Regulatory Analysis
In response to the COVID-19 crisis, Puerto Rico declared an emergency sales tax holiday on “Items of First Necessity” from Monday, March 23, 2020 until Thursday, April 30, 2020. During this period, the Puerto Rico sales tax will not apply to the following items: hand sanitizers, personal disinfectants, tissues, masks, household cleaning supplies, gloves, pain […]
Eight local governments in Alaska have enacted ordinances implementing the Alaska Remote Seller Sales Tax Commission’s Uniform Sales Tax Code. They include: Juneau, Wasilla, Kenai Peninsula Borough, Kenai, Seward, Soldotna, Homer and Seldovia. Remote sellers and marketplace facilitators doing business in these locations are required to collect and remit sales tax if their statewide gross […]
Puerto Rico’s revenue department, la Hacienda, has announced that its SURI system for electronic payment and filing of taxes will undergo a system upgrade from February 20 to February 24. The system will be unavailable at that time. As a consideration for this upgrade, la Hacienda is extending the due dates for 2019 informatives due […]
Massachusetts Governor Charlie Baker’s recent FY2021 budget proposal includes sections aimed at modernizing and improving the integrity of sales tax collection in the Bay State. The proposal takes a two-phased approach to modernization in order to improve the speed of current collection and remittance methods. Phase 1: Businesses will be required to remit collections from […]
The IRS recently released an updated copy of the 2019 Form W-4P, Withholding Certificate for Pension or Annuity Payments. This form is used by recipients of pensions, annuities, and certain forms of deferred income to communicate the correct federal income tax withholding to withhold from payments. There is no update to the form itself from […]
West Virginia has released an updated Form WV/IT-101A. See below for changes. Address for State Tax Department updated to P.O. Box 3943, Charleston, WV 25339-3943 but only on the top of the form, not at the “Mail To” address. Language removed: Taxpayers required to file electronically will no longer receive returns for the tax types subject […]
A new bill making its way through the Hawaii legislature could impose tax on remote motor vehicle rental marketplaces. The proposed law would deem certain motor vehicle rental marketplaces (such as those popular on online travel websites) to be lessors and operators responsible for the collection and remittance of motor vehicle rental taxes and surcharges […]
Georgia has enacted marketplace legislation under HB 276. Effective April 1, 2020, marketplace facilitators are responsible for collecting and remitting Georgia sales and use tax when their sales equal or exceed $100,000 in the previous or current calendar year. Facilitated sales and sales made directly by the marketplace facilitator both count towards the $100,000 threshold. […]
The IRS recently announced the implementation of provisions from P.L. 116-94, Division Q, which extends the applicability of Section 163(h)(3)(E) for tax years 2018 through 2020 to provide for the deductibility of mortgage insurance premiums (“MIP”) which are reported on Form 1098. More specifically, MIP aggregating in amounts of $600 or more received during a […]
The Vermont Department of Taxes has released updates to their WHT-436, Quarterly Withholding and Reconciliation and Health Care Contribution form, and their WHT-436 Instructions, Quarterly Withholding Reconciliation. WHT-436 Changes In part III, line 6 has been changed to an un-numbered checkbox, shifting lines 7-12 down one number. The HCC Premium per FTE Exemption, on line […]
New Jersey has updated its NJ Shared Responsibility Requirement page. See below for a detail of some of the important changes. Under the New Jersey Health Insurance Market Preservation Act (HIMPA), employers and providers of coverage must file with the Division of Taxation on or before March 31, 2020. The state has no plans for extensions […]
The California Employment Development Department has released a new version of the DE-4P, Withholding Certificate for Pension or Annuity Payments. This form is used to provide withholding information to withholding agents and account managers for distributions from pension or annuity payments. The only changes to the form occurred on Worksheet B. The following updates were […]
The New Mexico Taxation and Revenue Department recently updated Publication FYI-330, Income and Withholding Information Returns and Filing Methods 2019. This publication provides information on filing requirements for information and withholding returns, use of the Combined Federal/State Reporting System, and electronic specifications for filing information returns with the state. There are a few updates to […]
The IRS has recently provided supplementary instructions for 2019 1042-S forms. These supplemental instructions should be used for reporting in 1042-S forms for tax year 2019. There were two changes: Firstly for box 7c, withholding and reporting performed in the following year against a partner or beneficiary’s share designated for the prior year before March […]
Illinois enacted legislation creating a Cannabis Purchaser Excise Tax and permitting counties and municipalities to impose, by ordinance, a local retailers’ occupation tax on all persons engaged in the business of selling adult use cannabis at retail. CBD products, such as CBD oils, derived from industrial hemp that contain 0.3% or less of THC are […]
The Connecticut Department of Revenue Services recently released updated CT-W3, CT-945, and CT-1096 forms for the 2019 Tax Year. These updates primarily address the addition of the Federal 1099-K taxable income to Connecticut taxable income for TY 2019. A revised version of CT-941 was released for Tax Year 2020. To view any of these forms, click here.
New Jersey has released updated specifications for reporting W-2 information via electronic filing and also its 2020 Income Tax Withholding Instructions. See below for a detailed description of changes. Income Tax Withholding Instructions Modifications have been made to the rules for military spouses working in New Jersey New Jersey employers are now required to give Form […]
Idaho releases 2019 State Tax Commission Information Return 1099 E-Filing Guide. No changes were made to the Guide other than updating for the current tax year. (Rev. 11/26/19)