Regulatory Analysis
On December 19, 2023, the proposed changes to the US Code of Federal Regulations relating to the de minimis error safe harbor exceptions to penalties for information returns and payee statements were added to the Code as final regulations. The updates are effective as of the publishing date of December 19, 2023, but are applicable […]
Skagway, Alaska has joined the Alaska Remote Seller Sales Tax Commission as a fully participating jurisdiction for remote sellers to collect and remit general retail sales tax in the locality. Remote seller retail sales tax collection begins effective March 1, 2024. The local ordinance may be found here and information concerning the ARSSTC available here.
On January 17, 2024, the Hawaii Senate introduced SB 2130 proposing to add an additional due diligence mailing for financial organizations. If passed, financial organizations will be required to send written notice “to each person listed in the holder’s records as potentially having an interest in the property, regardless of whether the person is an […]
On January 18, 2024, a draft, IA D 5342, was prefiled. This draft proposes to amend the current unclaimed property law by adding new sections addressing virtual currency and amending the report of abandoned property section of the current law. The changes are as follows. Virtual Currency A definition for virtual currency is added to […]
The Royal Decree of December 17th, 2023, postponing the starting date for the amendments to the Belgian VAT chain was recently published. This postponement follows the enactment of the Law aiming to improve the Belgian VAT compliance chain, of March 12, 2023, which introduced measures concerning the processing of periodic VAT returns and payments. Originally […]
The Indian tax authority’s previously announced plan to block the generation of e-waybills without corresponding e-invoice details, effective from 1 March 2024, has been withdrawn. In India, it is obligatory for taxpayers surpassing a specified threshold to issue electronic invoices for B2B and B2G transactions. Those under the mandatory e-invoicing regime must generate e-waybills for […]
Poland’s Ministry of Finance announced today the postponement of its e-invoicing mandate. Originally scheduled for July 2024, the initiative has been postponed indefinitely due to major errors identified in the KSeF system. The Minister of Finance emphasized that the current technical status of the KSeF system poses substantial challenges, preventing its secure implementation in Poland. […]
Pursuant to a notice issued by the Nigerian Federal Inland Revenue Service (FIRS) on January 15, 2024, the implementation of the Guidelines on Simplified Compliance Regime on VAT for non-resident suppliers of goods to Nigeria through digital platforms, scheduled to commence from January 1, 2024, has been postponed. The postponement is to allow FIRS to […]
The 2024 Finance Budget Law, announced on December 30, 2023, is set to revise Article 995 of the General Tax Code (GTC) and will have an impact on insurance contracts that receive exemption from insurance premium tax (IPT) in France. In 2020, a new exemption was implemented as of January 2021 up until the end […]
FL HB 989 was prefiled on December 21, 2023. This bill proposes sweeping amendments to Florida’s unclaimed property law. The proposed changes are as follows: Definitions New definitions are added for Audit, Audit Agent, Claimant Representative, Electronic, Person, Record, Unclaimed Property Purchase Agreement, Unclaimed Property Recovery Agreement, and Virtual Currency The definition of “Banking Organization” […]
This is to advise that the State of Washington has introduced companion bills addressing unclaimed gift cards. House Bill 2095 and Senate Bill 5988 were prefiled on January 3, 2024, and January 4, 2023, respectively, and both were introduced on January 8, 2024. The bills seek to remove the gift card exemption from Washington’s Unclaimed […]
On 28th December 2023, a new Order was published in the French National Gazette about change of the rates of the so called CATNAT additional contribution relating to the “natural disaster” guarantee for insurance contacts that cover fire damage or any other type of property damage, as well as damage to the bodies of motorized […]
In the 2024 budget, announced on 18th December 2023, the new tax rates for the Road Traffic Insurance Tax, which is included in the Excise Duties Act, have been set. The new rates are applicable from 1st March 2024. Except for Group f): motor vehicles that only use electricity for propulsion, the daily fixed rates […]
The IRS recently released its tax year 2024 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. Aside from being updated for the 2024 calendar year, several references to the new W-4P estimator tool have been added throughout the form regarding when to use it and how. Additionally, the form is updated with the […]
Vermont recently released it’s Electronic Filing Specifications for EFW-2 and 1099 filing with the state. Except for some editorial changes, there were no changes to either set of specifications. Vermont follows the IRS Publication 1220 format for 1099 filing and generally follows the SSA’s EFW-2 specifications for filing of W-2s. To view the W-2 specifications, […]
Idaho has released its electronic W-2 and 1099 filing specifications. There are no changes to the electronic specifications themselves. There are some filing direction changes. Firstly, Idaho has adopted the federal e-filing threshold: if a party is reporting 10 or more information returns, it must file those returns (W-2s and 1099s) electronically. Second, Idaho now […]
Arkansas has released its electronic filing specifications for W-2 and 1099 forms submitted to the state for tax year 2023. There are no changes to the electronic specifications themselves. There are some important changes to filing direction. First, Arkansas has lowered it electronic filing threshold for form W-2 from 250 to 125, meaning those filing […]
On 28 December, a new ministerial decree was published in the French Official Journal. The new decree increases the amount of the contribution to the Guarantee Fund for victims of acts of terrorism and other offences from EUR 5.90 to EUR 6.50. The new rate takes effect on 1 July 2024 for insurance contracts maturing […]