Regulatory Analysis
The IRS recently released a draft version of the long and highly anticipated Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The form will be used for reporting proceeds from (and in some cases, basis for) digital asset dispositions to the IRS and recipients. The form treats digital assets such as cryptocurrency, similarly to stocks, […]
On January 1, 2024, Oregon law began requiring reporting of newly hired or reengaged independent contractors. From January to March 2024, the Oregon Child Support Program rolled out a ‘Soft Launch’ of the reporting requirements. In April 2024, the Oregon Child Support Program ended the soft launch and officially began requiring employers and payers who engage or reengage independent contractors […]
The IRS recently updated the Instructions for Form 1098-Q. The updated instructions include a note to use them with the December 2019 revision of the form. There have been several significant updates. First, the dollar limitation on premiums increased to $200,000 and is no longer limited to 25% of the individual’s retirement account balance. The dollar […]
The IRS recently released its 2024 Instructions for Forms 1099-SA and 5498-SA. These instructions cover reporting of distributions from an HSA, Archer MSA, or Medicare Advantage MSA, and HSA, Archer MSA, or Medicare Advantage MSA Information. Both forms and the instructions are part of the IRS Continuous Use set, which means that these forms and […]
Colorado imposes a retail delivery fee on all deliveries by motor vehicle in the state with at least one item of tangible personal property subject to state sales or use tax in the order. The fee amount may be adjusted for inflation each year. For the period of July 2024 to June 2025, the total […]
Colorado imposes a Daily Vehicle Rental Fee on motor vehicle rentals 30 days or less and certain car sharing rentals. The rate may adjust for inflation each year. For the period of July 2024 to June 2025, the fee amount will increase to $2.23 from $2.13. Further information concerning the fee may be found here.
Maryland will waive penalties and interest for late withholding for Maryland businesses from January 1 to May 31, 2024, in the wake the Key Bridge collapse. Provided payments are made by May 31, 2024, any late payments during that period will not be subject to late penalties or interest. The waiver is automatic and applies to […]
The IRS recently released its 2024 Instructions for Form 1099-B, the form for reporting proceeds from broker and barter exchange transactions. The updates to the instructions were primarily editorial in nature, including removing references to the yearly General Instructions for Certain Information Returns and replacing them with references to the “current” year, and replacing some […]
Beginning January 1, 2024, Oregon requires individuals to report the hiring of independent contractors. Although the law is effective January 1, 2024, reporting is not required until Oregon releases additional guidance. Oregon plans to release additional guidance in Spring 2024. Until then, Oregon is conducting a soft launch of the independent contractor reporting requirements. Employers and payers who wish to […]
The IRS recently released its 2024 Form 1099-B. The 1099-B is for the reporting of proceeds from broker and broker exchange transactions to the IRS. Brokers or barter exchanges must file Form 1099-B for a variety of transactions including sale of stocks and commodities, receipt of stock or property from a corporation that the broker […]
On March 21, 2024, Wisconsin Governor Tony Evers signed Assembly Bill 29 which creates a sales and use tax exemption for precious metal bullion. The bill defines “precious metal bullion” as coins, bars, rounds, or sheets that contain at least 35 percent gold, silver, copper, platinum, or palladium that are either marked with weight, purity, […]
Virginia enrolled legislation, HB 1429, allows local governing bodies to exempt “indoor, closed, controlled-environment commercial agriculture facility” farm machinery, farm equipment, and farm implements from sales tax effective July 1, 2024. “Indoor, closed, controlled-environment commercial agricultural facility” is inclusive of greenhouse or vertical farming. For more information, please find the enrolled legislation here.
The IRS recently published an updated version of Form 15397, Application for Extension of Time to Furnish Recipient Statements. This form replaces the previous process for requesting an extension of time to furnish recipient statements as outlined in the General Instructions for Certain Information Returns, and was recently introduced with little fanfare for tax year […]
Indiana Governor Eric Holcomb signed SB 228, effective retroactively starting January 1, 2024, to remove the 200 or more separate transactions threshold for establishing economic nexus within the state. Retail merchants receiving gross revenue from sales of more than $100,000 into Indiana within the current calendar year or the preceding calendar year threshold remains. More […]
The IRS recently released its 2024 update to Form 1098-E, the form used to report student loan interest to the IRS. Year to year, this form changes very little generally. This year, the changes follow much the same pattern that most updates for 2024 have seen. For the copies of the Form itself, the only […]
In 2023, Nebraska Governor Pillen approved the Good Life Transformational Project Act (LB 727), which allowed local jurisdictions to apply to become a “good life district” (GLD). If approved by the Department of Economic Development, any transactions occurring in such districts would be subject to a reduced sales tax rate of 2.75%. During communications with […]
The IRS recently published Form 15397, Application for Extension of Time to Furnish Recipient Statements. This is the first iteration of the form and is meant to replace the previous procedure for requesting an extension of time to furnish recipient statements. That process is detailed in the General Instructions for Certain Information Returns and involves […]
The IRS recently released an updated version of Form 1099-K, the form used to report payment card and third-party network transactions, and its accompanying instructions. Changes to the form itself were minimal, falling in line with changes made to several other forms in the 1099 series. These include adding a notice about the 10 form […]