Regulatory Analysis
The 2019 Budget Act was approved by the Italian Parliament on 30 December 2018. As anticipated, the approved budget includes an increase in the IPT prepayment rates. The approved rates are as follows: 85% in November 2019 for tax year 2020 90% in November 2020 for tax year 2021 100% in November 2021 for tax […]
Death cover of Payment Protection Insurance will be subject to 9% Insurance Premium Tax (IPT) for contracts issued on or after 01 January 2019. Previously such covers were subject to an IPT exemption. The change has been approved by the French Parliament as part of the 2019 Budget Law voted just before Christmas. The change […]
The Colorado Department of Revenue has readopted temporary emergency regulations to require out-of-state retailers that are doing business in Colorado and have substantial nexus with the state to collect Colorado sales or use tax. Out-of-state retailers are considered to have a substantial nexus with Colorado for sales tax purposes if the retailer’s gross revenue from […]
The District of Columbia Office of Tax and Revenue has published the 2018 Electronic Filing Specifications for W-2/W-2c and 1099/W-2G. There are slight modifications to the W-2 specifications that should be noted: Data files may now be in either a .txt or .zip format If you are a DC taxpayer and indicate as such on the portal, […]
The Alabama Department of Revenue recently published the quarterly interest rate for the first quarter of 2019. This interest rate is used to calculate interest on underpayments and overpayments (where applicable), with the exception of land sold by the state for taxes which is taxed at a higher rate. The interest rate for the first […]
The Minnesota Department of Revenue has revised the Error Rejection Codesrelative to electronic filing for tax year 2018. Specifically, the M1, M2, M3, M4, and M8 ERCs have been updated. The codes listed are errors that filers may receive for incorrect filing (in terms of the filing specifications), explanations of the meanings of the codes, and […]
The Colorado Department of Revenue ("the Department") has just issued a "News Release" that has extended their grace period for in-state and out-of-state retailers from the current March 31, 2019 deadline to May 31, 2019. The Department previously indicated that retailers that do not collect sales tax during the grace period must still comply with […]
In response to the U.S. Supreme Court’s decision in South Dakota v. Wayfair, California will soon require certain out-of-state retailers to collect and remit use tax on sales into California. Beginning April 1, 2019, out-of-state retailers are required to collect California state use tax if their sales into California exceed either $100,000 or 200 or more separate […]
The Idaho State Tax Commission recently published an updated version of their Annual Withholding Report Instructions. These instructions are used in conjunction with Form 967, which must be filed with W-2s and 1099s reported to the state. The only change to these instructions was the addition of the 2019 interest rate, which is 5% per […]
New Mexico has released “Income and Withholding Information Return and Filing Methods 2018,” FYI-330. This document provides direction to payors filing annual wage and tax information reporting returns to the state. The document details significant changes to the 1099 and W-2 filing processes. New Mexico will now accept 1099 and W-2 returns through its new […]
The Pennsylvania Department of Revenue recently issued Tax Update 199, a bi-monthly e-newsletter detailing tax changes and updates made by the Department of Revenue. One of the more prominent updates in this publication involves the W-2 electronic filing threshold: for tax year 2018, any employer who files 10 or more W-2 forms is required to file those […]
The Louisiana Department of Revenue has recently released the W-2 and 1099 specifications for tax year 2018. These specifications are based on the Social Security Administration’s EFW2 guidance as well as IRS Publication 1220 and are used for the electronic reporting of W-2s and 1099s to the state. There are no changes to the specifications […]
The Minnesota Department of Revenue has revised Fact Sheet 2a, 1099 specifications for tax year 2018. The following information has been updated from the prior year’s version: Filers with 10 or fewer forms (W-2s plus 1099s) may send paper copies rather than filing electronically. These paper copies should be sent to: Minnesota Revenue, Mail Station 1173, […]
The Minnesota Department of Revenue has revised Fact Sheet 2, W-2 and W-2c specifications for tax year 2018. The main update to this publication is the addition of W-2c filing information. The following information has been updated from the prior year’s version: W-2c information will not be submitted in the same manner as W-2 information. The […]
The Vermont Department of Taxes has published a memo regarding the interest rates for overpayments and underpayments of taxes for calendar year 2019. This past year, the overpayment annual interest rate was 4%, and will increase to 4.75% for 2019. This past year, the underpayment annual interest rate was 6%, and will increase to 6.75% for 2019.
Puerto Rico will postpone many forms of tax reporting payments, including reports and payment related to W-2s and withholding, in the month of December 2018. Reports and payments due between December 6 and December 20 will be due December 21. Puerto Rico is delaying payment and reporting as it rolls out its new SURI tax […]
The IRS has published Notice 2018-94, which intends to announce the deadline extension for some 2018 information reporting obligations by insurers, self-insuring employers, and other providers of minimum essential coverage under IRC § 6055 and four applicable large employers under § 6056. Specifically, this notice extends due dates for 2018 Forms 1095-B and 1095-C from January […]
The Pennsylvania Department of Revenue has updated the General Information and Specifications for W-2 and PA W-3 Quarterly Filing. As a reminder, Pennsylvania no longer accepts W-2s and 1099s on CD. The following changes have been made to the publication: First, Instructions have been added on uploading W-2s to e-TIDES and REV-1997 Annual Withholding Reconciliation […]