Regulatory Analysis
North Carolina has released the 2017 eNC3 1099 Specifications. These specifications are effective for all submissions made on or after January 1, 2018. Prior year data, original and corrected, must be filed according to these specifications. Additionally, a separate submission is required for each tax year. There are some changes from the previous revision: […]
The Legislature in Arkansas has passed Act 141, which makes significant changes to how sales and use taxes will apply to candy, soft drinks and specified digital products, after January 1, 2018. Under Act 141, candy and soft drinks will be removed from the current 1.5% reduced-sales tax rate designated for food, which is a […]
As a part of the recent changes to the Environmental Handling Fee (EHF) program in Canada, a new fee has been announced that will be imposed, in the provinces of Quebec and Manitoba, on all sales of flashlights and spotlights, electronic toys, and smoke and carbon monoxide alarms, when these products are sold with batteries, effective January […]
The Indiana Department of Revenue has re-released sales tax Information Bulletin #60, which clarifies definitions and applicability of sales and use taxes on transactions involving a construction contractor. Notably, the Bulletin clearly outlines when contractors are required to pay sales and use tax, and when they are required to charge sales and use tax. In […]
Illinois enacted legislation which will impose a sales tax of 6.25% on rental purchase agreements (also known as rent-to-own agreements) effective January 1, 2018. Rental purchase agreements covered by this tax include agreements for the use of merchandise by a consumer for personal, family, or household purposes for an initial period of 4 months or less […]
The Croatian Parliament has published in the Official Gazette 115/16, changes to Croatia's VAT Act that are effective January 1, 2018. Among these changes is an increase in the threshold amount over which businesses are required to register for VAT in Croatia. As of January 1, the amount will increase to HRK 300,000.00. Any businesses […]
Senator Susan Collins has introduced Senate Bill S. 1782, the Forty Hours is Full Time Act of 2017. This bill would amend the Internal Revenue Code, with respect to the employer mandate to provide health care coverage, to modify the formula for calculating the number of full-time employees employed by an applicable large employer subject to […]
Representative James Renacci has introduced House Bill H.R. 3956, the Simplifying Technical Aspects Regarding Seasonality Act of 2017 (the STARS Act). The STARS Act would amend the Internal Revenue Code to exclude seasonal employees from the definition of “full-time employee” for purposes of the employer mandate to provide employees with minimum essential health care coverage. […]
Senator Orrin Hatch and Representative Kevin Brady have each introduced a similar version of the “Healthcare Market Certainty and Mandate Relief Act” (S. 2052, H.R. 4200) in their respective houses. This legislation would suspend the ACA’s individual mandate from 2017 through 2021. It would also lift the employer mandate going back to 2015, thus exempting […]
The Treasury Department of Puerto Rico (Hacienda) issued Administrative Determination 17-26 which creates a sales and use tax exemption for all sales and purchases made by small and medium taxpayers. According to the new rule, all taxpayers with gross revenues during the previous 12 months of $1,000,000 or less will qualify. Under the rule, small business […]
Maine recently published updated Specifications & Instructions for 1099/W-2G forms and W-2 forms. These specifications are used by filers to transmit withholding reporting data to the Maine Revenue Services (MRS) using the MEETRS filing portal. The most notable update is the due date for both 1099s and W-2 forms: MRS has advanced their due date […]
South Carolina recently published the 2017 version of Publication RS1, the Instructions & Specification for Filing Forms W-2. This publication is used by filers to produce and upload withholding reporting information to the South Carolina Department of Revenue, through their MyDORWAY portal. There are a few changes to the publication from the previous version, which […]
Colorado recently released an updated version of its FYI General 11 Publication, Colorado Civil Tax Penalties and Interest. The penalties and interest discussed in this publication cover a wide array of tax types, including withholding tax. Penalties for late payment of withholding taxes remains unchanged from the previous version of this publication: the greater of […]
Hawaii's Department of Taxation recently revised Form BB-1, the Basic Business Application. The updated application removed a number of questions regarding unemployment insurance and business start information. The instructions for the form now includes specific instructions for lines 6 and 7. The revised form also advises that Form VP-1W is no longer valid for tax […]
D.C. has released its 2018 EFT Payment Guide. Much of the guide remains the same as last year’s revision. Changes include new instructions that Official Payments (OPAY) allows a limit of $100,000 including the processing fee, and if the payment and the processing fee exceed $100,000 then the payment must be split. Additionally, contact information […]
Connecticut recently updated the CT Withholding Certificate for Pension or Annuity Payments (Form CT-W4P). This form is used to report withholding on taxable pension and annuity distributions that payers are required to withhold on. The form has been completely overhauled due to a change in the law requiring withholding on pension and annuity distributions. House […]
Arkansas recently published an updated version of its Specifications for Filing W-2 & 1099 Forms Electronically. These specifications are used to submit withholding tax data to the Arkansas Department of Finance and Administration in an electronic format. While the actual specifications remain unchanged from 2016, there is one significant change for tax year 2017: W-2 […]
Ohio's Department of Taxation recently published the 2017 W-2 Filing Specifications. The Department of Taxation accepts W-2 and 1099-R data in CD-ROM format. There are several key changes from last year's specifications that should be noted: A new box 12 Code FF money field, Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement […]