Regulatory Analysis
Ohio recently posted its 2020-2021 payment schedule for withholding tax due dates. This document covers the entirety of tax year 2021. The dates for 2021 payments have been shifted to account for weekends and holiday closures. To view the complete schedule, click here.
The IRS recently released its 2020 Publication 5258, the Affordable Care Act (ACA) Information Returns (AIR) Submission Composition and Reference Guide. This guide is for processing of ACA related forms during processing year 2021. There were some notable changes to the document which have been detailed below. In addition to these changes, several changes were […]
The Idaho State Tax Commission recently published updated e-Filing guides for information returns, specifically W-2 and 1099 reports. These publications contain instructions, guidance, and specifications for filing these information return types electronically with the state. There are several updates to these publications, which are as follows: 1099 e-Filing Guide: Instructions for 1099s with Idaho Withholding […]
New Jersey recently released the 2020 version of NJ-EFW2, the Specifications for Reporting W-2 Information Via Electronic Filing. Several minor grammatical and formatting changes were made but no changes were made to the specifications themselves. To view the full specifications, please click here.
The Arizona Department of Revenue recently published information creating a new filing requirement for Form 1099-S. This filing requirement is new for tax year 2020 and requires Form 1099-S to be filed if certain criteria are met: specifically, if the form must be filed federally AND if the address or legal description of the property […]
Afghanistan has delayed plans to implement Value Added Tax to 21 December 2021. A 10% VAT is expected to replace the country’s current business receipt tax (BRT). The Afghanistan Revenue Department is also contemplating amendments to the proposed VAT system so to create a simplified tax scheme for those businesses below the VAT threshold. Once […]
Effective January 1, 2021, Austria is ending its temporary VAT rate reduction on journals and magazines. The VAT rate on restaurant food, publications, and several other industries was reduced to 5% for the period from July 1, 2020 to December 31, 2020. Recently, Austria has approved legislation to extend that VAT rate reduction until January […]
The Chilean tax administration recently released Resolution 167/2020, which mandates financial entities to submit a quarterly report that provides information about payments made by their clients to foreign suppliers of digital services, when such suppliers are paid via credit or debit cards, or similar electronic means managed by banks or financial entities.
Following requests from market participants and also due to COVID-19 pandemic, it was deemed necessary that the first quarter of 2021 is offered as additional time for training and adaptation of companies to myDATA. Data issued in the 1st quarter of 2021 should also be transmitted to the myDATA platform with a different deadline and […]
The Spanish tax administration (AEAT) has informed that due to some technical difficulties, the 2021 changes to the SII mandate will be delayed from January 1, 2021, to January 4, 2021. This means that all the changes related to consignment goods in the Ledger of Intra-Community transactions, as well as those related to the Ledgers […]
The Arizona Department of Revenue recently published an update to Publication 701, Submitting Arizona Forms A1-R, A1-APR, and Federal Forms W-2, W-2c, W-2G, and 1099. This publication provides instructions and filing specifications for reporting these forms to the Department of Revenue for the upcoming tax year 2020 filing season. There are several updates to this […]
Minnesota recently released its 2020 specifications for both 1099 and W-2/W-2C on Withholding Fact Sheets 2 and 2A. There only change to the specifications was that the years for the form and the revision dates have been updated for tax year 2020 filing in 2021. No changes were made to the specifications themselves. To view […]
Governor Charlie Baker recently signed H. 5164 the Fiscal Year 2021 budget into law. As part of the budget bill, retailers that collected more than $150,000 in sales tax or room occupancy and meals tax in the previous calendar year will need to remit sales taxes for their first three weeks each month in the […]
New Jersey recently released new updates to the NJ-WT, the New Jersey Income Tax Withholding Instructions. There were several changes to the document since the previous revision in October of 2020. The most notable of these changes are detailed below. How to Withhold: A notation has been edited to state that the federal W-4 should […]
New York recently released an updated version of Publication NYS-50, the Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax. Several changes were made to the publication this year including updates to websites and department names. The most notable of these changes are detailed below. Highlighted Changes New sections added regarding how changes to […]
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 […]
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 […]
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 […]