Regulatory Analysis
Revenu Québec recently released the RL-1 (Employment and Other Income) for tax year 2024. Beginning January 1, 2024, employers must withhold a second Quebec Pension Plan (QPP) contribution from an employee’s pensionable salary or wages. There are several changes to the RL-1 to reflect this change. Box B (QPP Contribution) has been retitled Box B.A. A new field titled […]
Effective January 1, 2025, the Colorado prepaid wireless charge on retail sales of prepaid wireless telecommunication services will be adjusted to $2.09 for the 911 charge and $0.07 for the 988 charge.
Colorado imposes a $2.23 Daily Vehicle Rental Fee on motor vehicle rentals 30 days or less and certain car sharing rentals. As a part of the total fee amount, a new $3 congestion impact fee has been added as a component of the fee rate. The new total rate for the Colorado Daily Vehicle Rental […]
Massachusetts is providing a 60 day Tax Amnesty Program from November 1, 2024 to December 30, 2024. The Tax Amnesty Program will be open to individual and business taxpayers who meet certain eligibility requirements. Most tax types will be eligible, including sales/use tax. Eligible taxpayers will be able to file delinquent or amended returns, pay […]
The New Jersey Department of Taxation has recently announced that beginning early 2025, Sales and Use Tax filers will utilize a new taxpayer portal to interact with New Jersey’s tax-filing system. The portal will provide direct filing capabilities and increased control over taxpayer accounts.
The Alaska Remote Seller Sales Tax Commission recently announced White Mountain, Alaska has increased their sales tax rate from 1% to 3%. The rate increase will be effective December 1, 2024.
As a part of amendments to the Alaska Remote Seller Uniform Code for ARSSTC member jurisdictions, the 200 transaction threshold for economic nexus will be removed effective January 1, 2025. From such date, a remote seller has economic nexus if their gross sales for products or services delivered in Alaska meets or exceeds one hundred […]
Revenu Québec recently released the RL-3 (Investment Income) for tax year 2024 through Revenu Québec’s Partner program, which provides early access to forms for product developers and other tax professionals. On Copy 1 of the RL-3, the revision date has been updated. On Copy 2, there are several changes related to the capital gains inclusion rate […]
Missouri recently released the 2024 Employer Reporting of 1099 Instructions and Specifications Handbook. The tax year has been updated throughout. The CF/SF guidance has been updated to clarify that only filers who have never been approved to participate in CFS (through IRIS or FIRE) are required to submit a copy of the IRS approval letter […]
The IRS recently updated its Publication 1220. The first version for 2024 was released last week on September 19, 2024. This week, an updated version was released with two changes to the document. A previously omitted section for the Zip Code field positions for the “B” Record of Form 1099-LTC was added, and some new […]
The IRS has revised Publication 5165, “Guide for Electronically Filing Affordable Care Act (ACA) Information Returns.” The document provides guidance on electronic filing of ACA returns to the IRS. In addition to expected updates to years referenced, there are a number of changes. Additional direction on retrieving acknowledgements has been provided. These step-by-step instructions detail […]
The IRS recently released its 2024 Publication 1187, the Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. This publication is updated at least annually with later changes occurring occasionally. There were few substantive changes in the publication this year, the only notable one being the use of field […]
The City and Borough of Sitka Assembly has approved a resolution declaring November 29th & November 30th, 2024, as sales tax free days. This tax holiday applies to all sales made within the City and Borough, except any sale of fuel, alcoholic beverages, tobacco products, marijuana, and any sale which is part of a continuing […]
As a part of the November 2024 election in South Dakota, a citizen-initiated ballot measure (Measure 28) will ask voters whether to eliminate the state’s 4.2% sales and use tax on most food items. The proposed change would still allow sales tax on alcoholic beverages and prepared food. It would also allow local governments to […]
New Jersey recently enacted S-721. This law provides an exemption for the sale of certain investment metal bullion and coins and is effective starting January 1, 2025.
Beginning with tax year 2024 returns filed in 2025, Mississippi lowered its electronic filing threshold for filing 1099 and W-2 to 10 or more returns. Previously, Mississippi applied a 25 or more form electronic filing threshold. Mississippi has not yet updated its guidance to reflect this change. The penalty for failure to file electronically when required […]
The IRS recently updated the Instructions for Forms 1099-R and 5498 to reflect that the 10% tax on early distributions does not apply to distributions for emergency personal expenses, terminally ill individuals, and domestic abuse victims. For Form 1099-R, distribution code 1 should not be used in Box 7 to report these types of early […]
The IRS recently re-released the 2024 5498 (IRA Contribution Information). The instructions for Box 14a and Box 14b were updated to reflect that the 10% tax on early distributions does not apply to distributions for emergency personal expenses, terminally ill individuals, and domestic abuse victims. Repayments made after 60 days for these early distribution types […]