Regulatory Analysis

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Posted February 18, 2021 by Joanna Hysi
Slovakia announces draft CTC legislation

The Slovakian Ministry of Finance has announced that it is preparing legislation for the introduction of a CTC scheme in the country, following in the footsteps of countries such as Italy, Hungary and Spain. The CTC scheme will require businesses to report invoice data to the tax authority prior to issuing the invoice to their […]

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Posted February 18, 2021 by Gabriel Pezzato
Poland: CTC e-invoicing draft law available for public consultation

The Polish Ministry of Finance has published a draft act introducing e-invoicing via the national platform (Krajowy System e-Faktur – KSeF, or National System of e-Invoices) in a Continuous Transaction Control (CTC) system. The draft is available for public consultation during a two-week period, after which the law is planned to come into force by […]

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Posted February 18, 2021 by Robert Beck
DC Releases Specifications for Health Care Information Returns

District of Columbia recently released its tax year 2020 Specifications for Electronically filing DC Health Care Information Returns. The revision date is listed as 1/15/2021. Several minor changes have been made along with some more impactful ones. The most notable of these changes are detailed below: • Added reminder that no format but pipe-delimited .txt […]

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Posted February 18, 2021 by Robert Beck
Arkansas Releases 2021 Withholding Tax Employer’s Instructions

Arkansas recently released its 2021 Withholding Tax Employer’s Instructions, the booklet of information for Employers covering the general range of topics for employers withholding from wages and non-wage compensation. Most of the changes for tax year 2021 are formatting and grammatical in nature, but there are some changes that may affect employers. These changes are […]

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Posted February 18, 2021 by Paul Ogawa
Ohio to Require 1099-NEC Reporting for TY 2020

The Ohio Department of Taxation recently announced that Form 1099-NEC is required if the form reports Ohio state withholding. Reporting must be done by scanning paper copies and submitting them via e-mail to the Department of Taxation at IncomeStatementsEWT@tax.state.oh.us with the proper identification because the current electronic filing system is not capable of processing electronically […]

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Posted February 1, 2021 by Robert Beck
Pennsylvania Extends Deadline for Filing Forms W-2, 1099, and REV-1667

Pennsylvania has announced that due to technical issues, it will be extending the filing deadline for forms W-2, 1099, and REV-1667 to February 5, 2021. The e-tides system has experienced significant technical difficulties with the high volume of users attempting to upload large volumes of information at the same time, resulting in the inability for […]

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Posted February 1, 2021 by Paul Ogawa
North Dakota To Require 1099-NEC Reporting for TY 2020

Based on prior year filing requirements relating to nonemployee compensation reporting, North Dakota will require Form 1099-NEC for tax year 2020 going forward. In prior years North Dakota required information returns if the record in question was subject to two conditions: the person resides, owns property, or carries on a trade or business in North […]

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Posted February 1, 2021 by Robert Beck
Indiana Releases Update to W-2 and 1099 Specifications

Indiana recently released updates to both its W-2 and WH-3 Guide and its W-2G and 1099 Guide which are the specifications for electronic filing. Few changes were made but the most important of these are listed below. Most notable is that all references to the RV record have been removed, and that Indiana states that […]

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Posted February 1, 2021 by Paul Ogawa
California to Require 1099-NEC Reporting Beginning with Tax Year 2020

The California Franchise Tax Board (“FTB”) recently published its January 2021 issue of the Tax News bulletin which outlines certain tax and regulatory updates. In this bulletin the FTB announced a new filing requirement for Form 1099-NEC beginning in tax year 2020. Payers are required to report nonemployee compensation payments on Form 1099-NEC to the […]

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Posted February 1, 2021 by Paul Ogawa
Alabama to Require 1099-NEC Reporting Beginning in Tax Year 2020

The Alabama Department of Revenue recently confirmed by telephone that payers will be required to file Form 1099-NEC with the state in accordance with existing information return filing requirements. Alabama has not updated their guidance to date and is unlikely to do so prior to the state’s due date for 1099 forms. However, Form 1099-NEC […]

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Posted February 1, 2021 by Robert Beck
Maine Releases 2021 Quarterly Withholding Specifications

Maine recently released its 2021 specifications for electronic transmission of quarterly and amended quarterly withholding. There were a few notable changes to the specifications. The most important of these have been detailed below. Specifications for Electronic Transmittal of Income Tax Withholding • (T) Record o Locations 123-136 Field – Added “Overpayment to be refunded. Line […]

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Posted January 29, 2021 by Russell Hughes
Brexit: EU and UK Agree New Trade and Cooperation Agreement

After months of talks, on 24 December 2020, the EU and UK were finally able to agree a new working trade agreement known as the EU-UK Trade and Cooperation Agreement (TCA). The new Trade and Cooperation Agreement came into effect on 1 January 2021 and will be applied on a provisional basis until 28 February […]

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Posted January 29, 2021 by Russell Hughes
Austria Introduces Bill to Extend Existing Measures During COVID-19 Pandemic

The Austrian government has introduced a new bill to extend tax measures to support taxpayers during the Covid-19 pandemic. The VAT measures include the following: The temporary application of a reduced VAT rate of 5% in the gastronomy, culture and publishing sectors extended until 31 December 2021 Introduction of a VAT exemption for COVID-19 in […]

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Posted January 29, 2021 by Russell Hughes
Bulgarian Government Change Rules on Fiscal Representative Requirements for UK Businesses

The Bulgarian government have introduced new legislation that requires UK and other non-EU businesses to now appoint a fiscal representative who will have joint and several liability over their VAT compliance and VAT debts. Under the new provisions, UK and other non-EU businesses registered for VAT in Bulgaria will have to appoint a fiscal representative […]

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Posted January 22, 2021 by Ramón Frias
Mexico Expands the Reduced VAT Rate to its Southern Border

On December 31, 2020, Mexico published a new decree by which it expands a number of fiscal benefits to 22 municipalities located in the southern states of Quintana Roo, Tabasco, Campeche and Chiapas. Among the main benefits extended to those locations is the reduction of the standard VAT rate to 8% to all sales and […]

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Posted January 18, 2021 by Elliot Shulver
Danish Storm Flood Damage Insurance Levy Reduction

Effective from July 2021, the contribution to the Danish Storm Flood Damage Levy will be reduced from DKK 60 to DKK 40. The scheme has reached its target balance of DKK 500m therefore the temporary increase of DKK 20 which was introduced in 2014 has been removed. The scheme compensates policyholders, who have an insurance […]

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Posted January 12, 2021 by Ramón Frias
Mexico Expands the Reduced VAT Rate to its Southern Border

On December 31, 2020, Mexico published a new decree by which it expands a number of fiscal benefits to 22 municipalities located in the southern states of Quintana Roo, Tabasco, Campeche and Chiapas. Among the main benefits extended to those locations is the reduction of the standard VAT rate to 8% to all sales and […]

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Posted January 12, 2021 by Charles Maniace
Puerto Rico Enacts Economic Nexus and Marketplace Facilitator Requirements

On December 8, 2020. The Puerto Rico Secretary of Hacienda signed Regulation 2020-9237 expanding sales tax collection requirements to include Remote Sellers and Marketplace Facilitators effective 1/1/21. Businesses that have at least $100,000 in gross sales or 200 individual sales transactions during any preceding 12-month period have an obligation to collect and remit sales tax. […]

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