Regulatory Analysis
The IRS has released the 2018 Form W-4P. This form is used to report by payees to tell payers the correct amount of federal income tax to withhold from their payments. There are a number of changes from the previous revision: New General Instructions and Specific Instructions sections Specific instructions are for Personal Allowances […]
The IRS has released the 2018 Form W-2. Form W-2 is used to report employee wages to the IRS. There are a few changes to Form W-2: New Box 12 Codes Code GG: Income from qualified equity grants under section 83 Code HH: Aggregate deferrals under section 83 elections as of the close of […]
The IRS has released the 2018 Form 1042-S Instructions. There are a number of changes from the previous revision: Changes to withholding rates For tax years beginning after December 31, 2017, the rate of withholding under section 1446 by a publicly traded partnership on a distribution of income effectively connected to a U.S. trade […]
The South Carolina Department of Revenue recently published Information Letter #18-2, which details interest rates for overpayments and underpayments of taxes. The interest rate for the second quarter of 2018 has increased to 5%. This rate increase is governed by S.C. Code Ann. Section 12-4-320 (2014) and SC Revenue Procedure #09-3. To review […]
Michigan recently published Form 446-T, Income Tax Withholding Tables. These tables are generally published on an annual basis, and provide withholding information for taxpayers who remit and report on a periodic basis throughout the year. This most recent update is effective March 1, 2018, and consists of minor updates throughout the periodic tables. […]
The IRS recently released the 2018 version of Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). This publication provides instructions and procedural guidance on backup withholding requirements as they relate to information returns with missing or incorrect taxpayer identification numbers (TINs). Furthermore, this publication details the procedures for first and second “B” notices. […]
Missouri has updated Form 2643A, the Missouri Tax Registration Application Form. There is only one change from the previous revision: The withholding tax rate used to calculate estimated employer withholding tax liability changed from 6% to 5.9%. To view the updated Form 2643A, please click the link here.
The Alabama Department of Revenue has announced the per annum interest rate applicable for overpayments and underpayments during the second quarter of Tax Year 2018. The rate for the previous quarter was 4%, and it will increase to 5% for the second quarter.
The South Carolina Department of Revenue recently released an updated version of Publication RS-1, Instructions and Specifications for Filing Forms W-2. This publication is used for guidance when filing W-2 reports with the South Carolina Department of Revenue, and provides specifications for electronic (including magnetic media) filing. Please note that the deadline for W-2 […]
California recently released an updated version of Publication DE-8300, Electronic Filing Guide for Quarterly Wage & Withholding Program. This publication contains the instructions and specifications for filing Form DE-9C, Quarterly Contribution Return and Report of Wages. DE-8300 is used in conjunction with Publication DE-44, California Employer’s Guide, for withholding reporting to the California EDD. […]
Arizona recently released an updated Form A1-QRT, Quarterly Withholding Tax Return. This form is used by businesses to report their quarterly withholding amounts and payment deposits. There are a few changes to the latest version of this form, which are as follows: The annual deposit schedule date has been moved up from February 28 […]
Oregon recently published their updated Combined Payroll Tax Report for 2018. This publication primarily serves as an instructional and regulatory guide for employers filing and remitting taxes related to their businesses. There are a number of updates to this publication from previous years, which are as follows: Form OR-WR, Annual Reconciliation, has been updated […]
The IRS has updated Publication 5258. Publication 5258 is the ACA Information Returns Submission Composition and Reference Guide and is used to electronically file Forms 1094 B and C, and Form 1095 B and C with the IRS. Tables 5-4, 5-8, and 5-10 were updated to remove a statement that said “UserID is not […]
The Oregon Department of Revenue has published its Form OR-WR Oregon Annual Withholding Tax Reconciliation Report, to be used for reporting information related to Tax Year 2018. The return’s due date is 1/31/2019. This form is now used to reconcile both withholding and statewide transit taxes; previous versions of the form were only used for withholding. […]
West Virginia's Tax Department published the 2017 version of the Electronic Media Specifications for 1099s and W-2Gs. There are no substantive changes from the 2016 Specifications. To view the specifications in full, please follow the link.
Mississippi updated their Withholding Tax FAQs. While there are no substantive changes to the FAQs, the Department of Revenue has now included links to key documents and websites. To read the updated FAQs, please follow the link.
As a follow up to Information Notice 2017-01 issued in January 2018, the Pennsylvania Department of Revenue recently issued new 1099-MISC Withholding Tax Requirements. These instructions contain reporting and payment instructions for payers responsible for reporting payment data relating to 1099-MISC reporting to the state of Pennsylvania. Beginning on January 1, 2018, anyone making the following […]
The IRS has updated Publication 5258, the AIR Submission Composition and Reference Guide. There are a number of changes from the previous revision: Corrected Text in Section 6.3 New note to indicate that TY2017 AATS begins with either AATS1094B or AATS1094C, and for prior year (TY2015, TY2016) transmissions, the Receipt ID format begins with either […]