Regulatory Analysis
The IRS has released the 2018 Instructions for Forms 1099-R and 5498. Form 1099-R is used to report distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, and insurance contracts to the IRS. Form 5498 is used to report IRA contribution information to the IRS. There are a number of changes from the previous revision: […]
The New York Department of Taxation and Finance recently made a change to wage withholding requirements, specifically the non-annual withholding reporting requirements. Effective January 1, 2019and in accordance with Part I of Chapter 59 of the Laws of 2018, employers will be required to complete all of Form NYS-45 Part C (Employee Wage and Withholding Information) […]
South Africa's Minister of Finance has published a draft amendment, which if enacted, would change South Africa's VAT rate back to 14%. This proposed draft amendment, which is open for public comment, would revert the rate back to 14% and currently has a retro-active effective date to April 1, 2018. The proposed amendment comes after […]
Following the U.S. Supreme Court’s decision in South Dakota v. Wayfair, the Wyoming Department of Revenue has announced that it will require remote sellers to collect and remit sales tax for sales made into the state. This requirement will not apply to small sellers who conduct fewer than 200 transactions or have less than $100,000 in […]
Following the decision of the U.S. Supreme Court in South Dakota v. Wayfair, the Minnesota Department of Revenue has provided preliminary guidance on their plans to tax remote sales. The plan is that by October 1, 2018, remote sellers conducting direct sales will be required to register, collect and remit tax for transactions made to Minnesota purchasers […]
On July 24, 2018, the U.S. House Judiciary Committee held a hearing to examine the recent Supreme Court decision in South Dakota v. Wayfair and its impact on consumers and small businesses. The question being debated – should Congress act? Eight witnesses testified as to their perspective on business impact and the wisdom of Congressional action. […]
Utah governor Gary Herbert called a special session of the legislature, which convened on July 18th, 2018. This session was targeted to address a few critical issues, including online retailer sales tax collection in the wake of the U.S. Supreme Court's ruling in South Dakota v. Wayfair. According to the proposed legislation on this issue, Utah would […]
As a part of the recent legislative Special Session called in Utah, Senate Bill 2001, known as the Online Sales Tax Amendment Bill, passed both chambers of the legislature on July 19, 2018. This bill has similar threshold requirements for remote seller tax collection, as have been seen in bills that have been passed since […]
As reported in this forum, Hawaii has been one of the first states to expressly impose a collection and remittance requirement on remote sellers in the wake of the South Dakota v. Wayfair decision. Their requirement became effective July 1 and until recently purported to apply to transactions retroactive to January 1, 2018. However, Hawaii […]
On Friday, July 13, 2018, HMRC released additional information regarding the Making Tax Digital initiative, which is currently set to go into effect in the United Kingdom on April 1, 2019. This new information, contained in; VAT Notice 700/22, includes further details on the requirements of digital records and digital links where data transfer is made between software […]
The New Mexico Taxation and Revenue Department recently updated Publication FYI-104, New Mexico Withholding Tax. This publication outlines general information for employers and businesses responsible for calculating, withholding, and remitting withholding tax reports and payments to the New Mexico Taxation and Revenue Department. The most recent update maintained the language within the publication, and the […]
The Illinois Department of Revenue recently released an updated version of Form IL-941-X, the 2018 Amended Illinois Withholding Income Tax Return. This form is filed by employers who seek to amend their withholding tax returns (filed on Form IL-941) for the 2018 tax year. The form is largely the same as the previous version released […]
The North Carolina Department of Revenue recently updated Form NC-BR, the Business Registration Application for Income Tax Withholding, Sales and Use Tax, and Other Taxes and Service Charge. This form is used to register businesses with the North Carolina Department of Revenue for tax-related purposes. In Section 1, “Identifying Information”, a space was added for […]
The Connecticut Department of Revenue Services recently published an updated version of Form REG-1, Business Taxes Registration Application. This form is used to register businesses for tax-related purposes with the Department of Revenue Services, including income tax withholding. There are a few changes to the form this year, which was last updated in 2012. These […]
The Alabama Department of Revenue has announced the per annum interest rate applicable for overpayments and underpayments during the third quarter of Tax Year 2018. The rate will remain at the same interest rate as the previous quarter at 5%. To review this and previous interest rates, please visit the Alabama Department of Revenue's website by clicking here.
The Idaho State Tax Commission has issued an updated Guide to Income Tax Withholding. The revision is a routine update of the tables for withholding computation methods for 2018. The change is reflected in the income tax tables used to file individual income tax returns. Key revisions to this guide: Idaho added the 2018 W-4 worksheet […]
The IRS has released 2018 Form 5498. Form 5498 is used to report IRA Contribution Information to the IRS. There are only minor changes from the previous revision: Form changed to say “TRUSTEE or ISSUER’S TIN” and “PARTICIPANT’S TIN” Previously, it was written out as “taxpayer identification number” Box 13a instructions now say “This amount […]
The Delaware Division of Revenue has updated its publication listing the tax periods and due dates for eighth-monthly, monthly, and quarterly withholding filers. While filing schedules are generally the same – monthly (Form W1) due halfway through following month; eight-monthly (Form W1A) due within 3 business days; and quarterly (Form W1Q) due a month following the end […]