Regulatory Analysis
North Carolina has published an updated Income Tax Withholding Tables and Instructions for Employers (NC-30) booklet for TY 2020. See below for details on changes. The 4% mandatory withholding requirement has been applied to all personal services for non-wage compensation. Previously this only applied to non-resident contractors. Withholding needs to be taken out […]
Massachusetts has released a number of notices and publications, as detailed below. Tax Rate Massachusetts announced that effective as of January 1, 2020, the state income tax rate will drop from 5.05% to 5.0%, affecting withholding rates. For the news page, click here. View the full release here. Interest Rate In Technical Information Release 19-18, Massachusetts has announced […]
Pennsylvania has released updated versions of its W-2/1099 CSV reporting instructions and specifications and EFW-2/EFW-2C. The only change was that the effective date of the specifications has been changed to after January 21, 2020, after which time all files uploaded must reflect the changes in the handbook. To view the full W-2/1099 CSV instructions and specifications, click here. […]
The Illinois Department of Revenue recently released their Electronic Filing Specifications for Forms W-2 and W-2C, which provide general instructions and state-specific specifications for filing these forms with the state. The updates to these specifications revolve around the removal of the web upload option for filing electronically. All electronically filed W-2 records must be transmitted […]
Georgia has released its Employer’s Tax Guide, updated for TY 2020. Additionally it has released TY 2020 updated G-7M, G-1003, GA-V, and G-7Q forms, respectively the Quarterly Return for Monthly Payers, Income Statement Return, Withholding Payment Voucher, and the Georgia Quarterly Return for Quarterly Payers. Employer’s Tax Guide Link Applies tax laws as of January […]
Colorado has released a new publication, the Wage Withholding Tax Guide. With the release of this document, Colorado has incorporated the FYI #5 and FYI #6 into a single unitary tax withholding guide. Directions in the new publication have been edited for clarity and consistency but in terms of processes, thresholds, frequencies and other information, […]
West Virginia has issued a revised publication and form, TSD-436 and IT-103 (Requests For Waiver Of Electronic Filing And Payment Requirements and West Virginia Withholding Year End Reconciliation, respectively). The changes are outlined below. TSD-436 Language updated in the Background section explaining that for returns filed on or after January 1, 2019, any person required to […]
California Franchise Tax Board (FTB) Information Returns filing requirements updated. California no longer strictly following Federal guidelines. New requirements are: You need to file an information return with California if: The recipient is a California resident or part-year resident The source of a 1099 transaction was in California.
Alabama will hold its annual Weather Preparedness Sales Tax Holiday from Friday, February 21, 2020 through Sunday, February 23, 2020, giving shoppers the opportunity to purchase certain severe weather preparedness items free of state and certain local sales tax when the cost per item is $60 or less, or in the case of portable generators […]
As previously reported, the Louisiana legislature passed House Bill 560 this year, which imposed a new tax on certain CBD products effective January 1, 2020. Based on recent guidance released by the Department of Revenue (DOR), it’s now clear that the new tax is not applied at the point of retail sale. Rather, it’s properly […]
The Massachusetts Department of Revenue recently released its W-2 Handbook. This booklet contains instructions and specifications for filing W-2 reports with the state electronically. The most significant change to this booklet and its specifications lies in the RS (State) Record for W-2 reporting: positions 360 – 370 were revised to accommodate Federal Mass Wages, while […]
Michigan recently enacted legislation requiring to collect tax on behalf of marketplace sellers once they meet certain thresholds. Marketplace facilitators must collects tax when they facilitate gross sales of $100,000 or more or when they facilitate 200 or more separate transactions for the sale of tangible personal property to purchasers in Michigan during the previous […]
Changes to 1099/W-2G instructions were confined to the “What’s New” section. These changes explain the changes to the federal 1099-B and 1099-G forms as posted in the IRS’s 1220 Publication. What’s New: Form 1099-B, Proceeds from Broker and Barter Exchange Transactions Payee “B” Record: Field Position 620 – Applicable Checkbox for Qualified Opportunity Fund (QOF) […]
VA released W2 and 1099 specs for TY 2019. This publication contains specifications for reporting W2s and 1099s. There are several updates to this publication which are as follows: P. 4: Amending Data Web Upload does not currently accept the W2C format. If you are correcting a wage amount or amount withheld, fix the incorrect amount in […]
New York has released its 2020 “Withholding Tax Tables and Methods,” which contains withholding tables for 2020. The revised tables go into effect January 1, 2020. To review the tax tables, please follow this link.
The Illinois Department of Revenue recently published Informational Bulletin FY 2020-14 which details a new state filing requirement for Federal Form 1099-K. Federal Form 1099-K reports certain payment card and third party network transactions, and any entities issuing this form to Illinois payees will now be required to file those reports with Illinois. Beginning with […]
The Connecticut Department of Revenue Services recently released updated specifications for information returns which include 1099 and W-2 reports. These publications not only include electronic filing specifications, but also include instructions and information relevant to filing for the upcoming information returns deadline of January 31, 2020. While the specifications remain largely unchanged from the prior […]
The Canada Revenue Agency recently published their TY 2019 (calendar year 2020) specifications for reporting information returns electronically. These specifications are used to transmit information returns like the T5 and T5008 slips to the CRA electronically. There were a number of changes to these specifications from TY 2018, a selection of which are listed below: […]