Regulatory Analysis
New Mexico recently released an update to it’s FYI 104 Publication which is the Withholding Tax general instructions document. The revision is noted as July of 2021 and many of the updates come from the development of new forms. The most important changes are detailed below. • Under the Notes for Who Must Withhold, a […]
Idaho recently updated its Wage Withholding Tables, changing several of the withholding brackets for the 2021 tax year. To view the complete table, click here.
Arkansas recently updated its Form ARW-3, the Transmittal of Wage and Tax Statements. The only changes to the form itself are that the fillable format was enhanced with defined areas for input. The form revision date was updated to June 28, 2021. To view the complete form, click here. ARW_3 ARW_3-1
Effective July 1, 2021, Virginia Senate Bill 1302 was a the first legislation in the nation to provide for an E-988 surcharge on retail prepaid wireless services to fund a 988 suicide prevention hotline. Notably, the E-988 surcharge is combined to the existing E-911 surcharge. Thus on sales tax returns, the new E-911/E-988 surcharge of […]
Colorado recently enacted Senate Bill 154 to establish a 988 suicide prevention hotline and impose an E-988 surcharge. The legislation provides that beginning January 1, 2022, there is to be a E-988 surcharge applied to each retail transaction for prepaid wireless services. This surcharge will be used to fund the 988 network in the state. […]
Maine’s governor recently signed LD 1216 into law. This bill provides that on or after January 1, 2022, economic nexus will no longer require 200 separate transactions. Entities with gross sales exceeding $100,000 in the current or previous calendar year must continue to register, collect and remit sales and use tax. The relevant amendment can […]
The IRS recently released an updated version of Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(S). This publication provides information and procedures relating to backup withholding, including instructions on how payers and recipients must navigate the CP2100/2100A notification process. Most notably the publication was updated to include Form 1099-NEC by name: previously this form […]
NY AB 7742 was introduced on May 21, 2021. Click here to read a copy of the bill. This proposed legislation is significant because it defines virtual currency and provides guidelines for reporting. A dormancy period of 3 years will be used. The state would be able to accept the currency in native units so […]
Colorado Governor Jared Polis recently signed HB 21-1265 allowing a temporary deduction from state net taxable sales for qualifying retailers including, restaurants, caterers, and bars, so that they may retain the sales tax collected as assistance for revenue losses suffered from the pandemic. The bill is effective from June 2021 through August 2021. Further information, […]
New Mexico has released two new withholding forms and related instructions. Beginning July 1, 2021 form TRD-41414 is the new wage withholding tax return and form TRD-41409 is the new non-wage withholding tax return. These forms replace the prior CRS-1 semi-annual withholding return form. Where CRS-1 was previously used to report either wage or non-wage […]
Kansas Governor Laura Kelly signed HB 2137 into law on May 19, 2021, making several critical changes relating to the DtC shipping of wine impacting fulfillment houses and DtC Sellers. These changes are immediately effective. Kansas requires both in-state and out-of-state fulfillment houses to register and received a Fulfillment House License. Each location of the […]
Beginning July 1, 2021, the city of Denver, Colorado will impose a $0.10 fee on disposable plastic and paper bags. The fee is not included as a part of the taxable sales price and will be used to help educate customers through information programs and provide free reusable bags. The bag fee was originally set […]
Pursuant to Governor DeSantis signing FL HB 7061, Florida will now have three Sales Tax Holidays in 2021. The Disaster Preparedness Sales Tax Holiday will be held between May 28, 2021 and June 6, 2021, giving shoppers the opportunity to purchase certain disaster and emergency supplies free from state sales tax when the cost per […]
The Washington Department of Revenue has rolled out a new website to make reporting and claiming of property easier. The new website, claimyourcash.org, has features to simplify the claims process: Claims that meet a certain criteria can now be fast tracked and processed within 5 days. The website has a mobile friendly design to make […]
Enacted by signature of the Governor and effective April 28, 2021. These are companion bills with identical wording. These bills make changes to the state’s existing law. The bills can be found here. The amendments to the law will change the date used to determine when property held in a pension or retirement account that […]
Enacted by signature of the Governor on April 29, 2021 and effective July 1, 2021. Due to the cut-off date for the fall cycle, and the lack of a “transitional provision,” this bill will not change holders’ obligations for reporting in 2021. As previously highlighted, this RUUPA bill will replace the state’s existing law. The […]
ND S 2048: Enacted – Variation of the “Revised Uniform Unclaimed Property Act” Enacted by signature of the Governor on April 19, 2021. The bill enacts RUUPA legislation. The bill is effective August 1, 2021. The changes will impact reporting for 2022. The new law has standard RUUPA provisions with a few exceptions. Dormancy for […]
The Michigan Department of Treasury recently published Revenue Administrative Bulletin 2021-5, which details the interest rate for underpayments and over payments for the period beginning on July 1, 2021 to December 31, 2021. The interest rate for this period remains unchanged from the first half of 2021, at an annual rate of 4.25%. To review […]