Regulatory Analysis

Posted October 13, 2023 by Radhika Akhil
Tennessee Enacts Permanent Exemption on Firearm Safety Items

Effective November 1, 2023, Tennessee will impose a permanent exemption on “firearm safes” and “firearm safety devices.” In previous years, Tennessee provided sales tax holidays on such items. As the definitions of eligible items under the permanent exemption are the same as those under the sales tax holiday, the sales tax holiday eligible items will […]

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Posted October 13, 2023 by Dan Barros
Baltimore County, Maryland Imposes Carryout Bag Fee

10/12/2023 Effective November 1, 2023, Baltimore County, Maryland will impose a $0.05 carryout bag fee for certain paper and reusable bags sold to a customer of qualifying retail establishments. The official language of Act may be found here.

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Posted October 11, 2023 by Carolina Silva
Canada B2B e-invoicing study

E-invoicing for B2B transactions is permitted but not yet mandatory in Canada. However, in the last years the Canadian government has been promoting e-invoicing and has introduced certain requirements. In 2018, it introduced a requirement for all federal suppliers to accept e-invoices and exchange e-invoices in public procurement through the PEPPOL network. Also, it has […]

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Posted October 11, 2023 by Paul Ogawa
IRS Releases Publication 1220 for Tax Year 2023

The IRS recently released the 2023 Publication 1220, which contains electronic filing specifications for forms 1099 and other information returns. There are no changes to the specifications themselves, but filers should be aware of several important additions to the publication. First, information about the new IRIS filing system has been added. To use IRIS, filers […]

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Posted October 11, 2023 by Jesse Rooney
IRS Releases Publication 1187 for 2023

The IRS has released Publication 1187, “Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding.”  The document provides electronic filing specifications and directions for Form 1042-S. The publication has the following the changes to electronic filing direction: The IRS now states that the unique form identifier for a record […]

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Posted October 11, 2023 by Jesse Rooney
North Carolina Releases Electronic Filing Specifications for 2023

North Carolina has released its electronic filing specifications for forms NC, NCX, W-2, W-2C, 1042-S and 1099.  North Carolina generally follows the federal format for the federal forms with some minor modifications.  There are no changes to the modifications for the 2023 tax years for these forms. To review the electronic specifications, follow this link.

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Posted October 9, 2023 by Jesse Rooney
Kentucky Releases Electronic Filing W-2 Specifications for Tax Year 2023

Kentucky has released “Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2023,” which provides electronic filing specifications for W-2 records filed with the state. Other than updates to specific dates to reflect the 2023 tax year, the specifications have not change.  Kentucky continues to utilize federal […]

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Posted October 3, 2023 by Bradley Feimer
Skagway, Alaska Approves 2023 Local Sales Tax Holiday

9/29/2023 The Municipality of Skagway passed a resolution declaring the period of October 1, 2023, through March 31, 2024, as a sales tax holiday for local purchases. The sales tax holiday applies to all retail sales that physically occur within the local and is not applicable to remote sellers. The resolution may be found here.

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Posted September 28, 2023 by Bradley Feimer
Sitka Alaska Approves 2023 Sales Tax Free Days

9/28/2023 The City and Borough of Sitka Assembly has approved a resolution providing November 24 and November 25, 2023, as sales tax-free days. This holiday applies to all sales made within the City and Borough, except any sale of fuel, alcoholic beverages, tobacco products, marijuana, and any sale that is part of a continuing obligation […]

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Posted September 15, 2023 by Bradley Feimer
Virginia October 2023 Sales Tax Holiday

Virginia’s Governor recently signed budget bill HB 6001 for fiscal years 2023-2025. The legislation provides for a combined sales tax holiday to occur October 20-22, 2023, and extends recurring August annual sales tax holiday provisions until 2025. Further information may be found here.

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Posted September 15, 2023 by Andrew Decker
Livingston Parish creates “Pink Tax Exemption”

Livingston Parish, Louisiana has adopted a new ordinance creating a “Pink Tax Exemption” from its local sales tax that takes effect on October 1, 2023, and lasts through June 30, 2025. The new exemption applies to non-commercial sales of feminine hygiene products and diapers, the same products as those already exempt from the state’s sales […]

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Posted September 12, 2023 by Paul Ogawa
IRS Releases Updated Publication 1586

The IRS recently released an updated Publication 1586. The guidance on missing taxpayer identification numbers (TINs) and incorrect TINs has been updated to reflect final Treasury Regulations related to forms 1095-B and 1095-C that were published earlier this year. Additionally, a note has been added to clarify the de minimis rule. Publication 1586 can be […]

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Posted September 12, 2023 by Paul Ogawa
IRS Releases Revised Form W-2C

This month, the IRS released the first W-2C update since 2014. Aside from Copy A, W-2C is now fillable. There were several changes to the Copy D Employer Instructions. Employers are cautioned against sending IRS.gov printed forms to the SSA. A reference to the old 250 form electronic filing threshold was removed and replaced by […]

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Posted September 12, 2023 by Paul Ogawa
Maine Follows New Electronic Filing Threshold

In a recently released Maine Tax Alert, Maine Revenue Services announced that the electronic filing threshold for information returns will be lowered from 250 returns to 10 aggregate returns, beginning with returns filed in 2024. Maine law adopts the federal electronic filing thresholds. Earlier this year, the new federal electronic filing threshold of 10 aggregate […]

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Posted September 11, 2023 by Paul Ogawa
Missouri Releases 2023 Employers Tax Guide

Missouri recently released its Employer’s Tax Guide for Tax Year 2023. This guide contains general information regarding filing and payment of withholding taxes for Missouri employers. Additionally, the publication contains the updated tax withholding tables. The only change is that when there is an overpayment on a withholding account, employers must submit Form 4854 requesting […]

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Posted September 8, 2023 by Jesse Rooney
Minnesota Revises Form W-4MNP

Minnesota has revised its Form W-4MNP, “Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments.”  The form is used by payees to indicate desired withholding for the payment types in question. The revised form is simplified to reflect state law changes that permit more flexibility for payees who can now request any rate […]

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Posted September 8, 2023 by Radhika Akhil
Nebraska Updates Commercial Agriculture Exemption

9/7/2023 Earlier this year, Nebraska Governor Pillen signed LB 727, which among other provisions, added “net wrap, baling wire, and twine” as part of the commercial agriculture exemption. Twine is defined as “a strong string of two or more strands twisted together used in the baling of livestock feed or bedding”. This amendment is set […]

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Posted September 8, 2023 by Jesse Rooney
Pennsylvania Publishes Personal Income Tax Bulletin 2023-01

Pennsylvania has published Tax Bulletin 2023-01.  This document clarifies 1099-MISC and 1099-NEC reporting and withholding instructions. The document clarifies when Forms 1099-NEC and 1099-MISC, particularly noting that Pennsylvania requires reporting of these forms when federal reporting is required.  Previously, direction for reporting of these forms was required when reporting compensation for services performed by state […]

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