Regulatory Analysis

Posted February 20, 2018 by Paul Ogawa
Hawaii Publishes Updated Withholding Forms and Publications

The State of Hawaii Department of Taxation recently published a number of updated forms used for withholding tax reporting and payment purposes. These forms and slips have been updated, but include only minimal changes for Tax Year 2017/Filing Year 2018.   HW-2: State Income Tax Withheld and Wages Paid There were no changes made to […]

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Posted February 20, 2018 by Nicolette Chasse
Maine Publishes 2018 Version of Form W-3ME, Reconciliation of Income Tax

Maine's Revenue Services recently published a 2018 version of Form W-3ME, the Reconciliation of Maine Income Tax Withheld in 2018. There are no changes to the form itself.  Electronic copies of payee statements must be filed with the Maine Revenue Services no later than January 31.  The filing date is still February 28.   To […]

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Posted February 19, 2018 by Ramón Frias
Panama Tax Administration Releases eInvoicing Resolution

The Panama Tax Administration (DGI) has issued a massive regulation detailing the requirements surrounding a new eInvoicing mandate that will be imposed on select taxpayers pursuant to a six month pilot program. The pilot will ultimately set the stage for a comprehensive eInvoicing requirement. The new publication (Resolution 201-0697/2018) which is more than 200 pages […]

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Posted February 19, 2018 by Ramón Frias
Colombia Officially Adopts eInvoicing Mandate with Accelerated Effective Date

The Colombian Tax Administration (DIAN) definitively declared its intention to impose a wide-ranging eInvoicing mandate via the issuance of Resolution 000010/2018. In summary, the resolution requires large taxpayers to issue and report electronic invoices by September 1, 2018, with an effective date substantially sooner than expected. This resolution comes as no surprise as the DIAN […]

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Posted February 19, 2018 by Erik Wallin
Pennsylvania Requires Remote Sellers and Market Place Facilitators to Collect or Provide Notice

Pennsylvania has recently enacted legislation requiring certain remote sellers, marketplace facilitators, and referrers to choose between either collecting and remitting Pennsylvania sales tax or complying with notice and reporting requirements.  If any of the aforementioned do not collect and remit sales tax, notice must be provided to the purchaser regarding the sales and use tax, […]

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Posted February 19, 2018 by Sovos
UK VAT Tribunal Weighs in on Taxation of Powdered Drinks

On February 14, 2018, the U.K. Upper Tribunal released their decision on an appeal filed by Nestlé UK Ltd., regarding the VAT treatment of strawberry and banana flavoured Nesquik, The ruling validates tax rule applying varying VAT treatment based on the particular flavours. Specifically, Justice Snowden affirmed HMRC and First-Tier Tribunal (FTT) findings that although […]

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Posted February 14, 2018 by Paul Ogawa
Hawaii Releases Updated Declaration of Estimated Income Tax for Individuals

The State of Hawaii Department of Taxation recently released an updated version of Form N-1, Declaration of Estimated Income Tax for Individuals. This form is used by individuals to submit their estimated tax liability for the year in which that income is earned: this updated form will be used for filing year 2018.   There […]

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Posted February 14, 2018 by Adam Rivera
Alabama Announces They Will Now Require Form 1099-K Reporting

Alabama recently passed Act 2017-294. This Act requires that Payment Settlement Entities (PSEs) file Form 1099-K for payees with an Alabama address.   The 1099-K forms are due within 30 days after the Federal due date on or before April 30th each year.   To view the announcement, please click here.

