Regulatory Analysis
The South Carolina Department of Revenue has released a revised version of its ACH Credit Instructions and Guidelines. This publication should be consulted when making withholding tax deposits by electronic funds transfer. Taxpayers should use ACH Debit to send the funds to the Department of Revenue’s bank account through a banking program offered by their financial […]
The South Carolina Department of Revenue has released a revised version of its publication for the Batch Filing Program for Withholding Quarterly Tax Returns. This publication assists those taxpayers who file 100 or more returns for a tax period for the same tax year in submitting their returns electronically, as required by South Carolina law. There are […]
The California Employer Development Department (EDD) has revised Publication DE-44, its 2018 Employer’s Guide, which details reporting and withholding requirements for employers who pay employees in the State of California. There is only one substantive revision to this publication – it now includes information pertaining to the Electronic Reporting and Payment Mandate that went into effect […]
The IRS has released Proposed Rule REG-102951 containing the proposed regulations amending the rules for determining when information returns will be required to be filed electronically. These proposed regulations would require that all information returns, regardless of type, be taken into account to determine whether a filer meets the 250-return threshold and, therefore, must file […]
The Governor of New Jersey just signed the first (in the wake of the federal ACA individual mandate repeal) state individual mandate into law. It will become effective January 1, 2019, so there will be no gap between the expiration of the federal individual mandate and the enforcement of the NJ individual mandate. According to the bill, […]
Maine's Revenue Services published their MEETRS File Formatting Specifications for Electronic Transmittal of Quarterly Income Tax Withholding for 2018. Beginning in 2018 the MEETRS application will support the filing of amended withholding returns. Form 941A-ME has been eliminated and incorporated into Form 941 ME. The following withholding file layout changes are effective beginning first quarter […]
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 […]