Regulatory Analysis

Posted December 23, 2020 by Robert Beck
Missouri Releases 2021 Employer’s Tax Guide

Missouri recently released it’s Employer’s Tax Guide for Tax Year 2021. 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 most notable change was a revision of the withholding tables to include increased standard deductions. Several other minor changes […]

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Posted December 23, 2020 by Charles Maniace
Indiana Requires Electronic Filing and Adopts New Filing Portal

The Indiana Department of Revenue has updated their filing requirements  for sales and withholding taxes to require electronic filing. Transition from old INTAX system to the new INTIME system is required for all taxpayers before Dec. 31, 2020 as no returns or payments through INTAX will be accepted after the December filing period ends, If […]

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Posted December 23, 2020 by Charles Maniace
Colorado Adopts New Jurisdiction Codes

The Colorado Department of Revenue has updated their jurisdiction codes for .XML sales tax filing. All old jurisdiction codes will still be accepted by the state (at least for now) for any existing locations. However if you will be reporting in a new location as part of your January 1, 2021 filing of the CO […]

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Posted December 23, 2020 by Alex Koral
Colorado Enacts Sales Tax Relief for Restaurants and Bars

Governor Jared Polis recently signed HB 20B-1004, establishing temporary COVID-related sales tax relief for on-premises liquor establishments, restaurants, and other qualifying food sellers, including mobile food trucks. Under this bill, qualifying food retailers are permitted to deduct up to $70,000 in sales per month from their state-level sales tax returns for the November and December, […]

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Posted December 23, 2020 by Robert Beck
Mississippi Updates 1099 Specifications to Include 1099-NEC

Mississippi recently released an update to it’s October release of the 1099 Specifications which includes specific “B” record requirements for filing Forms 1099-NEC with the state Department of Revenue. The specific details are listed below. 1099-NEC E-File Format Section Added MS DOR will follow any IRS file record specification changes for the current year MS […]

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Posted December 23, 2020 by Paul Ogawa
Hawaii Updates Filing Requirements to Include Form 1099-NEC

The Hawaii Department of Taxation recently updated their 1099 filing requirements to include Form 1099-NEC for tax year 2020 reporting purposes. Hawaii has conformed to the federal use and filing of Form 1099-NEC and will require reporting when the taxpayer is engaged in a trade or business in Hawaii or has a place of business […]

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Posted December 23, 2020 by Katherine Mullen
New Mexico Reminds Taxpayers of Big Changes in 2021

Last week, the New Mexico Department of Revenue issued a news release reminding taxpayers of big changes to gross receipts tax collection and reporting coming in July. Pursuant to House Bill No. 6 of the 2019 legislative session, sales and leases of tangible personal property in New Mexico will be subject to local tax at […]

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Posted December 23, 2020 by Paul Ogawa
West Virginia Updates Interest Rates for 2021 Calendar Year

The West Virginia State Tax Department recently published Administrative Notice 2020-24 which provides information related to interest rates on underpayments and overpayments of taxes. These rates are established by the State Tax Commissioner by their authority under West Virginia Code §11-10-17 and §11-10-17a. Beginning January 1, 2021 and ending on December 31, 2021, inclusive, the […]

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Posted December 23, 2020 by Paul Ogawa
Oklahoma Updates Filing Requirements to Include Form 1099-NEC

The Oklahoma Tax Commission recently updated their Frequently Asked Questions page relating to 1099 filing requirements. Along with the previously required forms, Oklahoma will now require Form 1099-NEC for tax year 2020 and beyond. Filers must report payments of $750 or more made to an Oklahoma resident or to a nonresident when the services were […]

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Posted December 23, 2020 by Robert Beck
West Virginia Releases Final W-2 Specifications for 2020 Tax Year

West Virginia has released its final W-2 specifications for the 2020 tax year. The only change found was the year in the state-modified W-2 RV record; the year field should reflect 2020 for the current tax year. The RV record reports this in positions 12-15. To view the complete specifications, click here.

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Posted December 23, 2020 by Robert Beck
North Carolina Releases Important Withholding Notice

North Carolina recently released an important notice with information regarding various updates to North Carolina’s withholding tax for information returns due in 2021. The document primarily discusses the state requirements for filing federal Form 1099-NEC with the state along with North Carolina Form NC-1099M, and the extension of the waiver of the administrative requirement to […]

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Posted December 22, 2020 by Robert Beck
Michigan Releases Updated Deduction Amounts for Pensions for 2020 Tax Year

Michigan recently updated its Withholding for Pension Administrators page with the amount of qualifying pension and retirement benefits from private sources that may be deducted from Michigan income. For single/married filing separate filers, up to $53,759 may be deducted and $107,517 may be deducted for married filers filing joint for the 2020 tax year. Previously […]

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Posted November 24, 2020 by Robert Beck
South Carolina Releases Updated Tax Registration Application Form SCDOR-111

South Carolina has released an updated version of Form SCDOR-111. The form is used to  register for various types of tax withheld for the state. While not a complete redesign, the document underwent significant changes for the 2020 Tax Year, the most notable of which are detailed below: Section A has been renamed Entity Registration […]

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Posted November 24, 2020 by Robert Beck
Nebraska Releases Updated Form W-4NA, Form 941N, and Nebraska Circular EN for 2020 Tax Year

Income Tax Withholding Certificate for Nonresident Individuals, used for nonresidents performing personal services substantially in Nebraska. Form 941N is the Nebraska Income Tax Withholding Return, used for employers to report withholding to Nebraska. The Nebraska Circular EN is the state’s guide on income tax withholding for wages, pensions and annuities, and gambling winnings. Most of […]

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Posted November 24, 2020 by Paul Ogawa
Utah Publishes Updated Publication on Interest and Penalties

The Utah State Tax Commission recently published an updated version of Publication 58, Utah Interest and Penalties. This publication contains information and instruction relating to how interest rates and penalties are applied to certain tax types including withholding tax and information return filing. The publication remains largely unchanged except for the addition of the interest […]

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Posted November 24, 2020 by Paul Ogawa
Rhode Island Updates Interest Rates for 2021

The State of Rhode Island’s Division of Taxation recently published updated interest rates for calendar year 2021. These rates apply to delinquent taxes due to the state and overpayments made to the state. For calendar year 2021, the interest rate for delinquent taxes remains the same at 18% per annum, while the interest rate on […]

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Posted November 24, 2020 by Paul Ogawa
Missouri Posts Interest Rates for Q1 2021

The Missouri Department of Revenue recently published updated interest rates for refunds and delinquencies for 2021. These rates apply to tax payments due to the Department, or refunds that are due to the taxpayer during the taxable year. They are based on the prime rates charged by financial institutions and are effective for the applicable […]

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Posted November 24, 2020 by Paul Ogawa
Mississippi Publishes Updated Procedures and Specifications for Electronic Filing of Information Returns

The Mississippi Department of Revenue recently published an updated version of Publication 89-145, Procedures and Specifications for Filing Wage and Tax Information Electronically. This publication provides instructions and electronic filing specifications for reporting 1099 and W-2 information to the state of Mississippi. While the specifications and instructions remain largely the same from the prior version […]

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