Regulatory Analysis

Posted April 27, 2022 by Radhika Akhil
Nebraska Passes Bill to Exempt Feminine Hygiene Products

On April 20, 2022, Nebraska Governor Pete Ricketts signed LB 984 into law. As part of the new law, feminine hygiene products will be exempted effective October 1, 2022. Feminine hygiene products are defined as “tampons, panty liners, menstrual cups, sanitary napkins, and other similar tangible personal property designed for feminine hygiene in connection with […]

Read more
Posted April 15, 2022 by David Armas
Kentucky Legislature Overrides Tax Bill Veto

On April 13, 2022, the Kentucky legislature voted to override a gubernatorial veto to enact House Bill 8 which provides for a reduction of the individual income tax rate and an expansion of sales and use taxes with an effective date of January 1, 2023. The new law reduces the individual income tax rate to […]

Read more
Posted April 12, 2022 by Erik Wallin
Kentucky Sales and Use Tax Bill Vetoed

On April 8, 2022, Kentucky Governor Andy Beshear vetoed House Bill 8 which would have provided for a reduction of the individual income rate and an expansion of sales and use taxes. The legislature can still override the veto by a majority vote of both houses, which are adjourned until April 13, 2022. If passed, the […]

Read more
Posted April 8, 2022 by Bradley Feimer
Maryland Exempts Various Products from Sales Tax

Beginning July 1, 2022, various products related to infant care, personal hygiene, and medical care will be exempt from sales tax in the state of Maryland. Specifically, Governor Hogan signed eight bills providing sales tax exemptions for items such as diapers, toothbrushes, certain masks, baby wipes, as well as blood pressure monitors. The enacted bills […]

Read more
Posted April 4, 2022 by Jesse Rooney
IRS Releases Continual Use Form 1099-K

The IRS has revised Form 1099-K.  The form has been changed to be a continual use form, minimizing changes for subsequent years. There is a substantial change to filing direction.  For tax year 2022, third-party network transactions reporting a sum of at least $600 must be reported to the IRS, regardless of number of transactions.  […]

Read more
Posted April 4, 2022 by Robert Beck
IRS Releases 2022 Forms 5498 and 5498-ESA

The IRS has released its 2022 Form 5498, which is used for reporting IRA contributions and Form 5498-ESA which is used for reporting Coverdell ESA contributions. Few changes were made to either form for this year other than the form year and dates across the form being updated for the 2022 tax year. Notably, the […]

Read more
Posted April 1, 2022 by Robert Beck
IRS Converts Form 1099-S To Continuous Use Format For Tax Year 2022 And Forward

The IRS has released a continuous use format version of Form 1099-S for use beginning in Tax Year 2022. The 1099-S is used for repotting the proceeds from real estate transactions to the IRS. The only notable changes to the form were those made to change the format to continuous use, including removing the form […]

Read more
Posted April 1, 2022 by Jesse Rooney
IRS Revises Form 1099-DIV, Converts to Continual Use

The IRS has revised Form 1099-DIV. The revised form has been moved to continual use, a change intended to reduce the necessity for annual revisions. There are no changes to the filing directions for the form. The revised form removed reference to specific years as a means to enable continual use.  It also changes the […]

Read more
Posted April 1, 2022 by Robert Beck
IRS Releases 2022 Form 1099-PATR

The IRS has released its 2022 Form 1099-PATR which is used for reporting taxable distributions received from cooperatives. Few changes have been made this year to the form. Most notably, the form has been updated with dates for the 2022 tax year, the Free File notice has been changed to the Free File Program, and […]

Read more
Posted April 1, 2022 by Robert Beck
IRS Extends Continuous Use Format For 1099-LS, 1099-Q, 1099-SA, and 1099-BTC

The IRS has chosen to extend the continuous use format for several forms including Form 1099-LS, 1099-Q, 1099-SA, and 1097-BTC. These forms were converted to a continuous usage format in 2019 and have remained unchanged since. The forms are respectively used for the reporting of reportable life insurance sales, payments made from qualified education programs […]

Read more
Posted April 1, 2022 by Robert Beck
IRS Releases Continuous Use Format Form 1099-NEC For Tax Year 2022 And Forward

The IRS has released a Continuous Use Format version of Form 1099-NEC to be used beginning in Tax Year 2022 and forward. This form is used for reporting nonemployment compensation paid to payees.  Few changes were made other than those necessary to convert the form to continuous use format. Some minor wording changes were made […]

Read more
Posted March 28, 2022 by Robert Beck
IRS Releases Continuous Use Format Form 1099-MISC

The IRS has released a continuous use format version of Form 1099-MISC for use beginning in Tax Year 2022. This form is used for reporting various non-employment income including fishing boat proceeds, medical and health payments, substitute payments in lieu of dividends or interest, crop insurance proceeds, gross proceeds paid to an attorney, fish purchased […]

Read more
Posted March 28, 2022 by Jesse Rooney
IRS Releases 2022 941

The IRS has released its 2022 Form 941.  Form 941 is the employer’s quarterly federal tax return.  There are a number of changes to the form. Most notably, the 2022 form now requires the reporting of qualified medical and family leave paid in 2022 for the period of time from April to October, 2021, setting […]

Read more
Posted March 28, 2022 by Jesse Rooney
IRS Releases Revised Form 1099-C

The IRS has released a revised Form 1099-C and instructions.  The revision is to a continual use form, designed to minimize future revisions by removing year-specific text on the form. There are no changes to the form nor the instructions that affect filing directions. The revised form removes the reference to specific years in the […]

Read more
Posted March 28, 2022 by Jesse Rooney
IRS Releases Revised 1099-A

The Internal Revenue Service has released a revision to Form 1099-A. The form in question reports acquisition or abandonment of secured property. The revised form moves to a continual use format designed to minimize future modifications to the form. There are no changes to the filing requirements for the form. The revised Form 1099-A has […]

Read more
Posted March 23, 2022 by Freda Pepper
Wisconsin Unclaimed Property VDA Program

Entering into a Voluntary Disclosure Agreement (VDA) allows holders to come forward with past due properties in order to come into compliance with a state’s unclaimed property law, but with a waiver of interest or, in some states, incurring a reduced interest assessment. Many states offer ongoing VDA programs for unclaimed property compliance. However, in […]

Read more
Posted March 23, 2022 by Bradley Feimer
Colorado Establishes Marketplace Information Disclosures for Third-Party Sellers

On March 17, 2022, Colorado Governor Jared Polis signed CO 1099 establishing mandatory disclosures by high-volume third-party sellers using online marketplaces. Effective January 1, 2023, “high-volume third-party sellers” must disclose to a marketplace the seller’s bank account number, contact information, and tax identification number. A high-volume third-party seller is a seller that in any continuous […]

Read more
Posted March 22, 2022 by Jesse Rooney
IRS Releases 2022 1099-B

The IRS has released its 2022 version of Form 1099-B.  The form in question reports proceeds from broker and barter exchange transactions. Of note, the 1099-B has not been converted to a continual use form; the form remains specific to the year. The revised 2022 form makes changes to various year references. The instructions included […]

Read more