Regulatory Analysis

Posted April 3, 2024 by Kellianne Munichiello
Oregon Conducting ‘Soft Launch’ of Independent Contractor Reporting

Beginning January 1, 2024, Oregon requires individuals to report the hiring of independent contractors. Although the law is effective January 1, 2024, reporting is not required until Oregon releases additional guidance. Oregon plans to release additional guidance in Spring 2024. Until then, Oregon is conducting a soft launch of the independent contractor reporting requirements. Employers and payers who wish to […]

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Posted April 3, 2024 by Robert Beck
IRS Releases 2024 Form 1099-B

The IRS recently released its 2024 Form 1099-B. The 1099-B is for the reporting of proceeds from broker and broker exchange transactions to the IRS. Brokers or barter exchanges must file Form 1099-B for a variety of transactions including sale of stocks and commodities, receipt of stock or property from a corporation that the broker […]

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Posted March 28, 2024 by Alexander Dunn
Wisconsin Exempts Precious Metal Bullion

On March 21, 2024, Wisconsin Governor Tony Evers signed Assembly Bill 29 which creates a sales and use tax exemption for precious metal bullion. The bill defines “precious metal bullion” as coins, bars, rounds, or sheets that contain at least 35 percent gold, silver, copper, platinum, or palladium that are either marked with weight, purity, […]

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Posted March 28, 2024 by Bradley Feimer
Virginia Enrolled Bill HB 1429 Allows Localities to Exempt Indoor Farm Machinery and Farm Implements from Sales Tax

Virginia enrolled legislation, HB 1429, allows local governing bodies to exempt “indoor, closed, controlled-environment commercial agriculture facility” farm machinery, farm equipment, and farm implements from sales tax effective July 1, 2024. “Indoor, closed, controlled-environment commercial agricultural facility” is inclusive of greenhouse or vertical farming. For more information, please find the enrolled legislation here.

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Posted March 22, 2024 by Paul Ogawa
IRS Publishes Updated Form for Extension of Time to Furnish Recipient Statements

The IRS recently published an updated version of Form 15397, Application for Extension of Time to Furnish Recipient Statements. This form replaces the previous process for requesting an extension of time to furnish recipient statements as outlined in the General Instructions for Certain Information Returns, and was recently introduced with little fanfare for tax year […]

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Posted March 20, 2024 by Dan Barros
Indiana Removes 200 Transaction Threshold for Establishing Economic Nexus

Indiana Governor Eric Holcomb signed SB 228, effective retroactively starting January 1, 2024, to remove the 200 or more separate transactions threshold for establishing economic nexus within the state. Retail merchants receiving gross revenue from sales of more than $100,000 into Indiana within the current calendar year or the preceding calendar year threshold remains. More […]

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Posted March 14, 2024 by Robert Beck
IRS Releases 2024 Form 1098-E

The IRS recently released its 2024 update to Form 1098-E, the form used to report student loan interest to the IRS. Year to year, this form changes very little generally. This year, the changes follow much the same pattern that most updates for 2024 have seen. For the copies of the Form itself, the only […]

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Posted March 14, 2024 by Radhika Akhil
Nebraska Approves New Good Life Districts

In 2023, Nebraska Governor Pillen approved the Good Life Transformational Project Act (LB 727), which allowed local jurisdictions to apply to become a “good life district” (GLD). If approved by the Department of Economic Development, any transactions occurring in such districts would be subject to a reduced sales tax rate of 2.75%. During communications with […]

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Posted March 14, 2024 by Paul Ogawa
IRS Releases New Application for Extension of Time to Furnish Recipient Statements

The IRS recently published Form 15397, Application for Extension of Time to Furnish Recipient Statements. This is the first iteration of the form and is meant to replace the previous procedure for requesting an extension of time to furnish recipient statements. That process is detailed in the General Instructions for Certain Information Returns and involves […]

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Posted March 14, 2024 by Robert Beck
IRS Releases Updated Form 1099-K

The IRS recently released an updated version of Form 1099-K, the form used to report payment card and third-party network transactions, and its accompanying instructions. Changes to the form itself were minimal, falling in line with changes made to several other forms in the 1099 series. These include adding a notice about the 10 form […]

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Posted March 7, 2024 by Robert Beck
IRS Releases 2024 Form 941 With Schedules B, R, and Accompanying Instructions

The IRS recently released its 2024 Form 941, Schedule B, and Schedule R along with the accompanying instructions. Several changes have been made to the 941 and to Schedule R, while Schedule B remained largely unchanged for 2024. Many of the changes found throughout the form, schedules, and instructions this year are related to the […]

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Posted March 7, 2024 by Oliver Mavor-Parker
California to Exempt Breast Pumps and Related Items

Effective April 1, 2024, California will exempt breast pumps and certain related items. More information can be found in AB 1203.

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Posted February 29, 2024 by Jesse Rooney
IRS Waives Electronic Filing Requirement for Form 1042

Under the recently published Notice 2024-26, “Administrative Exemption from Requirement to Electronically File Form 1042”, the IRS has effectively waived the electronic filing requirement via administrative exemption for Form 1042 for calendar year 2024, and for withholding agents that are foreign persons continuing into calendar year 2025.   Notice 2024-26 cites a number of reasons for […]

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Posted February 29, 2024 by Jesse Rooney
IRS Releases 2024 1099-R and 5498 Instructions

The IRS has released its 2024 instructions for form 1099-R and 5498.  The revised instructions incorporate a variety of changes, including the following. The age for required minimum distributions (RMDs) has raised to 73 for tax year 2024 and the automatic rollover amount has increased from $5,000 to $7,000..  Thie is incorporated in the instructions. Direction […]

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Posted February 20, 2024 by Jesse Rooney
IRS Releases 2024 1099-R Form

The IRS has released its 1099-R form for tax year 2024. Form 1099-R reports payments from pensions and annuities. For 2024, the revised form now notes that parties filing ten or more tax-information records must do so electronically; removes recipient instruction to include for Copy B with their own tax returns; makes reference to form […]

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Posted February 19, 2024 by Robert Beck
IRS Updates Continuous Use Form 1099-DIV for Tax Year 2024

The IRS recently updated its continuous use Form 1099-DIV. The 1099-DIV is the IRS’s form for reporting dividends and distributions as income. This year the IRS has updated the form following the same pattern of updates that most of the continuous use format forms have followed. A notice regarding the 10-or-more-form electronic filing requirement has […]

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Posted February 19, 2024 by Robert Beck
IRS Releases 2024 General Instructions for Forms W-2 and W-3

The IRS has released its 2024 General Instructions for Forms W-2 and W-3. Form W-2 is used to report employment income to the IRS and Form W-3 is the employer’s transmittal of wage and tax statements to the IRS. These instructions cover the W-2, W-2c, W-2GU, W-2VI, and W-2AS forms along with form W-3 for […]

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Posted February 19, 2024 by David Oberlander
Pennsylvania E 911 Fee Increases on March 1, 2024

Effective March 1, 2024, the Emergency-911 surcharge collected on the sale of wireless telephones or pre-paid telecommunication services will increase to $1.95 per retail transaction. Additional information can be found here.

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