Regulatory Analysis
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Minnesota recently released additional updates to the Income Tax Fact Sheet 19, Municipal Bond Payment Reporting Information. This fact sheet explains the law and responsibilities for payers and transmitters required to report interest dividend and interest payment information to Minnesota using a modified version of federal Form 1099-B. These are further revisions to the sheet […]
The IRS has revised its Form 1099-G and instructions. The form reports certain government payments made to recipients, most notably unemployment compensation. The revised form moves from a per-year form to a continual use form designed to have little or no modifications for subsequent years. There are no fundamental changes to the form nor its […]
New York recently updated several of its publications and documents including NYS-50-T-NYS, the New York State Withholding Tax Tables and Methods, Form IT-2104, the Employee’s Withholding Allowance Certificate, IT-2104-E, the Certificate of Exemption from Withholding, and NYS-50, the Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax. None of the documents was significantly updated, […]
Mississippi released Publication 89 145 Procedures and Specifications for Filing Wage and Tax Information Electronically. Along with formatting and grammar updates, the Mississippi state specific filing instructions for 1099-NEC have been removed. The Department of Revenue will follow IRS specifications for the current year and prior two years with certain specifications. To review the full […]
Following some late changes by the IRS to Publication 1220, Virginia recently changed its 1099 specifications for forms 1099-R, 1099-MISC, 1099-NEC, and 1099-K to match the modifications made to the 1220. These changes are retroactive for all filings including previous year submissions. The most notable additions are detailed below: Revision date updated to 12/2021 from […]
Virginia recently updated a number of forms. Form VA-5 Monthly & Quarterly is the Employers Return of Virginia Income Tax Withheld for Monthly and Seasonal Filers. Form V-6 Employers Annual or Final Summary of Virginia Income Tax Withheld Return and Form V-6H Household Employers Annual Summary of Virginia Income Tax Withheld Instructions. Form VA-15 is […]
Connecticut recently released its 2021 specifications for electronic filing of 1099 series forms with the state. Labeled Informational Publication 2021(15), the document covers specifications for Forms 1099-R, 1099-MISC, 1099-K, 1099-NEC, and W-2G for electronic filing. The revision date for the new document is listed as November 18, 2021. There have been several changes made for […]
Connecticut recently released Informational Publication IP 2021 (13), which is the Form W-2 Electronic Filing Requirements for tax year 2021. The official release revision date is listed as November 18, 2021. There were no substantive changes to the specifications this year, the only notable changes being that the dates have been updated for the 2021 […]
Virginia recently published a revised Income Tax Withholding Guide for Employers and Web Upload W-2, W-2C, and 1099 Guide. The revised Income Tax Withholding Guide for Employers provides updated guidance for withholding from employees. The Web Upload W-2, W-2C, and 1099 Guide provides electronic filing specifications for W-2, W-2C, and 1099. Income Tax Withholding Guide […]
The IRS recently released the updated Publication 5165 for tax year 2021. Publication 5165 is the Guide for Electronically Filing Affordable Case Act (ACA) Information Returns for Software Developers and Transmitters. Notable changes are detailed below. Year updated throughout Publication 4600 removed from reference documents Proposed regulation reduces threshold from 250 to 100 separate information […]
Vermont recently released GB 1117 Vermont Specifications for eFiling of 1099 Information Returns, GB 1118 Vermont Specifications for Electronic W2 (EFQ-2) Filing, and GB 1119 Vermont WHT 434 Specifications for Electronic Filing. All forms update the year throughout and GB-1118 specifies the account ID format (WHT-XXXXXXXX) for RS position 248-267. There were no other changes. […]
Oregon recently released its iWire W-2 Specifications and OR Publication 1220 Addendum for tax year 2021. Besides date and minor grammar changes, there were no changes to the specifications. To view the W-2 Specifications, click here. To view the 1099 Addendum, click here.