Regulatory Analysis
The Colorado Department of Revenue has updated their jurisdiction codes for .XML sales tax filing. All old jurisdiction codes will still be accepted by the state (at least for now) for any existing locations. However if you will be reporting in a new location as part of your January 1, 2021 filing of the CO […]
Governor Jared Polis recently signed HB 20B-1004, establishing temporary COVID-related sales tax relief for on-premises liquor establishments, restaurants, and other qualifying food sellers, including mobile food trucks. Under this bill, qualifying food retailers are permitted to deduct up to $70,000 in sales per month from their state-level sales tax returns for the November and December, […]
Mississippi recently released an update to it’s October release of the 1099 Specifications which includes specific “B” record requirements for filing Forms 1099-NEC with the state Department of Revenue. The specific details are listed below. 1099-NEC E-File Format Section Added MS DOR will follow any IRS file record specification changes for the current year MS […]
The Hawaii Department of Taxation recently updated their 1099 filing requirements to include Form 1099-NEC for tax year 2020 reporting purposes. Hawaii has conformed to the federal use and filing of Form 1099-NEC and will require reporting when the taxpayer is engaged in a trade or business in Hawaii or has a place of business […]
Last week, the New Mexico Department of Revenue issued a news release reminding taxpayers of big changes to gross receipts tax collection and reporting coming in July. Pursuant to House Bill No. 6 of the 2019 legislative session, sales and leases of tangible personal property in New Mexico will be subject to local tax at […]
The West Virginia State Tax Department recently published Administrative Notice 2020-24 which provides information related to interest rates on underpayments and overpayments of taxes. These rates are established by the State Tax Commissioner by their authority under West Virginia Code §11-10-17 and §11-10-17a. Beginning January 1, 2021 and ending on December 31, 2021, inclusive, the […]
The Oklahoma Tax Commission recently updated their Frequently Asked Questions page relating to 1099 filing requirements. Along with the previously required forms, Oklahoma will now require Form 1099-NEC for tax year 2020 and beyond. Filers must report payments of $750 or more made to an Oklahoma resident or to a nonresident when the services were […]
West Virginia has released its final W-2 specifications for the 2020 tax year. The only change found was the year in the state-modified W-2 RV record; the year field should reflect 2020 for the current tax year. The RV record reports this in positions 12-15. To view the complete specifications, click here.
North Carolina recently released an important notice with information regarding various updates to North Carolina’s withholding tax for information returns due in 2021. The document primarily discusses the state requirements for filing federal Form 1099-NEC with the state along with North Carolina Form NC-1099M, and the extension of the waiver of the administrative requirement to […]
Michigan recently updated its Withholding for Pension Administrators page with the amount of qualifying pension and retirement benefits from private sources that may be deducted from Michigan income. For single/married filing separate filers, up to $53,759 may be deducted and $107,517 may be deducted for married filers filing joint for the 2020 tax year. Previously […]
South Carolina has released an updated version of Form SCDOR-111. The form is used to register for various types of tax withheld for the state. While not a complete redesign, the document underwent significant changes for the 2020 Tax Year, the most notable of which are detailed below: Section A has been renamed Entity Registration […]
Income Tax Withholding Certificate for Nonresident Individuals, used for nonresidents performing personal services substantially in Nebraska. Form 941N is the Nebraska Income Tax Withholding Return, used for employers to report withholding to Nebraska. The Nebraska Circular EN is the state’s guide on income tax withholding for wages, pensions and annuities, and gambling winnings. Most of […]
The Utah State Tax Commission recently published an updated version of Publication 58, Utah Interest and Penalties. This publication contains information and instruction relating to how interest rates and penalties are applied to certain tax types including withholding tax and information return filing. The publication remains largely unchanged except for the addition of the interest […]
The State of Rhode Island’s Division of Taxation recently published updated interest rates for calendar year 2021. These rates apply to delinquent taxes due to the state and overpayments made to the state. For calendar year 2021, the interest rate for delinquent taxes remains the same at 18% per annum, while the interest rate on […]
The Missouri Department of Revenue recently published updated interest rates for refunds and delinquencies for 2021. These rates apply to tax payments due to the Department, or refunds that are due to the taxpayer during the taxable year. They are based on the prime rates charged by financial institutions and are effective for the applicable […]
The Mississippi Department of Revenue recently published an updated version of Publication 89-145, Procedures and Specifications for Filing Wage and Tax Information Electronically. This publication provides instructions and electronic filing specifications for reporting 1099 and W-2 information to the state of Mississippi. While the specifications and instructions remain largely the same from the prior version […]
Pennsylvania recently released its EFW2/EFW2C Reporting Instructions and Specifications Handbook. This booklet contains the EFW2 specifications and special instructions for reporting information returns to Pennsylvania. The most notable change this year is that Pennsylvania will now require filing of Forms 1099-NEC with the commonwealth and that the e-TIDES system will accept those files as well. […]
Rhode Island recently released an FAQ for its Health Insurance Mandate reporting requirements. The most notable part of the FAQ is an announcement that the Division of Taxation will extend the state reporting deadline to individuals from January 31, 2021 to March 2, 2021, and the deadline for reporting to the Division from January 31, 2021 […]