Regulatory Analysis
Hawaii recently released its 2021 Publication EF-10, W-2 and W-2C specifications. This year, no substantive changes were made to the specifications, and only a few minor updates were made to the document. These changes are detailed below: • Revision date updated to October 2021 • W-2 due date updated from February 28 to January 31 […]
The IRS recently released Publication 1187 which outlines Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. These specifications are used to file 1042-S reports electronically through the IRS FIRE system. The most notable changes are as follows: The due date for forms reporting late distributions made in 2022 […]
The IRS recently released it’s 2021 Forms 1094-B and 1095-B, the Transmittal of Health Coverage Information Returns and the Health Coverage Form required by the Affordable Care Act. There were no major changes to either form this year, excepting the form year was changed on both forms and a couple of minor grammatical changes were […]
The IRS recently released its 2021 Forms 1094-C and 1095-C, the Transmittal of Employer-Provided Health Insurance Officer and Coverage Information Returns and the Employer-Provided Health Insurance Offer and Coverage respectively. The only notable changes to the 1094-C were the update of the year to 2021. There were several grammatical updates to the 1095-C along with […]
The IRS recently released a new update to Publication 1220, the specifications for 1099 series forms and other related forms. The primary updates were in response to several errors that had been noted in the September release. A detailed list of changes found in the most recent version follows: • Form 1099-H: Health Coverage Tax […]
The IRS recently released updated draft versions of the new versions of Forms W-4R and W-4P. Originally released in March 2021, this third draft release for the W-4R and fourth draft release for the W-4P remain largely the same as their respective predecessors. The only substantial difference is a revised worksheet for computing withholding based […]
Indiana recently released its W-2 and Electronic Filing Requirements document for the 2021 tax year. This publication includes all W-2 and specifications. Few changes were made to the document this year, the most notable of which is the removal of all references to the RV record, which Indiana no longer uses. Additionally, supporting documents may […]
As of October 1, 2021, Florida now requires Independent Contractor Reporting (ICR) by businesses. Signed into law earlier this year, Florida Statute 409.2576 now requires that employers report new hire information for independent contractors to the Florida Child Support Program. The statute requires that such reports be made within 20 days of hire for new […]
The IRS recently released its 2021 Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G. This year, the IRS has made several small but notable changes that could impact taxpayers. The most notable of these changes are detailed in the bullets below. • The application for new and […]
11/10/2021 The Governor of Michigan recently signed into law House Bill 5267 and Senate Bill 153. These bills provide an exemption from sales and use tax on the sales of feminine hygiene products. Feminine hygiene products are defined as “tampons, panty liners, menstrual cups, sanitary napkins, and other similar tangible personal property designed for feminine […]
Earlier this year, sales and use tax (including meals tax) payments and returns due from March 20, 2020 through June 1, 2021 were extended to October 30, 2021. The extension applied to qualifying businesses with cumulative liability under $150,000 in the 12-month period ending February 29, 2020. The state is asking vendors to take steps […]
The Wisconsin Department of Revenue recently published an updated version of Publication 117, Guide to Wisconsin Wage Statements and Information Returns. This publication provides guidance and instructions for filing W-2 and 1099 returns with the Department of Revenue. There were a few updates to the publication, which are as follows: The applicable years in the […]
The Indiana Department of Revenue recently published an updated version of their W-2G and 1099 Filing Requirements. This publication provides instructions and electronic filing specifications for information return reporting, specifically 1099 and W-2G records. There are two significant changes to the most recent version of this publication, which are as follows: The “B” records have […]
South Carolina recently released Information Letter #21-23, which gives the interest rates for over and underpayment of tax for the state. For Q4 of 2021, the interest rate remains unchanged at 3% for both over and underpayment of tax. The rate has been set at 3% since July 1 of 2020. To view the interest […]
New Mexico recently released an update to its 400.04 Bulletin which contains the Effective Interest Rates for Late Payment of Tax Due. The interest rate will remain at 3% for the 4th Quarter of 2021. The rate has been at 3% since July 1, 2020. To view the complete bulletin, click here.
The Hawaii Department of Taxation recently published an updated version of Booklet A, Employer’s Tax Guide. This publication provides guidance, filing instructions, and filing requirements for withholding tax reporting and payment obligations in Hawaii. There were several updates to the publication that will bear an effect on taxpayers with reporting and payment obligations in Hawaii, […]
The Hawaii Department of Taxation recently published an updated version of the instructions for submitting Forms HW-14 (Withholding Tax Return) and HW-30 (Employer’s Annual Transmittal of Income Tax Withheld from Wages). These instructions provide relevant information and guidance for withholding tax generally, and these forms specifically. These instructions were updated with new information regarding filing […]
The Virginia Department of Taxation recently published Tax Bulletin 21-8, which provides information on interest rates applicable to withholding tax underpayments and overpayments for the fourth quarter of 2021. Virginia Code Section 58.1-15 provides that the applicable rates for both underpayments and overpayments will be 2% higher than the federal rates for the same payment […]