Regulatory Analysis
The IRS recently released a new update to Publication 1220, the specifications for 1099 series forms and other related forms. The primary updates were in response to several errors that had been noted in the September release. A detailed list of changes found in the most recent version follows: • Form 1099-H: Health Coverage Tax […]
The IRS recently released updated draft versions of the new versions of Forms W-4R and W-4P. Originally released in March 2021, this third draft release for the W-4R and fourth draft release for the W-4P remain largely the same as their respective predecessors. The only substantial difference is a revised worksheet for computing withholding based […]
Indiana recently released its W-2 and Electronic Filing Requirements document for the 2021 tax year. This publication includes all W-2 and specifications. Few changes were made to the document this year, the most notable of which is the removal of all references to the RV record, which Indiana no longer uses. Additionally, supporting documents may […]
As of October 1, 2021, Florida now requires Independent Contractor Reporting (ICR) by businesses. Signed into law earlier this year, Florida Statute 409.2576 now requires that employers report new hire information for independent contractors to the Florida Child Support Program. The statute requires that such reports be made within 20 days of hire for new […]
The IRS recently released its 2021 Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G. This year, the IRS has made several small but notable changes that could impact taxpayers. The most notable of these changes are detailed in the bullets below. • The application for new and […]
11/10/2021 The Governor of Michigan recently signed into law House Bill 5267 and Senate Bill 153. These bills provide an exemption from sales and use tax on the sales of feminine hygiene products. Feminine hygiene products are defined as “tampons, panty liners, menstrual cups, sanitary napkins, and other similar tangible personal property designed for feminine […]
Earlier this year, sales and use tax (including meals tax) payments and returns due from March 20, 2020 through June 1, 2021 were extended to October 30, 2021. The extension applied to qualifying businesses with cumulative liability under $150,000 in the 12-month period ending February 29, 2020. The state is asking vendors to take steps […]
The Wisconsin Department of Revenue recently published an updated version of Publication 117, Guide to Wisconsin Wage Statements and Information Returns. This publication provides guidance and instructions for filing W-2 and 1099 returns with the Department of Revenue. There were a few updates to the publication, which are as follows: The applicable years in the […]
The Indiana Department of Revenue recently published an updated version of their W-2G and 1099 Filing Requirements. This publication provides instructions and electronic filing specifications for information return reporting, specifically 1099 and W-2G records. There are two significant changes to the most recent version of this publication, which are as follows: The “B” records have […]
South Carolina recently released Information Letter #21-23, which gives the interest rates for over and underpayment of tax for the state. For Q4 of 2021, the interest rate remains unchanged at 3% for both over and underpayment of tax. The rate has been set at 3% since July 1 of 2020. To view the interest […]
New Mexico recently released an update to its 400.04 Bulletin which contains the Effective Interest Rates for Late Payment of Tax Due. The interest rate will remain at 3% for the 4th Quarter of 2021. The rate has been at 3% since July 1, 2020. To view the complete bulletin, click here.
The Hawaii Department of Taxation recently published an updated version of Booklet A, Employer’s Tax Guide. This publication provides guidance, filing instructions, and filing requirements for withholding tax reporting and payment obligations in Hawaii. There were several updates to the publication that will bear an effect on taxpayers with reporting and payment obligations in Hawaii, […]
The Hawaii Department of Taxation recently published an updated version of the instructions for submitting Forms HW-14 (Withholding Tax Return) and HW-30 (Employer’s Annual Transmittal of Income Tax Withheld from Wages). These instructions provide relevant information and guidance for withholding tax generally, and these forms specifically. These instructions were updated with new information regarding filing […]
The Virginia Department of Taxation recently published Tax Bulletin 21-8, which provides information on interest rates applicable to withholding tax underpayments and overpayments for the fourth quarter of 2021. Virginia Code Section 58.1-15 provides that the applicable rates for both underpayments and overpayments will be 2% higher than the federal rates for the same payment […]
Texas Tax Rule 3.334 was recently modified to clarify the definition of a “place of business” as it applies to local sales and use tax sourcing. It now clearly specifies that sales personnel must be present for a location to be considered a “place of business” and that a “place of business” does not include […]
The IRS released its 2021 revision of Publication 1179, the General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns. The update has a revision date of June 28, 2021. For the most part, only minor changes have been made to the information contained within the publication. The most […]
Kansas recently released an update to its Withholding tax guide, Publication KW-100. Though minor updates have been made, this appears to be the first full revision since 2017. Throughout the document, references to 2017 have been updated to 2021, and several minor grammatical and formatting changes have been made. Additionally, the tables have been updated […]
Oklahoma recently released an update to it’s WTR 10002, the Nonresident Royalty Withholding Tax Return. Aside from updating the revision date to 6/2021, there were several formatting and font changes to the form itself which will not affect reporting. The only notable changes to the form are found in the on-form instructions. The instructions for […]