Regulatory Analysis
Country-by-Country News The Final Countdown to Mandatory eInvoicing in Italy September 1 marked the second milestone of the entry into force of the Italian eInvoicing mandate – this time targeting certain B2C goods purchased by non-EU citizens over a certain amount. But crucially, it also marked the three month, or 122 day, countdown to the […]
Washington’s Department of Revenue announced new rules for remote sellers and marketplace facilitators. Beginning October 1, 2018, remote sellers and marketplace facilitators making $100,000 worth of sales or 200 retail transactions, in Washington will be required to collect and remit sales tax, mirroring the standard recently validated by the Supreme Court in the SD v. […]
Washington’s Department of Revenue has announced new rules for remote sellers and marketplace facilitators. Beginning October 1, 2018 remote sellers and marketplace facilitators making $100,000 worth of sales, or 200 retail transactions, in Washington will be required to collect and remit sales tax on those sales, consistent with the threshold applied by the South Dakota […]
On July 27, 2018, the Nebraska Department of Revenue announced their intention to enforce sales tax collection on remote sellers starting January 1, 2019. The Department plans to enforce a threshold similar to what was seen in the Supreme Court’s Wayfair decision; remote sellers that have sales exceeding $100,000 or more than 200 transactions, annually […]
The IRS has released a draft for a new information return form that has been created as a result of the recently-passed Tax Cuts and Jobs Act. The new form is 1099-SB, Seller's Investment in Life Insurance Contract. Form 1099-SB, which will be used for TY 2018 filing, will be used by insurance companies to report the policy number assigned to […]
The Minnesota Department of Revenue has updated their “Forms and Instructions for Tax Year 2018,” “Information for Individuals,” and “Information for Businesses,” FAQ pages to include new information regarding 2018 returns. The “Amending 2017 Returns” FAQ page has been updated as well. Changes in the “Information for Individuals” FAQ address questions regarding itemized deductions and how […]
California has released Form 592-F and its instructions. Form 592-F is used to by partnerships and limited liability companies (LLCs) to report the total withholding for the year and to allocate income and related withholding to the foreign partners or members. There are no changes to Form 592-F. Changes to the Instructions to Form 592-F […]
The Minnesota Department of Revenue (DOR) has announced that beginning January 1, 2019, filers will no longer be able to use the Electronic Data Exchange (EDE) system to submit W-2 and 1099 files. The e-Services system has been enhanced to allow submissions of EFW2 and IRS 1220 files. Files may be compressed (.zip), and can […]
Ohio has released its specifications for the reporting of W-2s via magnetic media. The revised specifications largely mirror the federal specifications published by the Social Security Administration. Record changes: A new box 12 income code, GG, is used for Qualified Equity Grants Under Section 83 reported in: RO Record positions 122-132 RU Record positions 160-174 A […]
The IRS has released a draft for a new information return form that has been created as a result of the recently-passed Tax Cuts and Jobs Act. The new form is 1098-F, Fines, Penalties, and Other Amounts. Form 1098-F, beginning on January 1, 2019, will be used by a government or government entity to report fines, penalties, […]
The IRS has released the 2018 Form 1099-R. The form is used to report distributions from pensions and annuities, IRAs, insurance contracts, etc. to the IRS. There are a number of changes from the previous revision: All references to Form 1040A have been removed because of updates that will be made to Form 1040 New […]
The IRS has released the 2018 AIR Business Rules. There are a number of changes from the previous revisions: Form 1094-B Business Rules Changes: No changes Form 1094-C Business Rules Changes: Deleted Rules 1094C-011, 1094C-012, 1094C-015-01, 1094C-016-01, 1094C‐021, 1094C‐022, 1094C‐024, 1094C‐025, 1094C‐045‐01, 1094C‐048, 1094C‐050, 1094C‐060‐01, 1094C‐061, 1094C‐063‐01, 1094C‐064, 1094C‐081 New Rules 1094C‐045‐02, 1094C‐048‐01, 1094C‐050‐01, 1094C‐060‐02, […]
The IRS has released the 2018 Draft Form 1095-B. This form is used to report Affordable Care Act information to the IRS. The only change to Form 1095-B is that In Part III, Covered Individuals, column A is now divided into three separate sub-columns: First name, middle initial, and last name. Please click here to view a […]
The IRS has released the 2018 AIR XML Schemas and Business Rules. There are a number of changes from the previous revisions: Form 1094-B XML Schema Changes: New addition, “Choice: CountryCd or CountryNm” If ForeignAddressGrp is present, there is a required choice between CountryCd or CountryNm Form 1094-C XML Schema Changes: New addition, “Choice: CountryCd […]
New Jersey has recently released an updated version of the 2018 Income Tax Withholding Instructions. This publication provides instructions for calculating, reporting, and remitting withholding tax for those with withholding obligations in New Jersey. There are a small number of changes from the previous revision, which are listed below. "Rate Tables" show an updated date, for withholding […]
The IRS has announced final regulations that will allow filers or transmitters of an information return on the Form W-2 series (except Form W-2G) or a form reporting nonemployee compensation (1099-MISC) to request only one non-automatic 30-day extension of time to file the information return beyond the due date. No additional extension of time to […]
The Kansas Department of Revenue recently updated Publication KS-1216, Business Tax Application. This form and its instructions are used to register new businesses with the Kansas Department of Revenue for business tax purposes, including withholding tax. The most recent update has added the option to file by phone via TeleFile. TeleFile can only be used […]
The Pennsylvania Department of Revenue recently updated their W-2 and 1099 Employer Withholding Reporting Instructions and Specifications Handbook for 2018. This most recent update follows an update in May 2018, where a significant overhaul to the specifications was made in order to account for updates to the reporting criteria. This most recent update includes a […]