Regulatory Analysis

Posted August 14, 2024 by Robert Beck
IRS Releases 2024 Publication 1141

The IRS recently released its 2024 Publication 1141, the General Rules and Specifications for Substitute Forms W-2 and W-3. Publication 1141 is generally released on an annual basis and gives the requirements of the IRS and the SSA regarding preparation and use of substitute forms for Form W-2 and W-3. Only a few changes were […]

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Posted August 14, 2024 by Kellianne Munichiello
IRS Releases 2024 Publication 1179

The IRS recently released the 2024 Publication 1179 (General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns). Filers should note that the IRS is removing filer copies and instructions from information returns, as evidenced by many 2024 versions of the 1099 series forms. Additionally, the IRS added an […]

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Posted August 14, 2024 by Robert Beck
New York State Announces Information Reporting Updates Coming in March 2025

New York State recently announced several upcoming changes to their withholding tax reporting coming in March of 2025. In an effort to reduce errors and increase compliance for employer reporting of employee information, the NYS Tax Department has instituted a streamlining program for withholding tax and wage reporting for forms and web file applications. The […]

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Posted August 8, 2024 by Mariadelc Aguilar
Mexico: Newly Released Instructions for Completing CFDI with a Carta Porte Supplement Version 3.1

On August 7, 2024, the tax authority published the updated instructions for completing the CFDI, now incorporating the Carta Porte supplement version 3.1 across the Motor Transport, Rail, Maritime and Air modalities. The FAQ section of the document was also updated.

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Posted August 8, 2024 by Dan Barros
Minnesota Imposes 988 Fee

Starting September 1, 2024, Minnesota will impose a prepaid wireless 988 fee of $0.12 per transaction for prepaid wireless telecommunication services. This fee will be collected along with the previously established E911 and Telecommunications Access Minnesota (TAM) fees, for a combined $0.95 per transaction for prepaid wireless telecommunication services.  

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Posted August 6, 2024 by Robert Pelletier
Finland: Standard VAT Rate Increase to 25.5% from September 1, 2024

Pursuant to bill HE 61/2024, the standard VAT rate in Finland increases from 24% to 25.5% effective from September 1, 2024.  

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Posted August 5, 2024 by Edit Buliczka
Denmark: Guarantee Fund Contribution is Payable for Risks in Greenland

On 29 June 2024, the Danish Guarantee Fund (DGF) issued an order on its website for Greenland about contributions to the Guarantee Fund for non-life insurance companies. The order applies to certain life insurance companies as well, however does not apply to non-life insurance companies that only underwrite motor liability insurance in Greenland on a […]

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Posted July 31, 2024 by Dilara İnal
Zambia: Grace Period on e-Invoicing via Smart Invoice System

The Zambian Revenue Authority (ZRA) granted taxpayers a three-month grace period to comply with the e-invoicing obligation through the Smart Invoice System (SIS). Taxpayers were previously required to comply as of July 1, 2024; however, now taxpayers have time until September 30, 2024. The Smart Invoicing System leverages technology to monitor real-time transactions, aiming to […]

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Posted July 31, 2024 by Mariadelc Aguilar
Argentina: Update on Billing Amounts to Identify Final Consumers in Receipts

The tax authority updated the billing amounts that require detailed information about the receipt recipient when the recipient is the final consumer. This measure is intended to strengthen the control regime for issuing receipts. The data must be specified when the invoiced amount is equal to or greater than $344.488 ARG (approximately $370.00 USD) and […]

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Posted July 30, 2024 by Robert Pelletier
Vietnam: Extension of Temporary 8% Standard VAT Rate Reduction until December 31, 2024

Pursuant to Decree 72/2024/ND-CP as published on June 30, 2024, supplies of goods and services subject to the standard 10% VAT rate will continue to apply the temporary 8% standard VAT rate until December 31, 2024. The 2% VAT rate reduction, which was previously set to expire on June 30, 2024, has been extended by […]

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Posted July 30, 2024 by Marta Sowińska
Saudi Arabia: New Taxpayer Group in Scope of Phase 2 of e-Invoicing Announced

The Saudi Arabian Tax and Customs Authority, ZATCA, announced the 14th wave of Phase 2 of e-invoicing. The 14th wave covers taxpayers with at least SAR 5 million (app. USD 1.3 million) revenue subject to VAT for 2022 or 2023. Taxpayers within this group are expected to integrate as of 1 February 2025. Phase 2 of e-invoicing introduces additional requirements for […]

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Posted July 29, 2024 by Dilara İnal
Oman: Postponement of e-Invoicing Rollout

The Sultanate of Oman Tax Authority announced the launch of a a VAT e-invoicing system in 2023. The plan to introduce mandatory B2B e-invoicing has been postponed to sometime in 2025. Initially, the plan was to roll out the system voluntarily in April 2024, with a mandatory schedule for large entities operating within the country starting in October […]

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Posted July 29, 2024 by Mariadelc Aguilar
Peru: The Tax Authority Issued Resolution to Postpone Sales and Income Registry and Purchase Registry

On July 21, 2024, the Peruvian Official Gazette published Superintendence Resolution No. 000145-2024. This resolution postpones the requirement for certain subjects to maintain the Sales and Income Registry and the Purchase Registry through the Integrated Electronic Records System (SIRE) from August 2024 to January 2025.

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Posted July 26, 2024 by Carolina Silva
Malaysia: CTC Mandate Flexibilization

The Inland Revenue Board of Malaysia (IRBM) released a press note and updated documentation introducing a set of measures for the flexibilization of the upcoming e-invoicing obligation, as listed below. Please note, however, that there has been no postponement of the mandatory go-live date, which remains as 1 August 2024. Issuance of consolidated e-invoice for all transactions: […]

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Posted July 24, 2024 by Dilara İnal
Israel: New Invoicing Documentation Published

The Israeli Tax Authority (ITA) has released a new version of its documentation on invoicing services. The updated document introduces enhanced services and explains alternative methods to follow in case of a delay after the submission of invoice data. Israel implemented its Continuous Transaction Control (CTC) clearance mandate in May 2024. Under this new system, […]

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Posted July 23, 2024 by Jesse Rooney
California Announces Available Extensions for Payroll Taxes for those Affected by Disasters

California’s Employment Development Department (EDD) has announced available extensions for filing state payroll records and depositing state payroll taxes for counties affected by disasters. Following Gov. Newsom’s proclamation ending several states of emergency, the EDD has announced those in affected counties may request two-month extensions for filing and payment. The affected counties include Butte, Los […]

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Posted July 23, 2024 by Kellianne Munichiello
SSA Releases 2024 EFW2 / EFW2C: New Fields for Box 12, Code II Payments

The Social Security Administration (SSA) recently released the 2024 versions of the EFW2 (Specifications for Filing Forms W-2 Electronically) and EFW2C (Specifications for Filing Forms W-2c Electronically). Most notably, both specifications include new fields for reporting Medicaid waiver payments that are excluded from gross income. These payments are reported in Box 12 under Code II […]

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Posted July 23, 2024 by Robert Beck
South Carolina Updates Batch Filing Program For Withholding Quarterly Tax Returns Specifications

South Carolina recently updated publication WH-405, its specifications for the state’s batch filing program for quarterly tax returns. This is the first update to the publication since August of 2021. While the specifications themselves remain unchanged, the document contains added information about how to file using the MyDORWAY system rather than the GoAnywhere system which […]

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