On April 10, 2025, President Donald Trump signed House Joint Resolution 25 (H.J. Res. 25) into law, officially nullifying an IRS rule that sought to impose stringent tax reporting requirements on decentralized finance (DeFi) platforms. DeFi platforms are platforms and services that facilitate digital asset transactions without taking custody of assets. The IRS DeFi regulations, “Gross […]
The Colorado Department of Revenue has recently issued Colorado General Information Letter No. GIL-25-002, 02/10/2025 which provides that fees charged for electric vehicle charging are exempt from sales tax as discrete, one-time sales of electricity that do not constitute an “electric service.”
The IRS recently released an updated version of Form 1099-Q (Payments from Qualified Education Programs). This form is used to report distributions from qualified tuition programs (QTPs) under section 529 and Coverdell education savings accounts (CESAs) under section 530. Most notably, a new checkbox has been added to Box 4 and labeled 4b for reporting […]
Effective April 2, 2025, Texas updated Rule §3.330 which expands the definition of “data processing service” which represents the computerized entry, retrieval, search, compilation, manipulation, or storage of data or information. The definitional change largely represents a codification of less formally published rules and requirements. In addition, effective October 1, 2025, marketplace provider services may […]
The Kentucky Legislature recently passed HB 2, which was initially vetoed (in full) by the Governor on March 25, 2025 but was successfully overridden on March 27, 2025. Effectively, a broad-based exemption for bullion and currency now exists under HB 8 (2024) with a retroactive effective date of August 1, 2024. The Kentucky Department of […]
Colorado imposes a Daily Vehicle Rental Fee on motor vehicle rentals 30 days or less and certain car sharing rentals. The rate may adjust for inflation each year. For the period of July 2025 to June 2026, the fee amount will increase to $5.23 from $5.34. Further information concerning the fee may be found here.
Virginia recently enacted HB 2675 & SB 871, which extends the Virginia sales tax exemption for certain advertisers that purchase print materials in Virginia, distribute the materials outside the state, and meet other specified requirements through July 1, 2028. Previously, the exemption was set to expire July 1, 2025.
Virginia recently enacted SB 1369 & HB 1698, which extends the Virginia sales tax exemption for prescriptions medicines purchased, administered, or dispensed by veterinarians through July 1, 2028. Previously, the exemption was set to expire July 1, 2025.
Through the enactment of SB 942 & HB 1729, the Virginia sales tax exemption for parts, engines, and supplies used for maintaining, repairing, and reconditioning aircraft has been extended to July 1, 2030. Previously, the exemption was set to expire July 1, 2025.
The City of Elim has completed the process to join the Alaska Remote Sellers Sales Tax Commission (ARSSTC). Sellers must begin collection on 5/1/2025 and forms for filing will be updated to include Elim on 6/1/2025.
Woodland Park, CO passed Ordinance No. 1493 on March 10, 2025. The ordinance reduces the city sales tax rate from 4.09% to 3% effective March 11, 2025. More information may be found here.
The IRS recently updated Form 1099-NEC (Nonemployee Compensation). Beginning with tax year 2025, excess golden parachute payments to non-employees will be reported in Box 3 of Form 1099-NEC. Previously, excess golden parachute payments were reported in Box 14 of 1099-MISC and Box 3 of 1099-NEC was reserved for future use. The Form 1099-NEC revision date […]
On March 11, 2025, the United States House of Representatives passed H.J.Res. 25, which provides for congressional disapproval of the DeFi crypto regulations published on December 30, 2024 (89 Fed. Reg. 106928). On March 4, 2025, the United States Senate passed an identical bill, S.J.Res 3, disapproving of the regulations. Titled “Gross Proceeds Reporting by […]
The IRS recently released the 2025 General Instructions for Forms W-2 and W-3. There are several notable updates. The due date for filing the 2025 W-2 with the Social Security Administration (SSA) has been updated to February 2, 2026 because the statutory due date of January 31 falls on a Saturday. The information about requesting […]
Effective April 1, 2025, The Arizona Department of Revenue is increasing the maximum fee per tire from $2.00 to $4.66 per tire. The fee for new vehicles (where the price of the tires is not listed separately on the invoice) is increasing from $1.00 per tire to $2.33 per tire. The applicable 2.0% tax on […]
Utah recently released details pertaining to legislation that decreased the Prepaid Wireless 911 Service Charge from 4.90% to 4.33% effective January 1, 2025. Sellers are required to collect the Prepaid Wireless 911 Service Charge on all sales of prepaid wireless service and minutes. Sellers must remit the collection of such charges to the State Tax […]
The New York State Department of Taxation and Finance recently published the new Publication 72.5 (Electronic Reporting of NYS-45 Information) for quarterly reporting. Beginning March 21, 2025, Publication 72.5 specifications will be used to file all three parts of NYS-45 in a combined report through NYS-45 Web Upload. The NYS-45 Web Upload is used to […]
Maryland recently released its 2025 Employer Withholding Guide. Changes have been made to reflect the transition to Maryland’s new portal, Maryland Tax Connect (MTC). References to MTC have replaced references to bFile throughout. Three options for filing MW-508 and W-2/1099 through MTC have been added to the guide: Bulk Filer, Transmitter User, or manual key […]