Regulatory Analysis
The IRS has released the 2018 Instructions for Forms 1099-R and 5498. Form 1099-R is used to report distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, and insurance contracts to the IRS. Form 5498 is used to report IRA contribution information to the IRS. There are a number of changes from the previous revision: […]
The IRS has updated the 2018 Form 1099-DIV. Form 1099-DIV is used to report dividends and distributions to the IRS. There are some changes from the previous revision: New Box Added Box 5, Section 199A dividends This box is used to report dividends eligible for the 20% qualified business income deduction under section 199A. To […]
The Wisconsin Department of Revenue has released a revised version of BTR-101, Application for Wisconsin Business Tax Registration. There is only one minor change that has little bearing on withholding and information reporting – the village of Sister Bay is now subject to the premier resort area tax, and applicant must indicate whether it is located […]
The Comptroller’s Office of Maryland has updated their “What’s New” page with information for Tax Year 2018 Reporting. First, the Taxpayer Services Office in Annapolis office has changed addresses. The new address is 60 West Street, Suite 102, Annapolis. Second, the tax year 2018 standard deduction is increased to a maximum value of $2,250 for […]
The IRS has released an updated 2018 General Instructions for Certain Information Returns. The IRS had previously released a final version of the 2018 General Instructions in January 2018, but they have since made some changes. Below is a list of the changes from the previous release: The publication now includes instructions for new 1099 […]
The New Mexico Taxation and Revenue Department recently updated Publication FYI-102, Information for New Businesses. This publication contains information for business owners on how to register their businesses for taxation purposes with the Department, certain requirements relating to tax information reporting such as electronic filing requirements, and Department resources for new businesses. The main change […]
The IRS has amended the 2018 Instructions for Form 1098 to make a change to reporting of acquisition points. The following was added to the last bullet point in "Exceptions" under "Points" "Generally, to acquire a principal residence to the extent the points are allocable to an amount of principal in excess of $750,000." Previously […]
The Delaware Division of Revenue has updated its publication listing the tax periods and due dates for eighth-monthly, monthly, and quarterly withholding filers. While filing schedules are generally the same – monthly (Form W1) due halfway through following month; eight-monthly (Form W1A) due within 3 business days; and quarterly (Form W1Q) due a month following the end […]
The IRS has released 2018 Form 5498. Form 5498 is used to report IRA Contribution Information to the IRS. There are only minor changes from the previous revision: Form changed to say “TRUSTEE or ISSUER’S TIN” and “PARTICIPANT’S TIN” Previously, it was written out as “taxpayer identification number” Box 13a instructions now say “This amount […]
The Idaho State Tax Commission has issued an updated Guide to Income Tax Withholding. The revision is a routine update of the tables for withholding computation methods for 2018. The change is reflected in the income tax tables used to file individual income tax returns. Key revisions to this guide: Idaho added the 2018 W-4 worksheet […]
The Alabama Department of Revenue has announced the per annum interest rate applicable for overpayments and underpayments during the third quarter of Tax Year 2018. The rate will remain at the same interest rate as the previous quarter at 5%. To review this and previous interest rates, please visit the Alabama Department of Revenue's website by clicking here.
The Connecticut Department of Revenue Services recently published an updated version of Form REG-1, Business Taxes Registration Application. This form is used to register businesses for tax-related purposes with the Department of Revenue Services, including income tax withholding. There are a few changes to the form this year, which was last updated in 2012. These […]
The North Carolina Department of Revenue recently updated Form NC-BR, the Business Registration Application for Income Tax Withholding, Sales and Use Tax, and Other Taxes and Service Charge. This form is used to register businesses with the North Carolina Department of Revenue for tax-related purposes. In Section 1, “Identifying Information”, a space was added for […]
The Illinois Department of Revenue recently released an updated version of Form IL-941-X, the 2018 Amended Illinois Withholding Income Tax Return. This form is filed by employers who seek to amend their withholding tax returns (filed on Form IL-941) for the 2018 tax year. The form is largely the same as the previous version released […]
The New Mexico Taxation and Revenue Department recently updated Publication FYI-104, New Mexico Withholding Tax. This publication outlines general information for employers and businesses responsible for calculating, withholding, and remitting withholding tax reports and payments to the New Mexico Taxation and Revenue Department. The most recent update maintained the language within the publication, and the […]
The IRS has released the 2019 Draft Form W-4. There are a number of changes to Form W-4 from the previous year as a result of changes created by the passage of the Tax Cuts and Jobs Act in December 2017. The Tax Cuts and Jobs Act made changes to the law, including increasing the […]
The New York Department of Taxation recently notified taxpayers that the due date for municipal bond reporting has been extended from June 30, 2018 to August 31, 2018. This decision to extend the due date for the 2018 filing year is attributable to certain delays in sending updated requests for information using Form AU-306. For more […]
The IRS recently released a draft version of the 2018 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance, Contracts, etc. This form is used to report income from a number of sources related to retirement and other qualified plans. There are number of changes in this draft version of the form, which […]