Regulatory Analysis
Rhode Island recently published the revised interest rates for delinquencies and overpayments for the year of 2018. These interest rates apply to delinquent tax payments, and tax overpayments made during the 2018 calendar year. For 2018, the delinquent tax payment rate will remain at 18% per annum, as it was in 2017. The […]
New York has released its 2018 Employee’s Withholding Allowance Certificate (Form IT-2104). This form is completed by employees and given to the employer to instruct the employer how much New York State tax to withhold from the employee’s pay. There are some changes from the previous revision: The worksheet and charts used to compute withholding […]
New York has released its 2018 Publication NYS-50-T-NYS. This publication contains the 2018 Withholding Tax Tables and Methods for New York State. There are a number of changes from the previous revision: Effective for payrolls made on or after January 1, 2018, employers must use the revised tax withholding tax tables and methods in this […]
Oregon released a 2017 version of its 1220 Addendum for 1099 reporting. There are no substantive changes from last year's version. Please be advised that the filing due date is January 31, 2018. To read the Addendum in full, please follow the link.
Oklahoma recently published Form 501, for Annual Information Returns. The Form has expanded on the types of forms that may be reported with Form 501. While the 2016 Form included only options for Form 500, 500-A, and 500-B, the 2017 form includes selection options for W-2G and Forms 1099. The Oklahoma DOR reminds filers that […]
Ohio has released the 2017 specifications for filing Form W-2 electronically. There are a number of changes from the previous revision: Record Changes A new box 12 Code FF money field, Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement (Code FF), has been added to the: RW Employee Record in positions 474 – […]
Puerto Rico has released Publication 17-07, an error manual that is used by filers to file Form 499R2 with the Hacienda. There are some changes from the previous revision: Error 709 has been updated to reflect a new field Errors 720, 722, and 723 now also cover positions 442-443 of the RS Record Error 736 […]
New Jersey has released its 2018 Interest Rate on Tax Balances. The assessed interest rate on outstanding tax balances will increase from 6.50% in 2017 to 7.25% in 2018 due to the increase in the Federal Prime Reserve Rate from 3.50% to 4.25%. At the end of each calendar year, any unpaid tax, penalties, and […]
Puerto Rico has released Publication 17-06. This publication contains instructions and specifications for filers who wish to file electronically with the Hacienda. There are a number of changes from the previous revision: Important Notice Forms 480.7 and 480.7C are not included on this revision, but they will be included on a later updated revision. New […]
Maine has recently released its Withholding Tables for Individual Income Tax for 2018. These tables detail withholding for wage earners over the course of the 2018 tax year. The new tables reflect changes to personal exemption amounts, standard deductions amounts, and the phase income level for the standard deduction. The tables also reflect the advancement […]
International News OECD Issues New Advice on VAT Administration On Oct 24, the Organization for Economic Co-operation and Development (OECD) released guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. The guidance, which is entitled, Mechanisms for the Effective Collection of VAT/GST, relates mostly to design options […]
In 2013, Congress passed the Medical Device Excise Tax (MDET). It applied (at the rate of 2.3%) on the first sale of qualifying medical devices in the United States by manufacturers or importers. The MDET was the closest thing to a federal-level sales tax in the United States. The Consolidated Appropriations Act of 2016 contained […]
Idaho's Tax Commission recently updated their 1099 and W-2 E-Filing Guides. There are no substantive changes to either guide. The Commission reminds filers that Forms 967 and W-2 are due by January 31, and that 1099s are due by February 28; it is possible to submit Forms 967, W-2, and 1099 simultaneously on or before January 31. […]
Colorado recently released an updated version of FYI General 11: Colorado Civil Tax Penalties and Interest. This publication provides guidance on annual interest rates relating to tax underpayments and penalty information. There was one correction to the publication which involves the daily calculation of interest: the parenthetical that accounts for leap year using 366 […]
Massachusetts recently passed legislation in the Fiscal Year 2018 budget that grants the Commissioner of Revenue the authority to create additional reporting requirements that differ from the federal requirements under the Internal Revenue Code. Using this authority, the Commissioner of Revenue has made changes to the reporting requirement of third party settlement organizations (“TPSOs”) relating […]
Nebraska has released an updated version of Publication 21CM and 21EFW2. These publications are used by those who wish to electronically file 1099s and W2s with Nebraska. The only change from their previous revisions is that the due date for Form W-3N, and all Forms W-2, 1099-MISC, 1099-R, and W-2G showing Nebraska income and withholding […]
The IRS has updated the Form W-9 Instructions. Form W-9 is used by filers to request correct TIN information in order to file information reports with the IRS. There are number of changes to the W-9 Instructions from the previous revision: Form W-9 Instructions Changes Changes made to Payees Exempt From Backup Withholding section […]