Regulatory Analysis
New Mexico has released two new withholding forms and related instructions. Beginning July 1, 2021 form TRD-41414 is the new wage withholding tax return and form TRD-41409 is the new non-wage withholding tax return. These forms replace the prior CRS-1 semi-annual withholding return form. Where CRS-1 was previously used to report either wage or non-wage […]
Kansas Governor Laura Kelly signed HB 2137 into law on May 19, 2021, making several critical changes relating to the DtC shipping of wine impacting fulfillment houses and DtC Sellers. These changes are immediately effective. Kansas requires both in-state and out-of-state fulfillment houses to register and received a Fulfillment House License. Each location of the […]
Beginning July 1, 2021, the city of Denver, Colorado will impose a $0.10 fee on disposable plastic and paper bags. The fee is not included as a part of the taxable sales price and will be used to help educate customers through information programs and provide free reusable bags. The bag fee was originally set […]
Pursuant to Governor DeSantis signing FL HB 7061, Florida will now have three Sales Tax Holidays in 2021. The Disaster Preparedness Sales Tax Holiday will be held between May 28, 2021 and June 6, 2021, giving shoppers the opportunity to purchase certain disaster and emergency supplies free from state sales tax when the cost per […]
The Washington Department of Revenue has rolled out a new website to make reporting and claiming of property easier. The new website, claimyourcash.org, has features to simplify the claims process: Claims that meet a certain criteria can now be fast tracked and processed within 5 days. The website has a mobile friendly design to make […]
Enacted by signature of the Governor and effective April 28, 2021. These are companion bills with identical wording. These bills make changes to the state’s existing law. The bills can be found here. The amendments to the law will change the date used to determine when property held in a pension or retirement account that […]
Enacted by signature of the Governor on April 29, 2021 and effective July 1, 2021. Due to the cut-off date for the fall cycle, and the lack of a “transitional provision,” this bill will not change holders’ obligations for reporting in 2021. As previously highlighted, this RUUPA bill will replace the state’s existing law. The […]
ND S 2048: Enacted – Variation of the “Revised Uniform Unclaimed Property Act” Enacted by signature of the Governor on April 19, 2021. The bill enacts RUUPA legislation. The bill is effective August 1, 2021. The changes will impact reporting for 2022. The new law has standard RUUPA provisions with a few exceptions. Dormancy for […]
The Michigan Department of Treasury recently published Revenue Administrative Bulletin 2021-5, which details the interest rate for underpayments and over payments for the period beginning on July 1, 2021 to December 31, 2021. The interest rate for this period remains unchanged from the first half of 2021, at an annual rate of 4.25%. To review […]
Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021; with certain provisions applying retroactively to any claims, examinations, or litigation pending as of the effective date. This proposed bill covers three areas: audit practices, Voluntary Disclosure Agreements (VDA’s) and Individual Retirement Accounts (IRA’s). If passed this bill would expand […]
Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021. This bill would add provisions to the Delaware Unclaimed Property Act specifically requiring the reporting and remittance of virtual currency. DE S 103 defines virtual currency as a digital representation of value, including cryptocurrency, that does not have legal tender […]
Enacted and effective by signature of the Governor on April 15, 2021. The bill makes multiple changes to the Revised Uniform Unclaimed Property Act (the “Act”). This bill provides a specific definition of Financial Organization Loyalty Cards and exempts such items from the definition of Property under the Act. CO S 121 also removed two […]
MA Self Review Invitation Letters Update: April 2021 Pursuant to The Massachusetts Unclaimed Property Law (M.G.L.c. 200A), the Commonwealth of Massachusetts, State Treasurer’s Office (the “Commonwealth”) issued a wave of letters inviting companies to participate in their Self-Review Program. The Commonwealth mailed notices to holders believed to be noncompliant with Massachusetts unclaimed property reporting laws and […]
The IRS recently published Notice 2021-21 which extends a number of due dates as a form of relief pursuant to 26 U.S.C. 7508A(a). Due to the ongoing COVID-19 emergency the Secretary of Treasury has been granted the authority to provide relief in the form of extended due dates for certain returns and forms, including the […]
Virginia recently announced the interest rates for underpayments and overpayments of tax for the second quarter of 2021. Virginia bases it’s rates on the federal rates, holding their rates at 2% higher than the federal rates for over and underpayments. As the Federal rates for the second quarter have not changed, Virginia will maintain its […]
Missouri recently added three questions with answers to its Withholding Tax FAQ list. All three questions are regarding the revival of Form 1099-NEC. See the questions below: The first question asked whether the 1099-NEC needed a cover form like the MO-96 covered the 1099-MISC in previous years. The response is that no cover form is […]
Delaware recently released a new instruction sheet for Form W3 annual reconciliations. The instruction set gives box by box and line by line instructions on how to complete the W3 annual reconciliation form. In addition to instructions, the sheet gives the reminder that all employers required to file W-2s and 1099s electronically for federal purposes […]
On February 12, the Maryland Legislature overrode the Governor’s veto of House Bills 932 and 732 of the 2020 legislative session. Under the Maryland constitution, this means that the laws take effect 30 days after the override, or on the date specified in the Bills, whichever is later. As a result, House Bills 932 and […]