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 […]
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 […]
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 […]
Effective January 1, 2024, the mattress recycling fee collected on the sale of all mattresses and foundations sold to Rhode Island residents will increase to $20.50 per unit sold. Additional information can be found here.
The cities of Carbondale and Edgewater, Colorado changed from self-administered to state-administered for sales tax effective January 1, 2024. Each local will continue to self-administer use tax. Further information may be found here.
Through 2027, Hawaii is increasing the rental motor vehicle surcharge by $0.50 annually on January 1 of each year. Effective January 1, 2024, the State of Hawaii will increase the rental motor vehicle surcharge tax rate from $6.00 per day (or any portion of a day) to $6.50 per day (or any portion of a […]
12/14/2024 The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2024. The following self-administered local sales tax rates have changed: City: Castle Pines Fort Collins Louisville Further information may be found here.
12/14/2024 The Colorado Department of Revenue published local sale and use tax changes effective January 1, 2024. The county of Routt has adopted state-allowed exemptions for farm equipment, incontinence products, and menstrual products. The county of Arapahoe has adopted state-allowed exemptions for beetle wood products, property used in space flight, machinery or machine tools, manufactured […]
12/14/2023 The cities of Carbondale and Edgewater, Colorado changed from self-administered to state-administered for sales tax effective January 1, 2024. Each local will continue to self-administer use tax. Further information may be found here.
California will impose the California Redemption Value (CRV) deposit on additional products, effective January 1, 2024. Fruit Juice containers greater than or equal to 46 ounces, vegetable juice containers greater than 16 ounces, and wine and distilled spirit containers will now be subject to the deposit at the pre-existing rates depending on container size. Additionally, […]
12/21/2023 Massachusetts has proposed regulations related to the creation of the advanced sales tax payment requirements included in the Massachusetts Fiscal Year 2021 Budget Bill and addressed in TIR 21-4. The proposed regulation can be found here.