Regulatory Analysis
The Governor of Pennsylvania has recently signed the fiscal year revenue plan proposed under PA House Bill 542. The plan, which was the product of a spirited debate, creates new compliance obligations on remote sellers. Specifically, the new law requires many marketplace facilitators, marketplace sellers, and remote sellers to notify purchasers of their obligation to […]
Congressman Tom Rice has introduced the New Economy Works to Guarantee Independence and Growth (NEW GIG) Act. The legislation would clarify provision in the tax code that classify workers as either independent contractors or employees. The bill would also alter the reporting thresholds for both Form 1099-K and Form 1099-MISC. For third party network […]
Ireland recently updated its AEOI FAQs. The only significant change involves updated lists of participant countries for years 2017 and 2018.
The Massachusetts Department of Revenue recently enacted a regulation that places a tax collection obligation on e-commerce sellers which became effective on October 1. Sovos laid out the potential ramifications here. In the last several days, Crutchfield Corp. (an internet and catalog retailer headquartered in Virginia) filed a legal complaint in their local court system […]
The North Carolina Department of Revenue recently released specifications for reporting Form 1042-S information through the eNC3 web portal. These specifications are effective beginning on January 1, 2018, and reporting of Form 1042-S data is due on January 31, 2018 for TY 2017. Please note this is earlier than the federal due date for Form […]
Ohio has released the 2018 due dates for employer withholding for state withholding and local school districts. This includes due dates for monthly, quarterly, and partial-weekly filers. The due dates largely remain the same as 2017’s with some modification for those dates that fall on a weekend or holiday.
Nebraska's Department of Revenue recently published "Important Information for Employers and Payors on Preparing Federal Forms W-2." The guidance document informs payors of the proper format for filing W-2 forms with the state. More importantly, the DOR changed the filing date for 2017 electronic filing of W-2s. The new due date is January 31. A […]
Connecticut released the 2017 Electronic Specifications for Submission of State and Local Government Tax Exempt Bond Interest Information. There are a number of changes from the previous revision: New due date: January 31, 2018 New specifications: A separate “A” record for each fund or bond reported. On the “A” record in positions 26-27, use […]
On Oct 24, the Organization for Economic Co-operation and Development (OECD) released guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. The guidance, which is entitled, Mechanisms for the Effective Collection of VAT/GST, relates mostly to design options for effective VAT collection mechanisms and registration systems. […]
On October 13 2017, the Polish Ministry of Finance published a new version of SAF-T structures for VAT-JPK_VAT(3) and announced that transmittals pursuant to the new structure will be required as of January 1, 2018. The new version includes changes to the Heading and Entity identification structures. The new changes in .xsd format are available […]
On October 16, 2017, Italy's Council of Ministers approved the 2018 Budget Bill. The bill proposes two new electronic invoicing requirements for businesses. Starting July 1, 2018, electronic invoices would be required to be submitted through the Sistema di Interscambio for services rendered by subcontractors under a public-service contract, as well as for the sale […]
Jersey recently issued the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Amendment) (Jersey) Regulations 2017 amending the Taxation Regulations 2015. The New Regulations include three key changes: All words and definitions used in the Regulations which have been defined by the CRS shall follow the same definitions established in the CRS The period for […]
The Hellenic Republic (Greece) recently released a series of legislation relating to AEOI reporting under CRS. Decision No. 1135 establishes a list of jurisdictions that Greece plans to partner with under the MCAA. Decision No. 1144 establishes the jurisdictions with which the MCAA is in effect. Decision No. 1130 concerns the designation of Competent Authorities, […]
Switzerland recently issued an updated version of its CRS Technical Guidance, which provides Swiss Financial Institutions with technical descriptions and specifications required for CRS return transmissions. The updated version of the technical guidance contains three (3) main modification: The Length of the MessageRefld is limited to 170 characters Removal of an invalid character from the […]
Pennsylvania recently issued a number of General Information Publications for certain information returns, including the 1099-MISC and 1099-R. The General Information & Specifications: 1099-MISC is an updated version of a previous 1099-MISC Overview that was available on the PA DOR website. It contains much of the same information as its predecessor document, including “Who must File”, “Filing […]
Pennsylvania recently released an updated version of Form REV-1667R, Annual Withholding Reconciliation Statement with Instructions. This form is filed with W-2 and 1099 information sent to the Pennsylvania DOR for the purposes of annual reconciliation of submitted records. The biggest change to the updated form is its title: the previous iteration of REV-1667R was known […]
The Spain Ministry of Finance released the first report detailing business compliance with the new SII mandate. According to the report, the compliance rate is in excess of 90%, meaning that approximately 50,000 businesses are meeting the requirement of providing transactional details to the government on a near-real-time basis. In the last three months, more […]
On October 22, the South Dakota Attorney General Marty Jackley announced the filing of a petition for certiorari, requesting U.S. Supreme Court review of the South Dakota Supreme Court decision in South Dakota v, Waifair, Overstock and Newegg. The state court decision being appealed affirms a lower court decision limiting the ability of the state to tax e-commerce sellers. […]