Regulatory Analysis
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 […]
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 […]
Pennsylvania recently released its EFW2/EFW2C Reporting Instructions and Specifications Handbook. This booklet contains the EFW2 specifications and special instructions for reporting information returns to Pennsylvania. The most notable change this year is that Pennsylvania will now require filing of Forms 1099-NEC with the commonwealth and that the e-TIDES system will accept those files as well. […]
Rhode Island recently released an FAQ for its Health Insurance Mandate reporting requirements. The most notable part of the FAQ is an announcement that the Division of Taxation will extend the state reporting deadline to individuals from January 31, 2021 to March 2, 2021, and the deadline for reporting to the Division from January 31, 2021 […]
Nebraska recently released an updated version of its Form 501N, the Nebraska Monthly Income Tax Withholding Deposit form. This form is used for reporting the monthly deposit numbers to the state Department of Revenue. The only notable change to the form is that ACH Debit and ACH Credit electronic payments are not named specifically but […]
Oregon recently released specifications for plain paper filing for tax year 2020. Some significant changes were made to the specifications this year including the removal of the OA domestic specifications (though that form may remain valid for some domestic employers) and the inclusion of Schedule B and OQ specifications. One change was noted for Form […]
The Irish government has recently set out its Finance Bill for 2020 which includes an amendment to the Irish VAT Act giving tax authorities the power to issue a notice to a non-Irish trader requiring them to appoint a fiscal representative. Many EU Member States already make it a mandatory requirement for non-EU businesses to […]
The German Tax Authority (Bundestag) approved the “Law on the Modernisation of Insurance Tax Law and Amendment of Employment Law Regulations” at the end of last month. The law limits the IPT exemption currently available on personal insurance such as Health and Disability insurance. Going forward the tax exemption should only apply to insurance policies […]
HMRC has issued an insurance premium tax (IPT) consultation on Administration and Unfair Outcomes which follows the previous IPT call for evidence in 2019. This consultation focuses on improving IPT administration and preventing IPT avoidance and evasion such as value shifting and unregistered insurers. The deadline for responses is 5 February 2021. More information can […]
The European Commission (“EC”) recently opened a feedback period on an initiative to reform the VAT exemptions applied to financial and insurance services. This period is open for four weeks, ending November 19th, 2020. The initiative aims to address the lack of VAT neutrality and the regulatory complexity and uncertainty in delineating the scope of […]
Hawaii recently released its Publication EF-10 EFW2 and EFW2C Format for Forms W-2 and W-2C. Some changes have been made to the document including formatting and some grammatical changes. The most notable of these changes are detailed below: Under Methods of Transmission, the option to create an EFW2 file by converting a .txt extension to […]
On October 29, 2020, Pennsylvania updated its guidance to indicate that both cloth and disposable face masks are clothing and therefore exempt from sales tax. According to Pennsylvania, “face masks (cloth and disposable) are exempt from Pennsylvania sales tax. Prior to the COVID-19 pandemic, masks sold at retail were typically subject to Pennsylvania sales tax. […]
The Nebraska Department of Revenue recently updated Publication 21 CM, Nebraska Computer Reporting Procedure for 1099s. This publication provides instructions and state specifications for reporting information returns like 1099 and W-2G records to Nebraska. The publication remains largely the same from prior years, except for two updates. First, Form 1099-NEC was added to the list […]
The European Commission recently updated its “Taxes in Europe” database, a free online resource for EU VAT information, to enable product/service categories and CN code chapters as search criteria. The database provides an overview of VAT rates applied in Member States, including the application of reduced and zero rates.
Maine recently released its interest rates for calculating interest on overdue payments owed by taxpayers to Maine Revenue Services (MRS), as well as to calculate interest on overdue refunds owed by MRS to taxpayers. The previous rates for Calendar Year 2020 were 7% annually broken down to 0.5833% monthly. The rates for Calendar Year 2021 […]
Oregon recently released its specifications for Forms W-2 and 1099. No changes were made to the specifications for W-2 filing. The notable changes made for the 1099 specifications are detailed below. Oregon will require Forms 1099-NEC and 1099-K be filed with the state electronically. The filing threshold will be “if required to file federally and […]
The changes related to the myDATA scheme announced through a recent press release are now established in law. The scheme remains voluntary for 2020 and mandatory from 1 January 2021, but a new phased timeline has been published and new historical data are in scope. Data issued between October – December 2020 can be reported until […]
Kansas recently released the following publications for tax year 2020/reporting year 2021: K-2MT (Kansas W-2 Specifications for Electronic Filing – EFW2 Format) K-99CSV (Kansas 1099 Specifications for Electronic Filing – CSV Format) K-99MT (Kansas 1099 specifications for Electronic Filing – Pub. 1220 Format) KW-2CSV (Kansas W-2 Specifications for Electronic Filing – CSV Format) Aside from […]