Regulatory Analysis
The Wisconsin Department of Revenue recently published an updated version of Publication W-166, Withholding Tax Guide. This publication contains information relating to withholding tax remittance and reporting, including registering for state tax accounts and processes for withholding tax deposits and reporting. There are several updates to the guide in this most recent version, which include […]
Vermont recently published their applicable interest rates for calendar year 2020. These rates will be effective beginning January 1, 2020 and apply to the underpayment and overpayment of tax liabilities during the 2020 calendar year. The overpayment annual rate for 2020 will be 5.5%, while the underpayment annual rate will be 7.5%. To review these […]
Maryland has published its 2019 Form MW508, Annual Employer Withholding Reconciliation Return, due January 31, 2020. Aside from updates to relevant dates/years, there are no changes to this form from the previous version. Additionally, Maryland published its 2019 Maryland Employer Reporting of 1099s Instructions and Specifications and its 2019 Maryland Employer Reporting of W2s Instructions and Specifications. These filings […]
The Louisiana Department of Revenue has released its Fourth Quarter Employer’s Return of Louisiana Withholding Tax Form L1, for the months of October, November, and December, which is due to the Department by January 31, 2019. Every employer who is required to withhold Louisiana state income tax is required to file this return on a quarterly basis, […]
Effective January 1, 2020, Rhode Island will be implementing two significant changes to withholding tax obligations. For certain taxpayers, electronic filing will be mandatory and filing frequencies will be reduced. The “weekly” frequency for submitting withheld tax to the Division of Taxation will replace the current “quarter-monthly” and “daily” frequencies. A week will be defined […]
The West Virginia State Tax Department recently released Publications IT-105 and IT 105.1, Electronic Media Specifications for Forms W-2 and 1099/W-2G, respectively. These specifications are published and provided to taxpayers in order to format and transmit electronic reports for these form types to West Virginia. There are a few updates to each publication, as outlined […]
Kentucky has published its Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2019. Kentucky follows the IRS EFW2 format; however, there are some state-specific instructions contained herein that should be followed. This publication has not changed from the previous year’s version.
Kansas has released the following publications for tax year 2019/reporting year 2020: Form K-2MT (Kansas W-2 Specifications for Electronic Filing – EFW2 Format) Form K-99CSV (Kansas 1099 Specifications for Electronic Filing – CSV Format) Form K-99MT (Kansas 1099 specifications for Electronic Filing – Pub. 1220 Format) Form KW-2CSV (Kansas W-2 Specifications for Electronic Filing – CSV Format) […]
Arizona has released its 2019 Publication 701, Optical Media Reporting. This publication contains information about reporting by optical media of Arizona withholding on federal Forms W-2, W-2c, W2-G and 1099-R (or any other Form 1099 equivalent), if reporting Arizona withholding. There are some revisions to this publication of which filers should take note: The publication now […]
The IRS is set to officially release final regulations related to information reporting obligations under Section 6050Y related to reportable policy sales of life insurance contracts and payments of reportable death benefits. The rules codified in these new final regulations will affect the filing responsibilities of those affected with regard to Forms 1099-LS and 1099-SB, […]
Kentucky has released its 2019 electronic specifications for submitting Forms W-2G, 1099-B, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-MISC, 1099-OID, and 1099-R. There are some changes to this publication and the specifications of which filers should take note: • The Amount Type for Code 5 for Reporting Payments on Form 1099-DIV changed from “REIT Dividends” to “Section 199A […]
Maine has issued a revised version of its Application for Tax Registration, used to establish a new tax account for income tax withholding, among other tax types, or for Electronic Funds Transfer. The application is largely the same as the previous version, with some minor changes: • The Maine Revenue Services Central Registration Section is now […]
Kansas has published a revision of its Publication 1216, Business Tax Application. It is the same as the original version, published in August 2019, except the Electronic Services email address has been changed to kdor_BusinessTaxEservices@ks.gov.
The Massachusetts Department of Revenue issued Technical Information Release (TIR) 19-12, publishing the interest rate for overpayments and underpayments of taxes. This page is continually updated, most recently with the fourth quarter rates for 2019. These rates remain unchanged from the third quarter of 2019, at 4% for overpayments and 6% for underpayments. To review […]
The Virginia Department of Taxation recently published Tax Bulletin 19-6, which includes state interest rates for the fourth quarter of 2019. Virginia Code §58.1-15 provides that overpayment and underpayment rates will be 2% higher than the corresponding federal rates. For the fourth quarter of 2019, these rates will remain unchanged from the prior quarter: 7% […]
While the Kansas Department of Revenue announced that remote sellers would be required to collect tax on sales made into Kansas beginning on October 1, 2019, the Attorney General issued an opinion stating that the requirement was not lawfully passed and was of no effect. However, the Department maintains that the requirement is valid, leaving […]
As a part of the Taxpayers First Act of 2019, the thresholds for filing information returns electronically will see a reduction in the years approaching and after 2021. Per Section 2301 of the Act, electronic filing will be required for filers submitting 250 or more forms prior to calendar year 2021. That threshold will be […]
Nebraska has released a guide – Nebraska Computer Reporting Procedure for 1099’s, 21EFW2 – which covers state electronic reporting specifications for Forms W-2 and W-2G. Any filer with more than 50 Nebraska Forms W-2, 1099-MISC, 1099-R, and W-2G must e-file them, using DOR’s NebFile for Business program on DOR’s website, on or before January 31. Nebraska follows […]