Regulatory Analysis

Senator Orrin Hatch and Representative Kevin Brady have each introduced a similar version of the “Healthcare Market Certainty and Mandate Relief Act” (S. 2052, H.R. 4200) in their respective houses. This legislation would suspend the ACA’s individual mandate from 2017 through 2021. It would also lift the employer mandate going back to 2015, thus exempting […]

The Treasury Department of Puerto Rico (Hacienda) issued Administrative Determination 17-26 which creates a sales and use tax exemption for all sales and purchases made by small and medium taxpayers. According to the new rule, all taxpayers with gross revenues during the previous 12 months of $1,000,000 or less will qualify. Under the rule, small business […]

Maine recently published updated Specifications & Instructions for 1099/W-2G forms and W-2 forms. These specifications are used by filers to transmit withholding reporting data to the Maine Revenue Services (MRS) using the MEETRS filing portal. The most notable update is the due date for both 1099s and W-2 forms: MRS has advanced their due date […]

South Carolina recently published the 2017 version of Publication RS1, the Instructions & Specification for Filing Forms W-2. This publication is used by filers to produce and upload withholding reporting information to the South Carolina Department of Revenue, through their MyDORWAY portal. There are a few changes to the publication from the previous version, which […]

Colorado recently released an updated version of its FYI General 11 Publication, Colorado Civil Tax Penalties and Interest. The penalties and interest discussed in this publication cover a wide array of tax types, including withholding tax. Penalties for late payment of withholding taxes remains unchanged from the previous version of this publication: the greater of […]

Hawaii's Department of Taxation recently revised Form BB-1, the Basic Business Application.  The updated application removed a number of questions regarding unemployment insurance and business start information.  The instructions for the form now includes specific instructions for lines 6 and 7. The revised form also advises that Form VP-1W is no longer valid for tax […]

D.C. has released its 2018 EFT Payment Guide. Much of the guide remains the same as last year’s revision. Changes include new instructions that Official Payments (OPAY) allows a limit of $100,000 including the processing fee, and if the payment and the processing fee exceed $100,000 then the payment must be split. Additionally, contact information […]

Connecticut recently updated the CT Withholding Certificate for Pension or Annuity Payments (Form CT-W4P). This form is used to report withholding on taxable pension and annuity distributions that payers are required to withhold on. The form has been completely overhauled due to a change in the law requiring withholding on pension and annuity distributions. House […]

Arkansas recently published an updated version of its Specifications for Filing W-2 & 1099 Forms Electronically. These specifications are used to submit withholding tax data to the Arkansas Department of Finance and Administration in an electronic format. While the actual specifications remain unchanged from 2016, there is one significant change for tax year 2017: W-2 […]

Ohio's Department of Taxation recently published the 2017 W-2 Filing Specifications.  The Department of Taxation accepts W-2 and 1099-R data in CD-ROM format.   There are several key changes from last year's specifications that should be noted:    A new box 12 Code FF money field, Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement […]

The Kentucky Department of Revenue recently released updated Electronic Specifications for the Submission of W-2 and 1099 Reports. These specifications are used by taxpayers to transmit W-2 and 1099 information to the Kentucky DOR in a certain format. While the changes to the W-2 Specifications were minor, the 1099 & W-2G specifications experienced several updates […]

Hong Kong's Inland Revenue Department recently updated Chapter 10 (Due Diligence: New Individual Accounts) of the AEOI Guidance for Financial Institutions. The updated chapter clarifies the procedure for seeking self-certification, reminding FIs that self-certification should be both obtained and validated within a period of 90 days after the FI has knowledge that a new account […]

The Model 1B IGA between Turkmenistan and the United States has entered into force.  Model 1B IGAs create a non-reciprocal reporting obligation between the tax authority of Turkmenistan and the United States. Turkmenistan has not released any further guidance at this time.

Jersey recently updated its CRS Guidance Notes. The revised Guidance Notes provides links to updated regulations and summaries thereof. The Notes also advise that Jersey is adopting the UK's guidance regarding Employee Benefit Trusts (EBTs).  

The National Tax Agency of Japan issued an updated version of its "Reporting System for Automatic Exchange of Financial Account Information on Nonresidents (Provision of Reporting Matter)" FAQs which provides Japanese FIs with technical descriptions and specifications for reporting under CRS.  The updated FAQs expand on details of advance preparation setup for CRS Returns, and […]

Singapore has updated its CRS FAQs. The updated FAQs provide revised guidance on determining whether the holder of a new account is a reportable person. The FAQ directs Financial Institutions to obtain self-certification for the purposes of reporting when an account is opened if the account is to be treated as a preexisting account or […]

Lithuania recently released Specifications for CRS reporting.  The Specifications establish general reporting principles, provides sample schemas, and details how reports should be structured. 

The British Virgin Islands (BVI) have announced that the BVI Financial Account Reporting System (BVIFARS) remains offline at this time, and a Press Release will be issued to inform Financial Institutions (FIs) when the system will be back online. FIs who have not yet submitted their filings will be able to submit their filings once […]