Regulatory Analysis
As a result of the recently passed tax reform bill, the Tax Cuts and Jobs Act, the backup withholding rate will be reduced from 28% to 24% effective January 1, 2018. Under Code § 3406, payors are required to deduct backup withholding on certain non-wage payments made to payees for whom an information return […]
Pennsylvania's Department of Revenue recently updated Form PA-501, Deposit Statement/ACH Statement. There is no substantive changes from the last update. To view PA-501 specifications in full, please follow the link.
Pennsylvania's Department of Revenue recently published the 2017 W-2 transmittal specifications. There is now a requirement to insert a W-2/1099-R Employee Wage/Distribution Record before uploading the REV-1667 (Transmittal) Annual Withholding Statement. No other substantive changes have been made. To view the W-2 transmittal specifications in full, please follow the link.
Pennsylvania's Department of Revenue recently updated the W-2 Employee Wage Records Specifications. The name change to W-2/1099-R Employee Wage/Distribution Records. There are no other significant changes. To view the specifications in full, please follow the link.
Pennsylvania's Department of Revenue recently updated their W-3 Return Quarterly Reconciliation information. There are no substantive changes from last year. To view the W-3 filing requirements, please follow the link.
Pennsylvania's Department of Revenue recently updated their specifications for electronically-filed Forms W-2, EFW2, formerly MMREF-1. There are no substantive changes from last year's specifications other than the name change. To view the specifications, please follow the link.
The IRS has announced that they will extend the due date for furnishing the 2017 Form 1095-B and Form 1095-C to individuals from January 31, 2018, to March 2, 2018. Because of this automatic extension, the provisions that traditionally allow the IRS to grant an extension of time up to 30 days to furnish Forms […]
Maine has recently released its Withholding Tables for Individual Income Tax for 2018. These tables detail withholding for wage earners over the course of the 2018 tax year. The new tables reflect changes to personal exemption amounts, standard deductions amounts, and the phase income level for the standard deduction. The tables also reflect the advancement […]
Puerto Rico has released Publication 17-06. This publication contains instructions and specifications for filers who wish to file electronically with the Hacienda. There are a number of changes from the previous revision: Important Notice Forms 480.7 and 480.7C are not included on this revision, but they will be included on a later updated revision. New […]
New Jersey has released its 2018 Interest Rate on Tax Balances. The assessed interest rate on outstanding tax balances will increase from 6.50% in 2017 to 7.25% in 2018 due to the increase in the Federal Prime Reserve Rate from 3.50% to 4.25%. At the end of each calendar year, any unpaid tax, penalties, and […]
Puerto Rico has released Publication 17-07, an error manual that is used by filers to file Form 499R2 with the Hacienda. There are some changes from the previous revision: Error 709 has been updated to reflect a new field Errors 720, 722, and 723 now also cover positions 442-443 of the RS Record Error 736 […]
Ohio has released the 2017 specifications for filing Form W-2 electronically. There are a number of changes from the previous revision: Record Changes A new box 12 Code FF money field, Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement (Code FF), has been added to the: RW Employee Record in positions 474 – […]
Oklahoma recently published Form 501, for Annual Information Returns. The Form has expanded on the types of forms that may be reported with Form 501. While the 2016 Form included only options for Form 500, 500-A, and 500-B, the 2017 form includes selection options for W-2G and Forms 1099. The Oklahoma DOR reminds filers that […]
Oregon released a 2017 version of its 1220 Addendum for 1099 reporting. There are no substantive changes from last year's version. Please be advised that the filing due date is January 31, 2018. To read the Addendum in full, please follow the link.
New York has released its 2018 Publication NYS-50-T-NYS. This publication contains the 2018 Withholding Tax Tables and Methods for New York State. There are a number of changes from the previous revision: Effective for payrolls made on or after January 1, 2018, employers must use the revised tax withholding tax tables and methods in this […]
New York has released its 2018 Employee’s Withholding Allowance Certificate (Form IT-2104). This form is completed by employees and given to the employer to instruct the employer how much New York State tax to withhold from the employee’s pay. There are some changes from the previous revision: The worksheet and charts used to compute withholding […]
Rhode Island recently published the revised interest rates for delinquencies and overpayments for the year of 2018. These interest rates apply to delinquent tax payments, and tax overpayments made during the 2018 calendar year. For 2018, the delinquent tax payment rate will remain at 18% per annum, as it was in 2017. The […]
Montana recently published an updated version of Form ETR, the Montana ACH Credit Payment Registration form. This form is used to register businesses with the Montana Department of Revenue for the purposes of utilizing the ACH credit payment system. There are a few minor updates to the form, which are as follows: The form […]