Regulatory Analysis
Minnesota recently published its 2024 W-4MN (Minnesota Withholding Allowance/Exemption Certificate) and W-4MNP (Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments). Tax year and dollar amounts have been updated throughout both forms. On the W-4MNP, numerous notes have been added to remind payers not to change the withholding arrangement on distributions unless instructed […]
The IRS recently released an update to Continuous Use Form 1099-OID. This form is used for reporting Original Issue Discount to the IRS. Aside from the revision date of January 2024, changes to the form itself are minimal. The Attention page at the beginning of the online document has been updated with the 10-form threshold […]
The IRS recently released an update to Continuous Use Form 1099-INT. This form is used for reporting Interest Income to the IRS. Similar to other continuous use forms that have been updated recently, the 1099-INT has few changes to the form itself. The Attention page at the beginning of the document has been updated with […]
The IRS recently released its 2024 Form 1042-S which is used for reporting Foreign Persons’ U.S. Source Income Subject to Withholding. For the 2024 form update, aside from the form and revision year update to 2024, the only notable change is that Copy E, the Withholding Agent copy has been removed from the online form. […]
In January 2024, the Arkansas Taxpayer Access Point (TAP) portal began accepting 1099 bulk filing in IRS Publication 1220 format. Previously, Arkansas required 1099 filing by CD or the CFS program. As of today, Arkansas 1099 guidance does not reflect the availability of TAP bulk filing and says filers must use CD or CFS, but an Arkansas agent confirmed 1099 […]
New York recently released the 2024 IT-2104 (Employee’s Withholding Allowance Certificate) and IT-2104-E (Certificate of Exemption from Withholding). A QR code has been added to the bottom of the IT-2104. There is also now a clarification on the IT-2104 that residents of New York City includes residents of the Bronx, Brooklyn, Manhattan, Queens, and Staten […]
On December 19, 2023, the proposed changes to the US Code of Federal Regulations relating to the de minimis error safe harbor exceptions to penalties for information returns and payee statements were added to the Code as final regulations. The updates are effective as of the publishing date of December 19, 2023, but are applicable […]
Skagway, Alaska has joined the Alaska Remote Seller Sales Tax Commission as a fully participating jurisdiction for remote sellers to collect and remit general retail sales tax in the locality. Remote seller retail sales tax collection begins effective March 1, 2024. The local ordinance may be found here and information concerning the ARSSTC available here.
On January 17, 2024, the Hawaii Senate introduced SB 2130 proposing to add an additional due diligence mailing for financial organizations. If passed, financial organizations will be required to send written notice “to each person listed in the holder’s records as potentially having an interest in the property, regardless of whether the person is an […]
On January 18, 2024, a draft, IA D 5342, was prefiled. This draft proposes to amend the current unclaimed property law by adding new sections addressing virtual currency and amending the report of abandoned property section of the current law. The changes are as follows. Virtual Currency A definition for virtual currency is added to […]
The Royal Decree of December 17th, 2023, postponing the starting date for the amendments to the Belgian VAT chain was recently published. This postponement follows the enactment of the Law aiming to improve the Belgian VAT compliance chain, of March 12, 2023, which introduced measures concerning the processing of periodic VAT returns and payments. Originally […]
The Indian tax authority’s previously announced plan to block the generation of e-waybills without corresponding e-invoice details, effective from 1 March 2024, has been withdrawn. In India, it is obligatory for taxpayers surpassing a specified threshold to issue electronic invoices for B2B and B2G transactions. Those under the mandatory e-invoicing regime must generate e-waybills for […]
Poland’s Ministry of Finance announced today the postponement of its e-invoicing mandate. Originally scheduled for July 2024, the initiative has been postponed indefinitely due to major errors identified in the KSeF system. The Minister of Finance emphasized that the current technical status of the KSeF system poses substantial challenges, preventing its secure implementation in Poland. […]
Pursuant to a notice issued by the Nigerian Federal Inland Revenue Service (FIRS) on January 15, 2024, the implementation of the Guidelines on Simplified Compliance Regime on VAT for non-resident suppliers of goods to Nigeria through digital platforms, scheduled to commence from January 1, 2024, has been postponed. The postponement is to allow FIRS to […]
The 2024 Finance Budget Law, announced on December 30, 2023, is set to revise Article 995 of the General Tax Code (GTC) and will have an impact on insurance contracts that receive exemption from insurance premium tax (IPT) in France. In 2020, a new exemption was implemented as of January 2021 up until the end […]
FL HB 989 was prefiled on December 21, 2023. This bill proposes sweeping amendments to Florida’s unclaimed property law. The proposed changes are as follows: Definitions New definitions are added for Audit, Audit Agent, Claimant Representative, Electronic, Person, Record, Unclaimed Property Purchase Agreement, Unclaimed Property Recovery Agreement, and Virtual Currency The definition of “Banking Organization” […]
This is to advise that the State of Washington has introduced companion bills addressing unclaimed gift cards. House Bill 2095 and Senate Bill 5988 were prefiled on January 3, 2024, and January 4, 2023, respectively, and both were introduced on January 8, 2024. The bills seek to remove the gift card exemption from Washington’s Unclaimed […]
On 28th December 2023, a new Order was published in the French National Gazette about change of the rates of the so called CATNAT additional contribution relating to the “natural disaster” guarantee for insurance contacts that cover fire damage or any other type of property damage, as well as damage to the bodies of motorized […]