Regulatory Analysis
As a part of the Taxpayers First Act of 2019, the thresholds for filing information returns electronically will see a reduction in the years approaching and after 2021. Per Section 2301 of the Act, electronic filing will be required for filers submitting 250 or more forms prior to calendar year 2021. That threshold will be […]
Nebraska has released a guide – Nebraska Computer Reporting Procedure for 1099’s, 21EFW2 – which covers state electronic reporting specifications for Forms W-2 and W-2G. Any filer with more than 50 Nebraska Forms W-2, 1099-MISC, 1099-R, and W-2G must e-file them, using DOR’s NebFile for Business program on DOR’s website, on or before January 31. Nebraska follows […]
The IRS has released 2020 draft joint 1099-MISC and NEC instructions. Changes to instructions are highlighted below: 1099-NEC due January 31, 1099-MISC due March 31 (electronic); Specified changes to the 1099-MISC as noted in the instructions’ preamble: There is a checkbox in box 7 to indicate direct sales of $5,000 or more; Crop insurance proceeds […]
New Jersey has published a 2019 version of its Form NJ-REG, Business Registration Application, as well as the Business Registration Forms and Information publication. NJ-REG is used to apply for a new business, move a previously registered business to a new location, amend an application for an existing business, apply for an additional location of an existing […]
Iowa recently revised its regulations for the annual filing of W-2s, 1099s, and W-2Gs with the Department of Revenue. Per recently codified Iowa Administrative Code r.701.46.3(3)(g), W-2s, 1099s, and W-2Gs containing Iowa withholding for the prior tax year must be electronically filed with the Department by February 15. For tax year 2018, Iowa required all […]
The Colorado Department of Revenue recently published an updated version of Form DR-0137, Claim for Refund. This form is used by taxpayers to request a refund from a variety of tax account types, including Withholding Tax. The most significant change to the form is the addition of comprehensive instructions for use of the form with […]
Nebraska has released a guide – Nebraska Computer Reporting Procedure for 1099’s, 21CM – which covers state electronic reporting specifications for Forms 1099-MISC, 1099-R, and W-2G. Any filer with more than 50 Nebraska Forms 1099-MISC, 1099-R, and W-2G must e-file them using DOR’s NebFile for Business program on DOR’s website on or before January 31. Nebraska follows […]
Hawaii has published an Announcement regarding its electronic filing mandate for withholding tax returns. For taxable periods beginning on or after January 1, 2020, employers whose withholding tax liability exceeds $40,000 annually will be required to file returns electronically. Forms HW-3, HW-14, and HW-26 are all available on Hawaii Tax Online for electronic filing. Filers will be […]
Washington DC enacted a health insurance individual mandate, to go into effect for Tax Year 2019. Reporting will begin in 2020, with the first reports due on June 30, 2020 for Tax Year 2019. The Office of Taxation and Revenue (OTR) has published a notice explaining details regarding its implementation. Under the mandate, most District taxpayers must […]
New Mexico has revised its Form ACD-31015, Business Tax Registration. There are some noteworthy changes to the format and instructions: Businesses that will be operating in New Mexico solely for a “special event” now must register. Registrant must now indicate if it will have three or more employees in New Mexico. Registrant must now provide […]
The IRS recently released an updated version of Form 8809, Application for Extension of Time to File Information Returns. This form is used to apply for an extension to file information returns including Forms W-2, 1095, 1098, and 1099. There are two updates to the form, which are as follows: Instructions were added indicating that […]
The IRS recently released a new version of Publication 1220 for Tax Year 2019. This publication contains instructions and specifications for electronic filing of information returns with the IRS. There are several updates to the latest version of this publication, which include the following: Form 1098-F: specifications for this form type along with applicable record […]
The IRS has released the business rules and specifications for electronic reporting of tax year 2019 healthcare coverage information in 2020. As a reminder, although the individual mandate penalty was zeroed out, the employer mandate and its reporting obligations and penalties remain in effect. There are no changes to the Form-to-Schema Crosswalks; however, there are […]
Utah has published a revised version of Form TC-69, Utah State Business and Tax Registration – used for all tax types including employer and mineral production withholding. The registration form itself has been substantially abbreviated. Instead of completing sections 2, 3, 4, and 14, registrants will instead attach schedule TC-69WTH. Payroll services and third-party preparers filing […]
The New Mexico Taxation and Revenue Department recently published an updated version of Publication FYI-102, Information for New Businesses. This publication covers a number of subjects related to registration, filing, and payment of business taxes in New Mexico including withholding tax. There is one change of note in this most recent release, which provides a […]
Rhode Island has announced that it has implemented a health insurance individual mandate, requiring all Rhode Island residents to maintain health insurance coverage for all months beginning January 1, 2020. Penalties will be imposed in 2021 when submitting individual tax returns for Tax Year 2020. The Individual Mandate will entail an employer reporting requirement. Employers will […]
New Jersey has released additional information pertinent to employer filing obligations under the new health insurance individual mandate – specifically addressing the obligations of out-of-state employers of New Jersey residents. Out-of-State employers who employ New Jersey residents have the same filing requirements as in-State businesses. These requirements are not limited to businesses that withhold New Jersey payroll […]
The Social Security Administration recently released the EFW-2 and EFW-2C publications, which contains the electronic filing specifications for filing Form W-2 and W-2 corrections. While the publications indicate there are no record layout changes for tax year 2019, there are several updates that filers should be aware of for the upcoming tax year. The Social […]