer (EFT) accounts. Form K-1E is for payments due October 31, 2018. This form is to be mailed to the Department of Revenue in Frankfort, Kentucky. Additional amounts of withheld income due must be remitted via EFT. To […]
The Kentucky Department of Revenue has created a new version of Form K-3 for electronic funds transfer (EFT) accounts. Form K-3E is to be used for payments due January 31, 2019. This form should be mailed to the Department of Revenue in Frankfort, Kentucky. Additional amounts of withheld income due must be remitted via EFT. […]
Maine's Revenue Services recently updated Form W-4ME, the Employee's Withholding Allowance Certificate. There are no substantive changes to the form from the last version, which was updated October 2016. To view the form, please follow the link
The IRS has updated the Instructions for the Requester of Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY. There are a number of changes from the previous revision of the Instructions: Chapter 3 Withholding Changes Withholding agents must also withhold under section 1443 on certain payments to foreign tax-exempt organizations that are unrelated business taxable […]
Idaho has released its 2018 Guide to Idaho Withholding. There are a number of changes from last year’s revision: New tax laws have significantly changes the withholding tables for 2018. The figures are effective for 2018, but filers will not need to adjust the withholding for the months before the tables were published Idaho now […]
The New York State Department of Taxation recently updated their website in relation to state and local government tax exempt bond interest information reporting. This type of reporting is used to report interest and dividend payments made to recipients which are derived from tax exempt sources like state and local government bonds. The updated […]
The Pennsylvania Department of Revenue updated Form PA-100, the Business Enterprise Registration Form and Instructions. The fee for background investigations of owners or officers has increased from $10 to $22. Additionally, the instructions have added additional clarification for Section 9, "Establishment Employment Information," Part 1. The new information states that "[a]ny payor/lessee required to […]
The Colorado Department of Revenue has revised its publication FYI General 11: Colorado Civil Tax Penalties and Interest. There were no changes to this publication relative to withholding taxes. The only substantive change was an addition to the disclaimer at the end of the publication explaining how to seek additional guidance through a Private Letter […]
Vermont recently published an updated version of Form MTT-600, ACH Credit Processing Guide. These instructions are used by filers to assist in setting up and submitting payments using the ACH Credit system. A number of updates were published in the most recent version of this form, which are as follows: A section was added […]
The IRS has released the 2018 Form 1099-A, Form 1099-C, and Instructions for Forms 1099-A and 1099-C. Form 1099-A is used to report acquisition or abandonment of secured property to the IRS, and Form 1099-C is used to report cancellation of debt to the IRS. Form 1099-A Changes No changes to Form 1099-A Form […]
The IRS has released the 2018 Form W-2G. This form is used to report gambling winnings to the IRS. There are no changes to this form from the previous revision. To view the 2018 Form W-2G, please click here.