Regulatory Analysis

Get the latest updates in regulatory analysis news

Posted 1 week ago by Alex Samuel
Illinois Treatment of CBD Products

Illinois enacted legislation creating a Cannabis Purchaser Excise Tax and permitting counties and municipalities to impose, by ordinance, a local retailers’ occupation tax on all persons engaged in the business of selling adult use cannabis at retail. CBD products, such as CBD oils, derived from industrial hemp that contain 0.3% or less of THC are […]

Read More
Posted 1 week ago by Gerry Nelligan
Connecticut Updates CT-W3, CT-941, CT-945, and CT-1096 Forms

The Connecticut Department of Revenue Services recently released updated CT-W3, CT-945, and CT-1096 forms for the 2019 Tax Year. These updates primarily address the addition of the Federal 1099-K taxable income to Connecticut taxable income for TY 2019. A revised version of CT-941 was released for Tax Year 2020. To view any of these forms, click here.

Read More
Posted 1 week ago by Gerry Nelligan
New Jersey releases 2019 specifications for W-2 reporting via electronic filing and 2020 Income Tax Withholding Instructions

New Jersey has released updated specifications for reporting W-2 information via electronic filing and also its 2020 Income Tax Withholding Instructions. See below for a detailed description of changes. Income Tax Withholding Instructions Modifications have been made to the rules for military spouses working in New Jersey New Jersey employers are now required to give Form […]

Read More
Posted 1 week ago by Gerry Nelligan
Idaho releases 2019 Information Return 1099 E-Filing Guide

Idaho releases 2019 State Tax Commission Information Return 1099 E-Filing Guide. No changes were made to the Guide other than updating for the current tax year. (Rev. 11/26/19)

Read More
Posted 1 week ago by Gerry Nelligan
North Carolina publishes updated Income Tax Withholding Tables and Instructions for Employers

North Carolina has published an updated Income Tax Withholding Tables and Instructions for Employers (NC-30) booklet for TY 2020. See below for details on changes.   The 4% mandatory withholding requirement has been applied to all personal services for non-wage compensation. Previously this only applied to non-resident contractors.   Withholding needs to be taken out […]

Read More
Posted 1 week ago by Gerry Nelligan
Massachusetts New Tax Rate, Releases Other Documentation

Massachusetts has released a number of notices and publications, as detailed below. Tax Rate Massachusetts announced that effective as of January 1, 2020, the state income tax rate will drop from 5.05% to 5.0%, affecting withholding rates. For the news page, click here. View the full release here. Interest Rate In Technical Information Release 19-18, Massachusetts has announced […]

Read More
Posted 1 week ago by Gerry Nelligan
Pennsylvania releases updated versions of W-2/1099 instructions and specifications

Pennsylvania has released updated versions of its W-2/1099 CSV reporting instructions and specifications and EFW-2/EFW-2C. The only change was that the effective date of the specifications has been changed to after January 21, 2020, after which time all files uploaded must reflect the changes in the handbook. To view the full W-2/1099 CSV instructions and specifications, click here. […]

Read More
Posted 1 week ago by Paul Ogawa
Illinois Releases Updated Electronic Filing Specifications for Forms W-2 & W-2C

The Illinois Department of Revenue recently released their Electronic Filing Specifications for Forms W-2 and W-2C, which provide general instructions and state-specific specifications for filing these forms with the state. The updates to these specifications revolve around the removal of the web upload option for filing electronically. All electronically filed W-2 records must be transmitted […]

Read More
Posted 1 week ago by Gerry Nelligan
Georgia has released updated TY2020 Employer’s Tax Guide, G-7M, G-1003, GA-V, and G-7Q forms

Georgia has released its Employer’s Tax Guide, updated for TY 2020. Additionally it has released TY 2020 updated G-7M, G-1003, GA-V, and G-7Q forms, respectively the Quarterly Return for Monthly Payers, Income Statement Return, Withholding Payment Voucher, and the Georgia Quarterly Return for Quarterly Payers. Employer’s Tax Guide Link Applies tax laws as of January […]

