Regulatory Analysis
The Virginia Department of Taxation is making a change to state interest rates relating to the overpayment and underpayments of tax for the third quarter of 2019. Virginia Code §58.1-15 provides for a rate that is 2% higher than the federal rate: since federal rates for the third quarter of 2019 are at 5%, Virginia […]
The North Dakota Office of the State Tax Commissioner recently issued an important notice regarding a law change affecting the electronic filing requirement for information returns. Per North Dakota House Bill 1112, the previous electronic filing threshold of 250 or more forms is being replaced with a requirement for all employers with 10 or more […]
The D.C. Office of Tax and Revenue recently updated their Electronic Funds Transfer (EFT) Guide. This publication provides information regarding EFT payments including bank information for payments, TXP and Addenda Record layouts, and tax type codes and definitions. The most recent update added two changes to the publication, which are as follows: A code for […]
The South Carolina Department of Revenue recently published an updated version of Form D-128, Registration Application for Electronic Funds Transfer. This form is used by payers to register their business for automatic payments through ACH Credit or ACH Debit. There is one update to the most recent version of this form, which is as follows: […]
The Georgia Department of Revenue recently published an updated version of the Employer’s Tax Guide. This publication provides information for employers including how to file and pay withholding tax returns, withholding tax tables, and annual filing of information returns. The Guide remains largely unchanged from its previous version with the exception of the addition of […]
Kentucky has migrated its online withholding taxpayer portal, WRAPS, to a new system, Kentucky Gateway Online – which is a more secure portal. Filers and payers should now use this system to access WRAPS in order to file withholding reports. Filers that do not already have Kentucky Gateway Online login credentials need to create a new user […]
North Carolina has announced a change in the interest rate for the over- and underpayment of taxes. Effective from July 2019 to January 2020, the interest rate will be six percent. This is down one percent from the prior interest rate. To review North Carolina’s interest rate, please follow this link.
South Carolina regularly reviews and adjusts the interest rates for over- and underpayments of taxes. Per SC Information Letter #19-15, for the period from July to October of 2019, the interest rate for underpayments will be five percent, down from six percent in the prior quarter. In addition, the letter notes that for the 2019-2020 […]
New Mexico has published a revised version of its FYI-104, New Mexico Withholding Tax. Publications may be found here. There are several changes of which filers should take note. Starting tax year 2019, the Department will be requiring electronic submission of income and withholding information returns if you have more than 25 employees and the information will be […]
The state legislature of Georgia has passed a bill that would amend the Georgia tax code, requiring individuals who file or are required to file Form 1099-K with the IRS to also electronically file a copy of the form with the state revenue commissioner on or by March 31. Forms are due to recipients on […]
Vermont has revised its instructions for making ACH Credit Payments to the Department of Taxes. The instructions remain mostly the same, although the bank address to which filers should pay withholding taxes has changed: People’s United Bank, 112 State Street, Montpelier, VT 05601 VT Tax Account Number: 8877770634 The routing and account numbers have remained the same.
The Municipal Home Rule Pilot Program has become a permanent program in West Virginia after S.B. 4 was signed into law by West Virginia Governor Jim Justice. The Home Rule program will allow municipalities in West Virginia to create revenue streams through the implementation of local sales taxes. The law allows municipalities to enact up […]
West Virginia governor Jim Justice recently signed House Bill 2515 into law. The law which is effective June 4, 2019, creates an exemption from sales tax for the sale and installation of mobility enhancing equipment that is installed in a new or used motor vehicle for people with physical disabilities. House Bill 2515 also established […]
South Carolina has issued a revision of its Publication RS-1, Instructions and Specifications for Filing Forms W2. There are no changes to the specifications themselves. However, some addresses have changed: Paper W2s, W2Gs, 1099s, or Extension Request: South Carolina Department of Revenue, PO Box 125, Columbia, SC 29214-0022 CD-ROM: South Carolina Department of Revenue, PO Box […]
The New York Department of Taxation and Finance recently updated their Publication 69, Electronic Reporting of Quarterly Combined Wage and Withholding Tax Information. This publication provides information on regulations and requirements for filing withholding tax information on a quarterly basis, including specifications for electronic transmittals. Updated from a downloadable publication to a web page, there […]
The Kentucky Department of Revenue recently updated Publication 42A003, Withholding Instructions for Employers. This publication provides instructions and withholding guidelines for employers who have filing obligations in Kentucky. This most recent version is an update to a recent version that was released in December 2018, with only one update from the previous version: Section XII, […]
The Kentucky Department of Revenue recently published a new form for correcting information returns called Form K-5C, Corrected report of Kentucky Withholding Statements. This form is used to correct certain information on information returns previously submitted using Form K-5, Employer’s Report of Withholding Tax Statements. Form K-5C can only be filed to correct certain information on […]
Maryland has updated its Form MW506FR, Employer Withholding Final Return Form – which should be submitted with the final employer withholding tax return (MW506 or MW506M) or mailed separately if filing electronically. The only revision to the form is the additional requirement of the last four digits of the employer’s zip code.