Regulatory Analysis

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Posted 1 day ago by Paul Ogawa
Illinois Issues New Filing Requirement for Form 1099-K

The Illinois Department of Revenue recently published Informational Bulletin FY 2020-14 which details a new state filing requirement for Federal Form 1099-K. Federal Form 1099-K reports certain payment card and third party network transactions, and any entities issuing this form to Illinois payees will now be required to file those reports with Illinois. Beginning with […]

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Posted 1 day ago by Paul Ogawa
Connecticut Updates 1099 and W-2 Electronic Filing Specifications

The Connecticut Department of Revenue Services recently released updated specifications for information returns which include 1099 and W-2 reports. These publications not only include electronic filing specifications, but also include instructions and information relevant to filing for the upcoming information returns deadline of January 31, 2020. While the specifications remain largely unchanged from the prior […]

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Posted 1 day ago by Paul Ogawa
Canada Updates Specifications for Electronic Filing of Certain Information Returns

The Canada Revenue Agency recently published their TY 2019 (calendar year 2020) specifications for reporting information returns electronically. These specifications are used to transmit information returns like the T5 and T5008 slips to the CRA electronically. There were a number of changes to these specifications from TY 2018, a selection of which are listed below: […]

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Posted 1 week ago by Kaitlyn Smethurst
Louisiana Imposes New Tax on CBD Products

Under House Bill 560, passed in June of this year, the Louisiana legislature imposed a new excise tax on certain CBD products which takes effect on January 1, 2020. This new tax, which is charged at the point of retail sale, applies at a rate of 3% and applies in addition to existing state and […]

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Posted 1 week ago by Alex Samuel
Illinois Enacts Marketplace Facilitator Legislation

Illinois recently enacted legislation requiring marketplace facilitators that meet certain thresholds to collect tax on behalf of their marketplace sellers. Marketplace facilitators must collect tax when they facilitate gross sales of $100,000 or more or when they facilitate 200 or more separate transactions for the sale of tangible personal property to purchasers in Illinois during […]

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Posted 1 week ago by Alex Samuel
Florida Cities Change Communication Services Tax Rate

Sales of communications services in Florida are taxable, unless specifically exempt. Communications services are defined as voice, data, audio, video, or any other information or signals, transmitted by any medium. The cities of Gulf Breeze (5.82%), Marco Island (2.80%), and Palm Shores (5.82%) have updated their Communications Services Tax rates as indicated, effective January 1, […]

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Posted 1 week ago by Alex Samuel
Florida Reduces Sales Tax for Rentals of Real Property

Florida recently enacted legislation which will reduce the sales tax on rentals of real property from 5.7% to 5.5% effective January 1, 2020. Examples of real property rentals subject to this tax include commercial office or retail space, warehouses, and self-storage units or mini-warehouses. The local option discretionary sales surtax imposed by the county where […]

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Posted 1 week ago by Matthew Gonnella
Wisconsin’s Baseball Stadium District Tax to End

Wisconsin recently recently passed Assembly Bill 73 which will end the 0.1% baseball stadium sales and use tax on March 31, 2020 within Wisconsin’s “Baseball Stadium District” which includes Milwaukee, Ozaukee, Washington, Racine, and Waukesha counties.  A copy of the bill can be found here. 

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Posted 2 weeks ago by Victor Duarte
Hungary Expands Scope of Real-Time Reporting

Since July 2018, taxpayers in Hungary have been obliged to disclose the data of electronic invoices issued for transactions with accounted VAT exceeding HUF 100,000 (approximately €300). This data must be transmitted to the National Tax and Customs Administration of Hungary (NAV) in a structured manner once the electronic invoice has been issued.  This fiscal obligation […]

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Posted 3 weeks ago by Erik Wallin
Alaska is Next Frontier for Economic Nexus

Alaska one of the few places without a state-level sales tax. There are however many independent cities and boroughs which administer and collect their own taxes. As many states across the country seek to reap the tax dollars now available due to the Wayfair decision, the localities in Alaska felt left out in the cold. […]

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Posted 3 weeks ago by Kaitlyn Smethurst
Louisiana Remote Sellers Commission Makes Progress

As the Louisiana Remote Sellers Commission moves forward with their plan to impose sales tax collection requirements on remote sellers, they have taken a step forward by approving a proposal from a new vendor who will design and implement a tax administration system for the state to help manage remote collections. The new vendor will […]

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Posted 3 weeks ago by Paul Ogawa
Pennsylvania Releases Specifications for W-2 and 1099 Reporting

The Pennsylvania Department of Revenue recently released two publications containing the specifications for electronic reporting of W-2 and 1099 information. These specifications are separated into two separate sets: W-2 and 1099 specifications for Comma Delimited File Formats, and specifications based on the Social Security Administration’s EFW-2 format. There are several changes to these publications compared […]

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Posted 3 weeks ago by Paul Ogawa
Wisconsin Releases Proposed Specifications for Electronic Filing of W-2 and 1099 Reports

The Wisconsin Department of Revenue recently released a new version of Publication 172, Annual W-2, 1099-R, 1099-MISC, and W-2G Electronic Reporting. This publication contains information and rules relating to electronic reporting of information returns, along with specification for the transmittal of these reports electronically. The current version is labeled as proposed guidance, pending public comment. […]

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Posted 3 weeks ago by Paul Ogawa
Wisconsin Publishes Updated Withholding Tax Update

The Wisconsin Department of Revenue recently published a Withholding Tax Update bulletin for tax year 2019. This bulletin contains information relating to withholding remittance and reporting, information reporting, and other tax updates relevant to employers in Wisconsin. There are several updates listed in this bulletin, including the following: Withholding deposit reports (Form WT-6) and annual […]

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Posted 3 weeks ago by Paul Ogawa
Wisconsin Publishes Updated Withholding Tax Guide

The Wisconsin Department of Revenue recently published an updated version of Publication W-166, Withholding Tax Guide. This publication contains information relating to withholding tax remittance and reporting, including registering for state tax accounts and processes for withholding tax deposits and reporting. There are several updates to the guide in this most recent version, which include […]

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Posted 1 month ago by Paul Ogawa
Vermont Publishes Interest Rates for Calendar Year 2020

Vermont recently published their applicable interest rates for calendar year 2020. These rates will be effective beginning January 1, 2020 and apply to the underpayment and overpayment of tax liabilities during the 2020 calendar year. The overpayment annual rate for 2020 will be 5.5%, while the underpayment annual rate will be 7.5%. To review these […]

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Posted 1 month ago by Tom Hospod
Maryland Publishes Revised Withholding Forms and Specifications

Maryland has published its 2019 Form MW508, Annual Employer Withholding Reconciliation Return, due January 31, 2020. Aside from updates to relevant dates/years, there are no changes to this form from the previous version. Additionally, Maryland published its 2019 Maryland Employer Reporting of 1099s Instructions and Specifications and its 2019 Maryland Employer Reporting of W2s Instructions and Specifications. These filings […]

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Posted 1 month ago by Tom Hospod
Louisiana Releases Fourth Quarter Employers Return of Louisiana Withholding Tax Form L1

The Louisiana Department of Revenue has released its Fourth Quarter Employer’s Return of Louisiana Withholding Tax Form L1, for the months of October, November, and December, which is due to the Department by January 31, 2019. Every employer who is required to withhold Louisiana state income tax is required to file this return on a quarterly basis, […]

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