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Posted February 14, 2018 by Paul Ogawa
Hawaii Releases Updated Tax Payment Voucher

The State of Hawaii Department of Taxation recently released an updated version of Form VP-1, Tax Payment Voucher. This form replaces its predecessor form VP-1W, which was a general withholding tax payment voucher. VP-1 expands its applicability by allowing use for a variety of tax types. Specifically, VP-1 may be used to submit payments for […]

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Posted February 14, 2018 by Adam Rivera
Congress Extends Mortgage Insurance Premium Deductions for Tax Year 2017

Congress recently passed the Bipartisan Budget Act of 2018 (Public Law No. 115-123). As a result of the bill passing, the mortgage insurance premium deduction has been extended for tax year 2017.   Mortgage insurance premiums are reported on Box 5 of Form 1098.   To view the bill in its entirety, please click here.

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Posted February 8, 2018 by Paul Ogawa
West Virginia Publishes Updated Electronic Media Specifications for W-2 Reporting

West Virginia recently published the final version of IT-105, their Electronic W-2 Reporting Specifications. This publication provides the rules and electronic specifications for reporting W-2 data through the West Virginia MyTax portal.   There are a few updates to the 2017 version of these specifications, which are as follows: All 2017 withholding data must be […]

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Posted February 8, 2018 by Nicolette Chasse
Rhode Island Publishes W-2 Electronic Filing Requirements

Rhode Island's Division of Taxation recently published W-2 Electronic Filing Requirements for Tax Year 2017.  All electronic filings must be submitted in a .txt format.  The Division of Taxation reminds filers that while W-2s may be submitted electronically or by magnetic media if appropriate, Form RI-W3 must be submitted by filed by paper.  The address for Ri-W3 […]

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Posted February 7, 2018 by Brendan Magauran
European Commission Backs Italy’s E-Invoicing Mandate

On February 5, 2018, the European Commission backed Italy's e-invoicing mandate by recommending the EU Council approve Italy's derogation request from the EU VAT Directive. By way of background, Italy's mandate (which would become effective in two stages starting on July 1, 2018) requires taxpayers to provide, in real time, electronic invoices through the Italian […]

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Posted February 6, 2018 by Ramón Frias
Puerto Rico Governor Proposes Sales Tax Rate Reduction

The Governor of Puerto Rico introduced a legislative proposal representing a comprehensive new fiscal plan intended to spur economic growth and development. The plan proposes numerous tax changes, including a reduction of a number of sales tax rates. Specifically, the Business to Business Services Rate would fall to 2% in 2019 and be completely eliminated […]

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Posted January 31, 2018 by Tom Hospod
IRS Revises Publication 1187, Specifications for Electronic Filing of Form 1042-S

The IRS has issued a revision of Publication 1187, Specifications for Electronic Filing of Form 1042-S. The revision addresses the use of Amendment Numbers and Unique Form Identifiers when transmitting one and two transaction corrections.   In a One Transaction Correction (used for incorrect money amounts, incorrect codes and/or check boxes, incorrect addresses, or forms 1042-S […]

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Posted January 31, 2018 by Paul Ogawa
Ohio Updates Specifications for Electronic W-2 Filing

Ohio recently updated their Specifications for Filing W-2 Forms Electronically. These specifications are based on the federal model provided by the Social Security Administration, with state-specific modifications added for the purposes of Ohio reporting requirements.   A number of changes were made to the specifications for TY 2017, which are as follows:   RA Record: […]

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Posted January 30, 2018 by Andrew Decker
Hungary Releases Additional Information on Online Invoice System

The Hungarian Government has released a revised version of the draft regulation on real-time reporting of electronic invoicing. New technical documentation, available in both English and Hungarian, has also been released, and the government invoicing platform, available at https://onlineszamla-test.nav.gov.hu/home, has been updated as well. As previously reported Hungary has set a go-live date of July 1, […]

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Posted January 29, 2018 by Brendan Magauran
Massachusetts Governor Eyeing Real-Time Sales Tax Collection

On January 24th, 2018, Massachusetts Governor Charlie Baker released his fiscal 2019 budget plan. Included in the budget is a proposal for real-time sales tax remittance from credit card companies and other third-party payment processors, requiring them to remit to the Commonwealth, on a daily basis, the portion of a sale that is attributable to sales […]

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