Regulatory Analysis
The Internal Revenue Service has released Form 4547 (Trump Account Election(s)), along with accompanying instructions. This new form enables authorized individuals to establish initial Trump accounts for eligible children and elect pilot program contributions of $1,000 from the U.S. Treasury. Established under the One Big Beautiful Bill Act (OBBBA), Trump accounts are a new type […]
The Internal Revenue Service has released a second version of Publication 5717 (Information Returns Intake System (IRIS) Taxpayer Portal User Guide) for Processing Year 2026. This update applies to information returns filed in 2026. The maximum number of records per CSV file upload has been increased from 100 to 250, which provides filers with greater […]
The Internal Revenue Service has released Instructions for Form 1098 (Rev. December 2026). These instructions apply to tax year 2026 information returns filed in early 2027. The instructions reflect legislative changes from the One Big Beautiful Bill Act (OBBBA), signed July 4, 2025. The notice that the $750,000 acquisition indebtedness limit was “set to expire” […]
Maryland recently released a tax alert detailing how the federal One Big Beautiful Bill Act (PL 119-21), affects tax in the state. On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (PL 119-21) into law. Maryland has automatically decoupled from several business provisions of the Act and clarified that certain individual […]
The IRS has released form W-2 for tax year 2026, which is used for employment-related payments including income, and withholding. A new box has been added to the form. Box 14b is for reporting the “Treasury Tipped Occupation Code,” used to indicate tips and occupation codes qualifying for tax exemption on tips. New box 12 […]
The IRS added a new webpage explaining that 1099-DA will be excluded from the Combined Federal/State Filing Program for Tax Year 2025. The IRS previously announced this in various other communications, like IRIS working group meetings. The IRS explicitly notes: filers are responsible for meeting state 1099-DA reporting obligations outside of the CF/SF program. See […]
The IRS updated the 2025 Instructions for Form 1099-DA to include a new section, “De minimis rules for certain sales.” The new section provides information on de minimis reporting rules for PDAP (Processor of digital asset payment) sales and optional reporting methods. These rules are not new; the previous version of the instructions omitted them. […]
The New Mexico Taxation and Revenue Department has released new Form TRD-41431 (Workers’ Compensation Fee Return and Employees’ Quarterly Wage and Withholding Report). Effective for reporting periods beginning January 1, 2026, all taxpayers who withhold New Mexico tax from wages, pensions, and annuities are required to file Form TRD-41431. Previously, only employers with more than […]
Effective January 1, 2026, Chicago has increased the rate of its Personal Property Lease Transaction Tax from 11% to 15%. Further changes can be found here.
Ohio HB 186, signed by the governor on Dec 19, 2025, cancel’s the expanded August 2026 sales tax holiday as a part of a legislative package aimed at restructuring property taxes in the state. Historically, the sales tax holiday is over a two week period and broadly encompassing. More information may be found here.
The Canada Revenue Agency (CRA) has released the 2025 edition of Guide T4061(E), NR4 – Non-Resident Tax Withholding, Remitting, and Reporting. The primary change for tax year 2025 is the launch of the Non-Resident Withholding Tax online portal services. In October 2025, the CRA expanded its secure portal services to include online access to non-resident […]
Chicago will reduce its Motor Vehicle Lessor Tax from $2.75 per rental period to $0.50 per rental period. This tax is imposed on the lease of motor vehicles within Chicago on a daily or weekly basis and is charged per the rental period in the lease agreement. This change is effective on January 1, 2026. […]
Beginning January 1, 2026, Chicago will impose a new retail liquor tax of 1.5% on the sale of alcoholic beverages purchased for consumption off the premises where the alcohol was purchased. Further changes can be found here.
The New Mexico Taxation and Revenue Department has released FYI-330, updating guidance on income and withholding information returns and filing methods. Beginning January 1, 2026, all employers must submit annual income and withholding statements (Forms W-2, W-2G, and 1099-R) electronically, regardless of employee count. Filers should note that the Department no longer requires notification that a […]
The IRS has updated Form 8809, used to request filing extensions for information returns including Forms W-2, 1099, 1042-S, and 1095. The most notable update is the addition of the Information Return Intake System (IRIS) as a filing option for automatic 30-day extensions. IRIS will fully replace the FIRE system in January 2027. The IRS […]
The IRS has released Publication 4163 (Rev. 12-2025) for Modernized e-File (MeF) business returns processed in 2026. This publication outlines electronic filing requirements and guidance for returns filed through the IRS Modernized e-File (MeF) platform. There were several key changes in this recent update to the publication, which include the following: Puerto Rico form discontinuation: […]
Effective January 1, 2026, the state level discount available for timely filed sales and use tax returns in Colorado has been removed. This discount is termed as a “service fee” in Colorado. Please note, this change does not impact local level service fees in Colorado. This change is included in the Colorado Department of Revenue’s […]
Effective January 1, 2026, the Colorado Waste Tire Fee on the sale of new motor vehicle and trailer tires will increase to $2.00 from $0.50.