Regulatory Analysis
Idaho recently released the 2024 W-2 E-Filing Guide and 2024 Information Return 1099 E-Filing Guide. Among the changes to this version, the tax year and revision date have been updated throughout both guides. The due date for filing 1099 has been updated to February 28, 2025 after falling on February 29, 2024 due to the […]
Minnesota recently updated Fact Sheet 2 (Submitting Form W-2 Information) and Fact Sheet 2A (Submitting Form 1099 Information) for TY 2024 reporting. The tax year has been updated throughout both documents. Other changes are editorial in nature and do not impact reporting compliance.
The District of Columbia (DC) recently released the 2024 Specifications for Electronic Filing of Forms W-2/W-2C. Under What’s New, the guide lists the changes made to the SSA EFW2 / EFW2C Publication for tax year 2024. DC continues to follow the SSA EFW2 / EFW2C format. Additionally, the guide has been updated with instructions for […]
Last year the Hungarian Government implemented new regulations mandating electronic invoicing for electricity and natural gas supplies to non-private individuals beginning on 1 January 2025. However, to provide more time for taxpayers impacted by this requirement, the Government decided to push this deadline to July 1, 2025. This obligation is outlined in Government Decree no. 273/2007. […]
Bosnia and Herzegovina has published a draft Law to introduce mandatory B2B, B2G, and B2C e-invoicing and real-time reporting requirements aimed at combating tax fraud. The transactions in scope include the sale of goods and services, transfer of property and other transactions as specified by the Minister of Finance. The draft law defines an e-invoice as […]
The Slovakian Government published a proposal to reform the VAT Act to adopt mandatory electronic invoicing and invoice data reporting from 1 January 2027. The proposal consists of: Mandatory Electronic Invoicing Adoption: effective 1 January 2027, all taxable persons must issue and receive invoices electronically adhering to the European standard for electronic invoicing. Domestic Invoice […]
The Serbian Parliament has adopted the law on Electronic Goods Delivery Notes, introducing a mandatory e-transport system. The Law was published in Serbia’s official Gazette no.94/2024 and went into effect on 6 December 2024. Earlier, a draft law was published, and the adopted law is largely identical to the draft law. The bylaws regulating the […]
The Saudi Arabian Tax and Customs Authority (ZATCA) announced the 19th wave of Phase 2 of the e-invoicing initiative. The 19th wave includes taxpayers with revenue of at least SAR 1.75 million (approximately USD 466K) who were subject to VAT during 2022 or 2023. Taxpayers within this group are expected to integrate with the system as of September 30th, 2025. Phase 2 of the e-invoicing […]
Greece is close to receiving a derogation from the European Union (EU) in order to introduce a country-wide B2B e-invoicing mandate. The European Commission has published a proposal for a Council Implementing Decision to grant Greece such authorization. According to the Commission’s proposal decision, the Greek e-invoicing obligation will cover transactions between taxable persons established […]
Through General Resolution No. 5616/2024, the authority updates the different modalities of issuance of vouchers for those who carry out operations in foreign currency, applicable to class “A”, “B”, “C”, “E” and “T” vouchers: When they are paid in the same currency, the seller-currency exchange rate reported by the Banco Nacion corresponding to the business […]
The IRS Recently released an update to Form 945-A, the Annual Record of Federal Tax Liability for the first time since December 2020 and its respective instructions which were last updated in 2022. This form is used for recording tax liability throughout the months of a year. Most of the form changes were removal of […]
Recently President Biden signed two bills into law that impact the reporting requirements and penalty provisions for employers and health insurance providers that provide minimum essential health coverage under the Patient Protection and Affordable Care Act. Key changes include: Employers and health insurance providers are only required to furnish 1095-B and 1095-C to covered individuals […]
Bulgaria has announced the phased implementation of mandatory SAF-T (Standard Audit File for Tax) reporting, as outlined in the State Budget Law for 2025, starting in January 2026. This initiative aims to enhance tax compliance and streamline data exchange between taxpayers and tax authorities. The implementation timeline is as follows: January 2026 – Large enterprises […]
The IRS recently published the 2025 version of Form 1042-S and its accompanying instructions. Form 1042-S is used to report income earned by non-resident aliens and withholding applied to said income. NOTE: This is the version of the form and instructions applicable to tax year 2025 reporting, NOT an update to the 2024 version of […]
The City of Napaskiak has completed the process to join the Alaska Remote Sellers Sales Tax Commission (ARSSTC). Sellers must begin collection on 2/1/2025 and forms for filing will be updated to include Napaskiak on 3/1/2025.
Montana recently released the 2024 Electronic Filing Specifications for 1099 and W-2. For W-2, Montana conforms to the Social Security Administration’s EFW2 Publication (Specifications for Filing Forms W-2 Electronically). For 1099 forms, Montana conforms to the IRS Publication 1220 Specifications (Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G). Montana’s […]
New Jersey recently released the 2024 NJ-EFW2 (W-2 Electronic Filing Specifications). New Jersey conforms to the Social Security Administration’s EFW2 Specifications, except for the RS Record. New Jersey requires a modified RS Record. Tax year and revision date has been updated throughout the specifications. There are no other changes. The 2024 NJ-EFW2 can be found […]
The IRS recently released the 2024 Instructions for Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons). There are several impactful changes: E-file requirements. For most filers, the administrative exemption from the 1042 electronic filing requirement has expired. For 2024 1042 returns filed in 2025, electronic filing is required for 1) […]