Regulatory Analysis
Alabama House Bill 470 has been signed into law as Act 2018-539. Pursuant to this Act, an eligible seller participating in the Simplified Sellers Use Tax Remittance Program that acquires an in-state business, thereby establishing substantial nexus with Alabama, may elect to continue participation in the Simplified Sellers Use Tax Remittance Program to satisfy the […]
Illinois has updated Publication 110 and 130. Publication 110 provides filing and storage requirements for employers and filers filing Forms W-2, W-2c, W-2G, and 1099. Publication 130 provides Illinois income tax withholding requirements. The only change is that each publication now states a waiver to the Form W-2, W-2c, and W-2G electronic filing requirements […]
Massachusetts recently published an update to Technical Information Release (TIR) 18-3, Interest on Overpayments and Underpayments. These interest rates relate to overpayments and underpayments of certain tax types, including withholding tax. These rates are published on a quarterly basis. The interest rates have increased by one percent (1%) for the Second Quarter of 2018: […]
New Mexico's governor recently signed into effect legislation changing the filing deadline for Form W-2. The deadline will move to January 31 for taxable years beginning on or after January 1, 2019. The reporting deadline will remain at February 28 for taxable year 2018, and the new deadline will not come into effect until January 1, […]
The North Dakota Office of State Tax Commissioner has published the 2018 Withholding Tables. All tables have been updated from the 2017 tables. To view the tables in full, please follow the link.
The North Dakota Office of State Tax Commissioner has published the 2018 Income Tax Withholding Rates and Instructions. The withholding allowance amounts have changed to reflect changes in IRS Publication 15 (Circular E) for 2018. Likewise, the tables for the percentage method of withholding have also changed. There have been no changes to the instructions. […]
Starting next year, 1099s, W-2s, W-2Gs, and WV/IT-103 Annual Reconciliations to the West Virginia Department of Taxation will be due January 31. The advanced due date is required by a bill recently signed by Governor Justice. The bill, SB 233, advances the due date for the above forms. It also requires employers with 25 or […]
The IRS has released the 2018 Instructions for Form 1099-QA and 5498-QA. Form 1099-QA is used to report distributions from ABLE accounts, and Form 5498-QA is used to report ABLE account contribution information. There are a number of changes from the previous revision: Increased contributions may be made to ABLE accounts by a designated […]
The IRS has released the 2018 Form 1099-LTC and its instructions. Form 1099-LTC is used to report long-term care and accelerated death benefits to the IRS. Form Changes References to “federal identification number” have been changed to “TIN” Instruction Changes There are no changes to the Instructions. To view the 2018 Form 1099-LTC and […]
The IRS has released the 2018 Form 1099-B. This form is used to report proceeds from broker and barter exchange transactions. The only change made to the form was to the instructions for Box 3. Now, if Box 3 is checked, the basis in box 1e must be reported to the IRS and either […]
The IRS has released the 2018 Instructions for Form W-2G. Form W-2G is used to report gambling winnings and any federal income tax withheld on those winnings. There are a number of changes from the previous revision: New regular withholding rate Effective for taxable years beginning after December 31, 2017, the withholding rate is […]
The Governor of Wyoming recently signed a bill to end the taxation of gold and silver coins and bullion. The Wyoming Legal Tender Act will end the taxation of gold and silver coins and bullion by treating it as tender that will be exempt from sales tax. The Wyoming Legal Tender Act will be effective July 1, 2018. […]
The Ohio General Assembly has passed Senate Bill 226, which will institute a permanent three-day sales tax holiday in the State of Ohio. The holiday will take place on the first Friday of August and the following Saturday and Sunday, of each year, beginning in 2018. Certain items of clothing, school supplies and school instructional […]
The Governor of Idaho has recently signed HB 578, a bill expanding which remote retailers will be required to collect, remit and report sales tax to the state. Beginning July 1, 2018, a retailer with an agreement with a person engaged in business in the state who refers potential purchasers to the retailer and who has […]
The Governor of Guam has recently signed a bill to establish a sales tax in Guam. This sales tax, a first for the island territory, will be imposed upon all sales of tangible personal property and all services excluding banking, lending, foreign currency, and insurance services. The sales tax will be effective October 1, 2018. The […]
As reported in an earlier entry, the Arizona Department of Revenue and Pinal County have been in disagreement over whether the state has obligation to collect and enforce an additional .5% Transportation Excise Tax that becomes effective on April 1, 2018. While the legal challenge continues, on March 23 the Arizona Tax Court officially declined […]
Florida enacted legislation which creates a disaster preparedness sales tax holiday between June 1, 2018 and June 7, 2018 during which certain sales of portable flashlights, radios, generators, tarps and batteries are exempt from sales tax. In addition, the legislation creates a back-to-school sales tax holiday between August 3, 2018 and August 5, 2018 during which […]
On March 19th, the UK published a first draft of a withdrawal agreement, which although not finalized, indicates that for value-added and excise taxes, much of the status-quo with the European Union (EU) will remain until January 1, 2021. Notably, the Draft Agreement states that the UK and the EU will agree to have the EU […]