Regulatory Analysis
The IRS recently issued a correction to their 2017 Instructions for Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. The 1042-S is generally used to report payments from U.S. sources to foreign persons. The IRS corrections relate to income codes on page 21 of the 2017 Instructions for Form 1042-S. Income Code 54 […]
On September 14, 2017 the Italian Ministry of Economy and Finance published the updated lists of companies that qualify for the revised split payment system. The updated lists cover changes to two categories of companies that are subject to the split payment system in Italy: Companies lawfully controlled by the Presidency of the Council of Ministers and […]
The Dutch government has released its Tax Plan for 2018, which includes three provisions relating to the VAT law. First is the abolition of the special scheme for agriculture. The government's explanatory memo states that this plan is being abolished because the modernization of farming has led agricultural businesses to more closely resemble other businesses, thus obviating […]
The North Carolina Department of Revenue has released an information bulletin detailing important information about withholding tax as it relates to employers, pension payers, and other relevant parties. Of particular importance are changes relating to the filing of Form NC-3, the Annual Withholding Reconciliation form, and a change to the withholding rate for Tax Year […]
The IRS has recently released Proposed Regulation REG-105004-16, which would allow the use of truncated Taxpayer Identification Numbers (TINs) on Forms W-2 furnished to employees. The main thrust of this proposal would be to aid employers’ efforts to protect employees from identity theft, and these proposed regulations would amend existing regulations to permit employers to […]
Missouri’s Department of Revenue has released electronic guidelines for electronic filings of W-2s and 1099s. This follows a prior announcement that employers filing 250 or more W-2s for tax year 2017 will need to file with the Department electronically by January 31, 2018. The Department will continue to accept W-2s from employers with fewer than […]
Last week, Her Royal Majesty’s Revenue and Customs (HMRC) announced the opening of a consultation period regarding the current legislation for the “Making Tax Digital” initiative, which is slated to take effect from April 2019. In its announcement, HMRC provided links to summaries regarding the current content of related legislation, and alerted consumers that they have […]
The Croatian Ministry of Finance has issued clarifying guidance related to the VAT exemptions available to non-profit entities under Article 39(1)(m) of the Croatian VAT Act. Section 1(m) of Article 39 states that "services closely related to sport or physical education performed by non-profit legal persons, to persons engaged in sport or participating in physical […]
The Treasury Department of Puerto Rico issued Circular Letter 17-18 announcing another postponement of certain deadlines relating to the payment and filing of taxes – including sales tax. The postponements are intended to give businesses opportunity to recover from the possible effects of Hurricane Maria. By way of a quick summary: The deadline for the […]
On September 18, 2017, the Governor of Puerto Rico declared again a commonwealth-wide state of emergency related Hurricane Maria, which is on track to impact the island. Under existing law, should this “state of emergency” turn into a “disaster declaration” the Puerto Rico Department of Revenue retains the authority to temporarily suspend state and local sales […]
The Australian Treasury has recently introduced the Treasury Laws Amendment (2017 Measures No. 6) Bill 2017, which alters the GST treatment of digital currency. In an effort to promote more international commerce business in Australia, the proposed bill removes the GST obligations from digital currency effectively putting such currency on even footing with any other physical currency in circulation. More […]
The Cayman Islands’ Department for International Tax Cooperation closed its AEOI portal on September 13. The portal was originally scheduled to be closed on August 31 in line with the Department’s deadline for AEOI reporting, but the Department kept the portal open until September 13 to accommodate late filers. The Department stated that it will […]
On September 13, the South Dakota Supreme Court affirmed a lower court decision limiting the ability of the state to tax e-commerce sellers. This decision continues the prohibition against enforcing SB 106 – the South Dakota “economic nexus” law which imposes a sales tax collection and remittance duty on out-of-state sellers based solely on their […]
Ketchikan Gateway Borough, Alaska, has enacted a one-day Sales Tax Holiday effective on October 7, 2017, in the Ketchikan Gateway Borough and the city of Ketchikan. The holiday applies to all sales and rentals of tangible personal property and services normally subject to sales tax except in the following five instances: Rentals with rental periods of […]
The IRS recently published a reminder to foreign financial institutions (FFIs) to renew their FFI agreements. In IR-2017-153, the IRS warns FFIs that if they do not complete their renewal of their FFI agreement by October 24, 2017, they will be treated as having terminated their FFI agreement as of January 1, 2017. This means any […]
The Commonwealth of Massachusetts recently certified several Initiative Petitions filed by the Retailers Association of Massachusetts. The Association will have until December 6, 2017 to collect the requisite amount of signatures for any petition to appear on a ballot. The Initiative Petitions are as follows: Initiative Petition 17-19 – Would reduce the state sales and […]
The Treasury Department of Puerto Rico issued Circular Letter 17-13 announcing the postponement of certain deadlines relating to the payment and filing of taxes – including sales tax. The postponements are intended to give businesses opportunity to recover from Hurricane Irma. By way of a quick summary: Sales tax, income tax and excise tax filings […]
In a posting on their website, the Arizona Department of Revenue announced that Forms A1-R and A1-APR (and any relevant 1099/W-2G/W-2 forms) will be due January 31, 2018 for tax year 2017. This change is effective for tax year 2017 and forward, and brings the filing date in line with the federal standard. While the Arizona DOR […]