Regulatory Analysis

Posted September 17, 2024 by Erik Wallin
New Jersey Moves to Exempt Bullion

New Jersey recently enacted S-721. This law provides an exemption for the sale of certain investment metal bullion and coins and is effective starting January 1, 2025.

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Posted September 17, 2024 by Kellianne Munichiello
Mississippi Lowers E-Filing Threshold for 1099 and W-2

Beginning with tax year 2024 returns filed in 2025, Mississippi lowered its electronic filing threshold for filing 1099 and W-2 to 10 or more returns. Previously, Mississippi applied a 25 or more form electronic filing threshold. Mississippi has not yet updated its guidance to reflect this change. The penalty for failure to file electronically when required […]

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Posted September 17, 2024 by Kellianne Munichiello
IRS Updates 2024 Instructions for Forms 1099-R and 5498

The IRS recently updated the Instructions for Forms 1099-R and 5498 to reflect that the 10% tax on early distributions does not apply to distributions for emergency personal expenses, terminally ill individuals, and domestic abuse victims. For Form 1099-R, distribution code 1 should not be used in Box 7 to report these types of early […]

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Posted September 17, 2024 by Kellianne Munichiello
IRS Re-releases 2024 5498

The IRS recently re-released the 2024 5498 (IRA Contribution Information). The instructions for Box 14a and Box 14b were updated to reflect that the 10% tax on early distributions does not apply to distributions for emergency personal expenses, terminally ill individuals, and domestic abuse victims. Repayments made after 60 days for these early distribution types […]

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Posted September 17, 2024 by Robert Beck
IRS Releases 2024 Publication 1220

The IRS recently released its 2024 Publication 1220. This publication contains the filing specifications for the FIRE system to file forms of the 1097, 1098, 1099, 3921, 3922, 5498, and W-2G series. This year, most changes to the publication were editorial in nature, including updates to the year of the document throughout and minor changes […]

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Posted September 16, 2024 by Kelly Muniz
Poland: SAF-T JPK_CIT Possible Postponement

In August 2024, the Polish Ministry of Finance (MoF) adopted a Regulation adding new elements to the JPK_CIT (SAF-T obligation for corporate income taxpayers) and making it a periodic obligation, with a phased roll-out starting 1 Jan 2025, among other provisions. However, on 10 September, the Polish government published a draft regulation to authorize the […]

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Posted September 6, 2024 by Oliver Mavor-Parker
Alabama to Exempt Honeybees October 1

Alabama will exempt honeybees from state sales and use tax starting October 1. The exemption will also apply to honeybee “inputs” and “byproducts”. The exemption will not apply to local taxes, and is set to expire on September 30, 2029.

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Posted September 5, 2024 by Kelly Muniz
Greece: Digital Monitoring of Goods in Transport

The Greek authorities have published the awaited legislation (A. 1122 and 1123 of 2024) requiring taxpayers to submit domestic and cross-border transport document data to the myDATA platform in real-time and to obtain tax authority approval before the start of transportation. Transmission of transport document data has been possible via myDATA, but timelines have now […]

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Posted September 4, 2024 by Oliver Mavor-Parker
Alabama to Exempt Hearing Aids October 1

Alabama will exempt hearing aids from state sales and use tax starting October 1. The exemption will not apply to local taxes, and is set to expire September 30, 2029.

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Posted September 3, 2024 by Victor Duarte
Saudi Arabia: New Taxpayer Group in Scope of Phase 2 of e-Invoicing Announced

The Saudi Arabian Tax and Customs Authority (ZATCA) announced the 15th wave of Phase 2 of the e-invoicing initiative. The 15th wave includes taxpayers with a revenue of at least SAR 4 million (approximately USD 1.06 million) that were subject to VAT during 2022 or 2023. Taxpayers within this group are expected to integrate with the system as of […]

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Posted September 3, 2024 by Bradley Feimer
Alaska: City of Mekoryuk Joins Alaska Remote Seller Sales Tax Commission

The City of Mekoryuk has completed the process to join the Alaska Remote Sellers Sales Tax Commission (ARSSTC). Sellers must begin collection on 10/1/2024 and forms for filing will be updated to include Mekoryuk on 11/1/2024.  

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Posted August 28, 2024 by Marta Sowińska
Poland: KSeF FAQ Updated

The Polish Ministry of Finance (MoF) has updated its FAQs regarding the KSeF e-invoicing system. The main changes are: The new schema FA(3) will be published for public consultation in Autumn 2024; earlier plans indicated September 2024. Changes in the new schema cover the presentation of the payment deadline, adding a new role as an […]

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Posted August 27, 2024 by Marta Sowińska
Poland: SAF-Ts Updates (JPK_CIT/JPK_KR) Final Regulation Adopted

On August 16, 2024, the Polish Ministry of Finance (MoF) adopted the final version of the Regulation amending JPK_CIT, which introduces additional data to be reported on the accounting records. The updated JPK_CIT will consist of two schemas: JPK_KR_PD and JPK_ST_KR. The Act is currently awaiting publication in the official journal and is set to […]

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Posted August 26, 2024 by Mariadelc Aguilar
Ecuador: New Resolution Adds Requirements for Sales Receipts

Through resolution NAC-DGERCGC24-00000028, the SRI establishes the conditions, procedures and percentages of income tax withholding in the commercialization of concentrates and/or metal elements, as well as in the production and commercialization of mineral substances that come from a mining concession. The withholding percentages for marketers may be 2%, 4% and 10% and for concessionaires 1%, […]

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Posted August 23, 2024 by Marta Sowińska
Taiwan: E-Invoicing Updates Regarding e-GUI

The Taiwanese Congress has updated the “Value-Added and Non-Value-Added Business Tax Act” (BTA) to revise the procedures for electronic invoices. These amendments require taxpayers to transmit electronic government uniform invoices (e-GUIs) and all necessary related information to the Ministry of Finance’s (MoF) Integrated Service Platform for storage and verification. The transmission deadlines are 7 days […]

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Posted August 16, 2024 by Robert Beck
Maine Releases 2024 Electronic File Specifications for Form W-2

Maine recently released its 2024 Electronic File Specifications for Form W-2. The specifications allow business filers to format their W-2 bulk files for upload and filing with Maine Revenue Services (MRS) on the new Maine Tax Portal (MTP). There were several non-substantive updates to the document including some rearranging of sections and editorial changes and […]

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Posted August 15, 2024 by Dan Barros
Illinois Eliminates Grocery Tax Effective 2026

Illinois Governor J.B. Pritzker signed House Bill 3144. In this legislation, Illinois eliminated its 1% grocery tax. However, despite eliminating the tax at the state level, Illinois will allow local authorities to impose their own grocery taxes. These changes will take effect January 1, 2026.  

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Posted August 14, 2024 by Kellianne Munichiello
Alabama Expands Overtime Exemption

Alabama recently expanded the types of overtime that qualify for an exemption from personal income taxes and withholding. From January 1, 2024 to September 30, 2024, overtime compensation is exempt from Alabama income tax and withholding if it is paid to full-time hourly employees for working more than 40 hours in a week. Beginning October 1, 2024 […]

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