Regulatory Analysis
Jersey recently issued the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Amendment) (Jersey) Regulations 2017 amending the Taxation Regulations 2015. The New Regulations include three key changes: All words and definitions used in the Regulations which have been defined by the CRS shall follow the same definitions established in the CRS The period for […]
The Hellenic Republic (Greece) recently released a series of legislation relating to AEOI reporting under CRS. Decision No. 1135 establishes a list of jurisdictions that Greece plans to partner with under the MCAA. Decision No. 1144 establishes the jurisdictions with which the MCAA is in effect. Decision No. 1130 concerns the designation of Competent Authorities, […]
Switzerland recently issued an updated version of its CRS Technical Guidance, which provides Swiss Financial Institutions with technical descriptions and specifications required for CRS return transmissions. The updated version of the technical guidance contains three (3) main modification: The Length of the MessageRefld is limited to 170 characters Removal of an invalid character from the […]
Pennsylvania recently issued a number of General Information Publications for certain information returns, including the 1099-MISC and 1099-R. The General Information & Specifications: 1099-MISC is an updated version of a previous 1099-MISC Overview that was available on the PA DOR website. It contains much of the same information as its predecessor document, including “Who must File”, “Filing […]
Pennsylvania recently released an updated version of Form REV-1667R, Annual Withholding Reconciliation Statement with Instructions. This form is filed with W-2 and 1099 information sent to the Pennsylvania DOR for the purposes of annual reconciliation of submitted records. The biggest change to the updated form is its title: the previous iteration of REV-1667R was known […]
The Spain Ministry of Finance released the first report detailing business compliance with the new SII mandate. According to the report, the compliance rate is in excess of 90%, meaning that approximately 50,000 businesses are meeting the requirement of providing transactional details to the government on a near-real-time basis. In the last three months, more […]
On October 22, the South Dakota Attorney General Marty Jackley announced the filing of a petition for certiorari, requesting U.S. Supreme Court review of the South Dakota Supreme Court decision in South Dakota v, Waifair, Overstock and Newegg. The state court decision being appealed affirms a lower court decision limiting the ability of the state to tax e-commerce sellers. […]
The Virginia Department of Taxation Updated its Electronic Payment Guide. The Guide has been updated and includes several key changes. Under the electronic filing requirements, please note the following: Use of Form ST-8 is effective for filing periods beginning July 1 to August 20 monthly returns, and October 20 for quarterly returns Use of Form […]
The IRS has released the 2018 Form 1099-DIV and Instructions. Form 1099-DIV is used to report dividends and distributions. The only changes made were on Form 1099-DIV. On Form 1099-DIV, “PAYER’S federal identification number” and “RECIPIENT’S identification number” are now “PAYER’S TIN” and “RECIPIENT’S TIN.” To view the 2018 Form 1099-DIV and Instructions, please click […]
The IRS has released the 2018 Form 1099-SA, Form 5498-SA and Instructions. Form 1099-SA is used to report distributions from an HSA, Archer MSA, or Medicare Advantage MSA. Form 5498-SA is used to report HSA, Archer MSA, or Medicare Advantage MSA Information. The only changes made were on Form 1099-SA and Form 5498-SA. On Form […]
The IRS recently released the 2018 Form 5498-ESA and Instructions. This form is used to report contributions, including rollover contributions, to any Coverdell ESA. A Coverdell ESA is a trust or custodial account created or organized in the United States for the exclusive purpose of paying the qualified education expenses of an individual who is […]
The Kentucky Department of Revenue recently published an updated version of Form 42A806, the Transmitter Report for filing W-2/K-2, 1099, and W-2G Statements. This form is generally submitted with Kentucky paper statements or electronic CD formatted documents in which Kentucky state taxes have been withheld. In addition to formatting updates that change the appearance […]
Wisconsin has released its revised Guide to Wage Statements and Information Returns, Publication 117. All information return statements will now be due by January 31. These statements were previously due February 28, and the advancement of the due date is in line with the due dates for W-2 returns. The change in due dates affects […]
The IRS has released the 2018 Form 1099-CAP and Instructions. This form is used to report information regarding shareholders who receive cash, stock, or other property from an acquisition of control or a substantial change in capital structure. The only change made on the 2018 Form 1099-CAP and Instructions was on Form 1099-CAP, where “CORPORATION’S […]
New Zealand has released IR1087, FATCA Trusts guidance notes. This guidance is meant to specify how FATCA is applied in New Zealand to trusts that maintain or hold financial accounts. A trust that is a Reporting New Zealand Financial Institution (NFZI) will be required to register with the IRS and will have FATCA due diligence […]
Connecticut has released its 2018 Withholding Tables. The withholding tables contain the rates for weekly, bi-weekly, semi-monthly, and monthly payroll periods. These rates will take effect on January 1, 2018. To view the 2018 Withholding tables, please click here.
Connecticut has released the 2017 Form CT-1096, Connecticut Annual Summary and Transmittal of Information Returns. There are no changes to the form itself, but Form CT-1096 is now due on January 31, 2018 regardless of whether the filer is filing electronically or by paper. To view the 2017 CT-1096, please click here.
Utah's Department of Revenue recently published a 2017 version of Publication 58, which addresses Utah interest and penalties. The interest rate for taxes and fees will continue to hold at 3% for 2018. There have been no changes to any penalties.