Read More
Posted 1 week ago by Gerry Nelligan
Colorado releases new publication, Wage Withholding Tax Guide, changes DR1098 to tax withholding worksheet

Colorado has released a new publication, the Wage Withholding Tax Guide. With the release of this document, Colorado has incorporated the FYI #5 and FYI #6 into a single unitary tax withholding guide. Directions in the new publication have been edited for clarity and consistency but in terms of processes, thresholds, frequencies and other information, […]

Read More
Posted 1 week ago by Gerry Nelligan
West Virginia Releases Updates for Publication TSD-436 and Form IT-103

West Virginia has issued a revised publication and form, TSD-436 and IT-103 (Requests For Waiver Of Electronic Filing And Payment Requirements and West Virginia Withholding Year End Reconciliation, respectively). The changes are outlined below. TSD-436 Language updated in the Background section explaining that for returns filed on or after January 1, 2019, any person required to […]

Read More
Posted 1 week ago by Gerry Nelligan
California updates 1099 Filing Requirements

California Franchise Tax Board (FTB) Information Returns filing requirements updated. California no longer strictly following Federal guidelines. New requirements are: You need to file an information return with California if: The recipient is a California resident or part-year resident The source of a 1099 transaction was in California.

Read More
Posted 1 week ago by Alex Samuel
Alabama Severe Weather Preparedness Sales Tax Holiday Feb. 21-23

Alabama will hold its annual Weather Preparedness Sales Tax Holiday from Friday, February 21, 2020 through Sunday, February 23, 2020, giving shoppers the opportunity to purchase certain severe weather preparedness items free of state and certain local sales tax when the cost per item is $60 or less, or in the case of portable generators […]

Read More
Posted 2 weeks ago by Kaitlyn Smethurst
Louisiana DOR Releases Further Guidance on New CBD Tax

As previously reported, the Louisiana legislature passed House Bill 560 this year, which imposed a new tax on certain CBD products effective January 1, 2020.  Based on recent guidance released by the Department of Revenue (DOR), it’s now clear that the new  tax is not applied at the point of retail sale. Rather, it’s properly […]

Read More
Posted 2 weeks ago by Kelsey O'Gorman
VAT on Electronic Publications Reduced in Various EU Countries – January 1, 2020

In 2019, many European Union Member States took advantage of the alignment of physical publications and electronic publications, recently allowed by Council Directive (EU) 2018/1713.  It appears 2020 is no different, as the following Member States have followed suit: Austria Electronic publications in Austria are currently taxed at the standard VAT rate of 20%, while physical […]

Read More
Posted 1 month ago by Christophe Bourdaire
Portugal – New Stamp Duty filing process to be introduced in April 2020

The Portuguese tax authorities are implementing a new filing system to declare Stamp Duty in Portugal in 2020. Tax payers will now be required to provide detailed information on a transactional basis in order to issue the Stamp Duty return. For insurers, this means that, each month, they will be required to report: The tax […]

Read More
Posted 1 month ago by Ramón Frias
Costa Rica to Issue Regulation Listing Foreign Suppliers Subject to VAT Withholding

Back in July 2019 Costa Rica enacted a new VAT law that, among other things, taxed digital goods and services. The law provided that in the cases of trans-national supplies of digital goods and services where the supplier was not established in Costa Rica, VAT would be withheld by the financial entities/credit card companies used […]

Read More
Posted 1 month ago by Ramón Frias
Paraguay: Digital Services by Foreign Suppliers Subject to VAT Withholding in 2020

The Paraguayan congress approved the law N° 6380/19 which among other things mandates local credit card companies to collect and pay to the tax administration the VAT applicable to sales of digital services when the supplier is a foreign company and the service is considered as provided in the country. For that purpose, the law […]

Read More