Regulatory Analysis

Posted February 7, 2025 by Mariadelc Aguilar
PERU: Extended Deadline for Obligated Entities to Regularize RVIE and RCE in SIRE

On January 31, resolution No. 000003-2025-SUNAT/700000  was published. With this resolution, the application of the discretionary power regulated in the Resolution of the Deputy National Superintendence of Internal Taxes No. 000039-2023-SUNAT/700000 is extended until the period June 2025 so that, with respect to the periods January, February, March, April, May and June 2025, inductive actions continue to […]

Read more
Posted February 7, 2025 by Kellianne Munichiello
Nebraska Releases 2025 Circular EN (Income Tax Withholding Guide)

Nebraska recently released the 2025 Circular EN (Nebraska Income Tax Withholding on Wages, Pensions and Annuities, and Gambling Winnings Paid on or after January 1, 2025). Notably, the guide details important legislative changes to the Nebraska income sourcing and withholding rules for nonresident payees. For taxable years beginning on or after January 1, 2025: Nebraska […]

Read more
Posted February 7, 2025 by Kellianne Munichiello
Illinois Updates Information Return Publication

Illinois recently updated Publication 110 (Forms W-2, W-2c, W-2G, and 1099 Filing and Storage Requirements for Employers and Payers, including 1099-K Electronic Filing Requirements). There are several changes of note. First, the deadline for filing tax year 2024 W-2G and 1099-K records will fall on March 31, 2025, which is one day earlier than last […]

Read more
Posted February 7, 2025 by Kellianne Munichiello
Hawaii Updates HW-30 (Employer’s Annual Transmittal of Hawaii Income Tax Withheld from Wages)

Hawaii recently updated Form HW-30 (Employer’s Annual Transmittal of Hawaii Income Tax Withheld from Wages) and the instructions. HW-30 is used for paper filing HW-2 and W-2 forms with Hawaii. Paper filing is permitted for those not required to file electronically with the IRS. There are significant changes to the HW-30. A ‘Corrected’ checkbox has […]

Read more
Posted January 20, 2025 by Kellianne Munichiello
IRS Releases 2025 Form 5498-ESA (Coverdell ESA Contribution Information)

The IRS recently released the 2025 Form 5498-ESA (Coverdell ESA Contribution Information). The changes to this version are minimal: the tax year has been updated throughout the form and instructions. Further, copy A has had some editorial changes in the right margin, including the addition of a URL that links to the landing page for […]

Read more
Posted January 20, 2025 by Kellianne Munichiello
IRS Releases 2025 Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information)

The IRS recently released the 2025 Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information). The changes to this version are minimal, with the tax year updated throughout the form and instructions. Copy A has had some editorial changes in the right margin, including the addition of a URL that links to the landing […]

Read more
Posted January 20, 2025 by Kellianne Munichiello
IRS Releases 2025 Form 5498 (IRA Contribution Information)

The IRS recently released the 2025 Form 5498 (IRS Contribution Information). Among the changes to the form, the tax year has been updated throughout the form and instructions. Further, a notice about the free file program has been added to the ‘Instructions for Participant’. Copy A has had editorial changes in the right margin, including […]

Read more
Posted January 20, 2025 by Kellianne Munichiello
Michigan Lowers E-File Threshold Effective 2026

Michigan recently updated Form 447 (Transmittal for Magnetic Media Reporting of W-2s, W-2Gs and 1099s) and its payroll service provider webpage. Michigan plans to introduce a lower electronic filing threshold beginning with tax year 2025 returns filed in 2026. Beginning with tax year 2025 returns filed in 2026, only filers with fewer than 10 income […]

Read more
Posted January 20, 2025 by Kellianne Munichiello
IRS Releases 2025 Form W-2 (Wage and Tax Statement)

The IRS recently released the 2025 Form W-2 (Wage and Tax Statement). The form itself is relatively unchanged, aside from the tax year and OMB number. In the Notice to Employees, dollar amounts have been updated to reflect increases to the maximum annual social security withholding ($10,918.20) and maximum annual railroad retirement taxes ($6,409.20). In […]

Read more
Posted January 20, 2025 by Kellianne Munichiello
Idaho Releases 2024 Electronic Filing Specifications for W-2 and 1099

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 […]

Read more
Posted January 20, 2025 by Kellianne Munichiello
Minnesota Releases 2024 1099 and W-2 Specifications

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.

Read more
Posted January 20, 2025 by Kellianne Munichiello
District of Columbia Releases 2024 Specifications for the Electronic Filing of Forms W-2 / W-2C

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 […]

Read more
Posted January 6, 2025 by Kellianne Munichiello
Newly Passed Legislation Impacts TY2024 ACA Reporting (1095-B / 1095-C)

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 […]

Read more
Posted January 3, 2025 by Inês Carvalho
Bulgaria: Mandatory SAF-T reporting from 2026

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 […]

Read more
Posted January 3, 2025 by Kellianne Munichiello
IRS Releases 2024 Instructions for Form 1042

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) […]

Read more
Posted January 3, 2025 by Kellianne Munichiello
IRS Releases 2024 Form 1042

The IRS recently released the 2024 Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons). Line 9 was updated to reflect the leap year. Section 4 of the form has been retitled to remove the phrase ‘dividend equivalent’ from the beginning (Payments by a Qualified Derivatives Dealer (QDD)). Tax year has […]

Read more
Posted January 3, 2025 by Kellianne Munichiello
IRS Releases 2024 Instructions for Form 945

The IRS recently released the 2024 Instructions for Form 945 (Annual Return of Withheld Federal Income Tax). There are two notable changes. First, the IRS began accepting form 945-X electronically through the Modernized e-File (MeF). Second, the 945 due date for filers that paid all taxes on time  will fall on February 10, 2025, two […]

Read more
Posted January 3, 2025 by Kellianne Munichiello
IRS Releases 2024 940 Form and Instructions

The IRS recently released the 2024 940 Form and Instructions (Employer’s Annual Federal Unemployment (FUTA) Tax Return). There are two notable changes. First, the IRS began accepting amended form 940 electronically through the Modernized e-File (MeF). Amendments by paper will still be accepted. Second, the 940 due date for filers that paid all FUTA taxes […]

Read more