Regulatory Analysis
Maryland's Comptroller's Office recently published the 2017 "Maryland Employer Reporting of 1099s Instructions and Specifications." There are no record layout changes for Tax Year 2017. The Comptroller's Office has increased the penalty for not filing 25 or more 1099s electronically from $50 to $100. To read the specifications in full, please follow the link.
Minnesota recently made changes to the municipal bond reporting requirements through Minnesota Statute 289A.12, subdivision 14. The updated statute makes it mandatory for filers to report both exempt interest and exempt-interest dividends. Regulated investment companies paying $10 or more in exempt-interest dividends to a Minnesota resident, or anyone receiving $10 or more in exempt-interest or […]
Minnesota recently published the 2018 version of their Income Tax Withholding Instruction Booklet and Tax Tables. This publication includes all pertinent information relating to income tax withholding rules and instructions in Minnesota, and also includes withholding tax tables for the calendar year. There are changes to the information in the publication for 2018, which […]
Montana recently published an updated version of Form ETR, the Montana ACH Credit Payment Registration form. This form is used to register businesses with the Montana Department of Revenue for the purposes of utilizing the ACH credit payment system. There are a few minor updates to the form, which are as follows: The form […]
Rhode Island recently published the revised interest rates for delinquencies and overpayments for the year of 2018. These interest rates apply to delinquent tax payments, and tax overpayments made during the 2018 calendar year. For 2018, the delinquent tax payment rate will remain at 18% per annum, as it was in 2017. The […]
New York has released its 2018 Employee’s Withholding Allowance Certificate (Form IT-2104). This form is completed by employees and given to the employer to instruct the employer how much New York State tax to withhold from the employee’s pay. There are some changes from the previous revision: The worksheet and charts used to compute withholding […]
New York has released its 2018 Publication NYS-50-T-NYS. This publication contains the 2018 Withholding Tax Tables and Methods for New York State. There are a number of changes from the previous revision: Effective for payrolls made on or after January 1, 2018, employers must use the revised tax withholding tax tables and methods in this […]
Oregon released a 2017 version of its 1220 Addendum for 1099 reporting. There are no substantive changes from last year's version. Please be advised that the filing due date is January 31, 2018. To read the Addendum in full, please follow the link.
Oklahoma recently published Form 501, for Annual Information Returns. The Form has expanded on the types of forms that may be reported with Form 501. While the 2016 Form included only options for Form 500, 500-A, and 500-B, the 2017 form includes selection options for W-2G and Forms 1099. The Oklahoma DOR reminds filers that […]
Ohio has released the 2017 specifications for filing Form W-2 electronically. There are a number of changes from the previous revision: Record Changes A new box 12 Code FF money field, Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement (Code FF), has been added to the: RW Employee Record in positions 474 – […]
Puerto Rico has released Publication 17-07, an error manual that is used by filers to file Form 499R2 with the Hacienda. There are some changes from the previous revision: Error 709 has been updated to reflect a new field Errors 720, 722, and 723 now also cover positions 442-443 of the RS Record Error 736 […]
New Jersey has released its 2018 Interest Rate on Tax Balances. The assessed interest rate on outstanding tax balances will increase from 6.50% in 2017 to 7.25% in 2018 due to the increase in the Federal Prime Reserve Rate from 3.50% to 4.25%. At the end of each calendar year, any unpaid tax, penalties, and […]
Puerto Rico has released Publication 17-06. This publication contains instructions and specifications for filers who wish to file electronically with the Hacienda. There are a number of changes from the previous revision: Important Notice Forms 480.7 and 480.7C are not included on this revision, but they will be included on a later updated revision. New […]
Maine has recently released its Withholding Tables for Individual Income Tax for 2018. These tables detail withholding for wage earners over the course of the 2018 tax year. The new tables reflect changes to personal exemption amounts, standard deductions amounts, and the phase income level for the standard deduction. The tables also reflect the advancement […]
International News OECD Issues New Advice on VAT Administration On Oct 24, the Organization for Economic Co-operation and Development (OECD) released guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. The guidance, which is entitled, Mechanisms for the Effective Collection of VAT/GST, relates mostly to design options […]
In 2013, Congress passed the Medical Device Excise Tax (MDET). It applied (at the rate of 2.3%) on the first sale of qualifying medical devices in the United States by manufacturers or importers. The MDET was the closest thing to a federal-level sales tax in the United States. The Consolidated Appropriations Act of 2016 contained […]
Idaho's Tax Commission recently updated their 1099 and W-2 E-Filing Guides. There are no substantive changes to either guide. The Commission reminds filers that Forms 967 and W-2 are due by January 31, and that 1099s are due by February 28; it is possible to submit Forms 967, W-2, and 1099 simultaneously on or before January 31. […]