Regulatory Analysis
The IRS recently released the 2024 Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons). Line 9 was updated to reflect the leap year. Section 4 of the form has been retitled to remove the phrase ‘dividend equivalent’ from the beginning (Payments by a Qualified Derivatives Dealer (QDD)). Tax year has […]
The IRS recently released the 2024 Instructions for Form 945 (Annual Return of Withheld Federal Income Tax). There are two notable changes. First, the IRS began accepting form 945-X electronically through the Modernized e-File (MeF). Second, the 945 due date for filers that paid all taxes on time will fall on February 10, 2025, two […]
The IRS recently released the 2024 940 Form and Instructions (Employer’s Annual Federal Unemployment (FUTA) Tax Return). There are two notable changes. First, the IRS began accepting amended form 940 electronically through the Modernized e-File (MeF). Amendments by paper will still be accepted. Second, the 940 due date for filers that paid all FUTA taxes […]
Wisconsin recently updated Publication 172 (Annual W-2, W-2C, 1099-R, 1099-MISC, 1099-NEC, 1099-K, and W-2G) Electronic Reporting. Notably, Wisconsin has indicated that it will accept 1099 records transmitted using the new federal Information Return Intake System (IRIS) XML format for tax year 2024 and beyond. IRIS formatted files can be submitted using secure file transfer protocol […]
Louisiana has passed HB8 and HB10. Key changes in HB8 are an expansion of the types of digital products subject to sales and use tax, and elimination of the 1% rate reduction for certain prepaid wireless products. HB10 most notably increases the state sales and use tax rate to 5.0%, as mentioned in our prior […]
Beginning January 1, 2025, Illinois will require retailers with a physical presence in Illinois to collect destination-based retailers’ occupation tax on sales from out-of-state locations to Illinois customers. Previously, these retailers were obligated to collect only Illinois use tax on these sales. More information can be found here.
Pursuant to P.A. 103-592, beginning January 1, 2025, rentals or leases of tangible personal property are subject to Illinois’ Sales and Use Tax laws. This change does not apply to motor vehicles, watercraft, or aircraft that are required to be titled or registered with an agency of the State of Illinois. More information can be […]
Beginning January 1, 2025, mattress retailers must collect a $22.50 stewardship assessment on each mattress or box spring sold to customers in Oregon. The stewardship assessment will be used to fund a statewide mattress recycling program. More information on the assessment can be found here. Activity
Effective January 1, 2025, the mattress recycling fee collected on the sale of all mattresses and foundations sold to Connecticut residents will increase to $16.00 per unit sold. Additional information can be found here.
The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2025. Such changes include rate increases for specific state and self administered locals. Elimination of of the state exemption for certain medium and heavy-duty vehicles, engines, or motors. As well as, certain locals adjusting to state or self administration for […]
Effective January 1, 2025, Monument, Colorado has approved Ordinance No. 22-2024,providing for self-administered collection for sales and use tax, as well as adopting certain exemptions. Previously, the home-rule local tax collection was administered by the state with limited optional exemptions adopted. Further information may be found here.
The Canada Revenue Agency (CRA) recently released the 2024 NR4 Publication (T4061 Non-Resident Tax Withholding, Remitting, and Reporting). There are several changes of note. When using income code 75 or 76 for First Home Savings Account (FHSA) payments to a beneficiary, report the deceased holder FHSA contract number in the payer or agent identification number […]
The Canada Revenue Agency (CRA) recently released the 2024 T5008 Publication (T4091: Return of Securities Transactions). There is one notable change for filers who use aggregate reporting. Previously, aggregate reporters filed one T5008 slip per payee per calendar year using code ‘1231’ in Box 14 for transactions involving identical securities. For 2024, filers that use […]
Canada Revenue Agency (CRA) recently released the 2024 T5 (Statement of Investment Income). There are several important changes related to the mid-year capital gains inclusion rate increase. For 2024, Box 34 has been added under ‘Other Information’ to report capital gains dividends realized from January 1, 2024 to June 24, 2024 (Period 1). The instructions […]
Canada Revenue Agency (CRA) recently released its 2024 T4A Publication (RC 4157 Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary). There are several updates of note: · The CRA will waive the requirement to file T4A for payers who are individuals and who contract the payee in a […]
Rhode Island has released a second version of its 2024 Withholding Filing Requirements guide. Rhode Island houses its W-2 and 1099 electronic specifications in the guide. There are several changes of note: · The W-2 electronic specifications have been updated. Rhode Island will now require the RW Employee Wage Record. · Electronic 1099 and W-2 […]
The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2025. The following state-administered local jurisdictions will be changing their tax rates: Canon City Holly Superior San Miguel Authority for Regional Transportation Southwest Plaza MDT Ute Pass Regional HSD Further information may be found here.
The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2025. The following self-administered locals will be changing their tax rates: Castle Rock Denver Glenwood Springs Further information may be found here.