Regulatory Analysis
The IRS recently updated Form 1099-NEC (Nonemployee Compensation). Beginning with tax year 2025, excess golden parachute payments to non-employees will be reported in Box 3 of Form 1099-NEC. Previously, excess golden parachute payments were reported in Box 14 of 1099-MISC and Box 3 of 1099-NEC was reserved for future use. The Form 1099-NEC revision date […]
On March 11, 2025, the United States House of Representatives passed H.J.Res. 25, which provides for congressional disapproval of the DeFi crypto regulations published on December 30, 2024 (89 Fed. Reg. 106928). On March 4, 2025, the United States Senate passed an identical bill, S.J.Res 3, disapproving of the regulations. Titled “Gross Proceeds Reporting by […]
On 12 March 2025, Greece’s Independent Authority for Public Revenue (AADE) and the Ministry of National Economy and Finance published Decision A.1046/2025, amending the scope and requirements of the country’s e-transport document framework. The mandatory e-transport framework, introduced in 2024, requires taxpayers to submit transport data to the myDATA platform and obtain authorization from the […]
The Ministry of Finance in Angola is preparing a draft law to introduce mandatory invoicing – whether electronic or not – through certified software. Such certified software must be able to submit invoice data in real-time to the General Tax Administration of Angola (AGT) and generate a billing SAF-T file. If the draft law is […]
The IRS recently released the 2025 General Instructions for Forms W-2 and W-3. There are several notable updates. The due date for filing the 2025 W-2 with the Social Security Administration (SSA) has been updated to February 2, 2026 because the statutory due date of January 31 falls on a Saturday. The information about requesting […]
The Council of the European Union has now formally adopted Council Implementing Decision 2025/502, officially authorizing Greece to introduce a country-wide B2B e-invoicing mandate. According to the Decision published today, Greece is permitted to implement mandatory B2B e-invoicing for domestic transactions between taxpayers established in Greece. The Greek government has already implemented mandatory B2G e-invoicing, […]
Effective April 1, 2025, The Arizona Department of Revenue is increasing the maximum fee per tire from $2.00 to $4.66 per tire. The fee for new vehicles (where the price of the tires is not listed separately on the invoice) is increasing from $1.00 per tire to $2.33 per tire. The applicable 2.0% tax on […]
Utah recently released details pertaining to legislation that decreased the Prepaid Wireless 911 Service Charge from 4.90% to 4.33% effective January 1, 2025. Sellers are required to collect the Prepaid Wireless 911 Service Charge on all sales of prepaid wireless service and minutes. Sellers must remit the collection of such charges to the State Tax […]
Croatia has published a Draft Law on the Law on Fiscalisation and opened a Public Hearing from 27 February 2025 to 25 March 2025. The draft law broadens the current Fiscalisation framework by introducing mandatory domestic B2B and B2G e-invoicing and a real-time continuous transaction control (CTC) system for reporting invoice data to the tax authority across B2B, B2G, and B2C transactions. […]
The Saudi Arabian Tax and Customs Authority (ZATCA) announced the 21th wave of Phase 2 of the e-invoicing initiative. The 21th wave includes taxpayers whose revenues subject to VAT exceeded (SAR 1.25 Mn) (approximately USD 333K) during 2022 or 2023 or 2024. Taxpayers within this group are expected to integrate with the system as of November 30, 2025. Phase 2 of the e-invoicing […]
The New York State Department of Taxation and Finance recently published the new Publication 72.5 (Electronic Reporting of NYS-45 Information) for quarterly reporting. Beginning March 21, 2025, Publication 72.5 specifications will be used to file all three parts of NYS-45 in a combined report through NYS-45 Web Upload. The NYS-45 Web Upload is used to […]
Maryland recently released its 2025 Employer Withholding Guide. Changes have been made to reflect the transition to Maryland’s new portal, Maryland Tax Connect (MTC). References to MTC have replaced references to bFile throughout. Three options for filing MW-508 and W-2/1099 through MTC have been added to the guide: Bulk Filer, Transmitter User, or manual key […]
New York recently updated the webpage it maintains for upcoming changes to its withholding requirements. By March 2025, New York intends to significantly overhaul its withholding and wage reporting requirements. The following updates were observed: For NYS quarterly reporting, Publication 72.5 has not yet been released but is expected to be released soon. This publication […]
South Carolina recently released Information Letter 2024-16 (Tax Legislative Update for 2024). The letter includes legislative updates to South Carolina’s income tax withholding rates, effective July 2, 2024, and beyond. Under the new legislation, income tax must be withheld at the maximum individual tax rate – instead of 7%- for the following types of income: […]
New York recently updated Publication 66 (Electronic Reporting of Form NYS-1 Information). This change is part of an overhaul of New York’s withholding reporting processes. There are significant changes to the guide. References to Publication 83 have been replaced with references to Publication 63 throughout the guide. The address for mailing NYS-1-V (Payment Voucher for […]
The VAT in the Digital Age Package (ViDA) has been adopted by the EU 27 months after it was initially proposed by the Commission in late 2022. The package includes a directive, regulation, and implementing regulation, focusing on three key areas: digitalizing VAT reporting by 2030, requiring online platforms to collect VAT on short-term accommodation […]
The Philippines Bureau of Internal Revenue (BIR) has published Revenue Regulations 11-2025, which implement changes to existing e-invoicing and CTC e-reporting obligations. The officially published regulation includes a few changes compared to its draft version. The amendments made in the official version include: Broader Taxpayer Scope: Taxpayers classified as Large Taxpayers under Republic Act No. […]
On 11 February 2025, the Financial Administration of the Republic of Slovenia (FURS) published a new draft law regarding the introduction of mandatory B2B e-invoicing. This new draft proposes changes to the previously issued proposal announced by the Slovenian government in 2024, which aimed to introduce both mandatory B2B e-invoicing and CTC e-reporting starting in […]