Regulatory Analysis

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Posted May 21, 2020 by Robert Beck
SSA Releases 2020 W-2 Specifications

The SSA recently released its 2020 W-2 Specifications. There were no changes to the specifications though there were updates to the total amounts applicable to Social Security Wage Base, Social Security Withheld, and the Maximum Social Security Wage base for 2020. To view the full specifications release, click here.

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Posted May 21, 2020 by Matthew Gonnella
Louisiana Announces Effective Date for Remote Seller Registration and Collection of state and local sales tax

Louisiana announced that remote sellers selling into the state are required to register with the Louisiana Sales and Use tax Commission for Remote Sellers by July 31, 2020 or 30 calendar days after meeting Louisiana’s economic nexus threshold standards. Remote sellers will begin collecting state and local sales and use tax at standard rates once […]

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Posted May 15, 2020 by Filippa Jörnstedt
India: updates to the JSON e-invoice schema published

A new JSON e-Invoice schema (v1.02) has been released by the Indian Tax Authority. The update includes only minor changes and no new fields. While version 1.02 is now available for testing, version 1.01 will continue as is for some time prior to being phased out.

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Posted May 14, 2020 by Robert Beck
Maryland Changes Reporting Obligations for Third-Party Settlement Organizations

The Maryland legislature recently passed the Budget Reconciliation and Financing Act of 2020 (SB 192) which in part significantly changes the information return reporting obligations of third-party settlement organizations (TPSOs). SB 192 requires TPSOs who must issue Form 1099-K to report payments made to their payees if the amount of the reportable payment meets or […]

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Posted May 11, 2020 by Denise Hatem
European Commission Proposes Postponement of 2021 VAT E-Commerce Package due to Coronavirus

Due to the coronavirus (COVID-19) crisis, the European Commission has proposed to defer the application of the VAT e-commerce package from 1 January 2021 to 1 July 2021. The Commission expects that the European Parliament and Council will soon adopt the proposal.

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Posted May 1, 2020 by Ramón Frias
SPAIN: New Reduced Rate for Electronic Publications

Spain enacted Decree 15/2020 by which electronic publications become subject to a reduced rate of 4%. This new rate became effective on April 23, 2020 and applies to all books, magazines, newspapers and similar publications issued digitally. The new decree also establishes a temporary exemption until July 2020, of all imports and intra-EU acquisitions of […]

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Posted May 1, 2020 by Paul Ogawa
Maryland Issues Extensions for Withholding Taxes, Provides Teleworking Guidance Update

The Maryland Comptroller’s Office recently issued a number of extensions for tax payments and reporting due to the COVID-19 pandemic, including employer withholding tax. For payments and tax returns due between February 2020 and May 2020, these reports and payments will now be due on July 15, 2020. Separate reports must be filed for each […]

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Posted April 22, 2020 by Paul Ogawa
Iowa Announces Small Business Relief Program for COVID-19

Iowa Governor Kim Reynolds announced an Iowa Small Business Relief Program to assist the state’s small businesses impacted by the COVID-19 pandemic. This program offers small businesses relief grants and tax deferral of sales and/or withholding taxes due along with waiver of penalty and interest for retail sales and/or withholding taxes due on or after […]

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Posted April 22, 2020 by Paul Ogawa
California Issues Extensions for Tax Payments and Reporting due to COVID-19

In light of the COVID-19 pandemic the California Franchise Tax Board (“FTB”) has issued extensions for reporting and payment of certain tax types, which include withholding tax. For non-resident/non-wage withholding payments and reporting for the first two pay periods, the new due date for reporting and payment is now July 15, 2020. The third pay […]

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Posted April 22, 2020 by Paul Ogawa
New Mexico Issues Withholding Tax Extensions Due to COVID-19

New Mexico Taxation & Revenue recently published a bulletin describing withholding tax relief due to the COVID-19 pandemic. For withholding taxes due to be reported and paid between March 25, 2020 and July 25, 2020, taxpayers may report or pay without penalty no later than July 25, 2020. This includes those withholding payments and reports […]

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Posted April 22, 2020 by Paul Ogawa
South Carolina Issues Extensions for Withholding Tax Returns and Payments Due

The South Carolina Department of Revenue recently issued extensions as tax relief in light of the COVID-19 pandemic. Tax returns and payments due between April 1, 2020 and June 1, 2020 will now be due on June 1, 2020. Regarding payments, penalties and interest will not be charged if the payments are made by June […]

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Posted April 20, 2020 by Gabriel Pezzato
The Italian tax authority delays the introduction of the new FatturaPA

According to the ruling 166579/2020, from 20 April 2020, the version 1.6 of the technical specifications of the FatturaPA introduced by ruling 99922/2020 is now applicable as of 1 October 2020 on a voluntary basis and will be mandatory starting on 1 January 2021. Taxable persons may use the schema attached to version 1.5 of […]

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Posted April 15, 2020 by Paul Ogawa
IRS Extends Due Date for 5498 Forms to July 15

Making the announcement through Notice 2020-23, the IRS has extended the due date for a number of taxpayer actions which include filing Forms 5498, 5498-QA, 5498-ESA, and 5498-SA. Citing to a list of taxpayer acts found in Revenue Procedure 2018-58, affected taxpayers are granted an extension of time relating to “time-sensitive acts” due to be […]

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Posted April 15, 2020 by Victor Duarte
Vietnam: Draft Decree extends the deadline for mandatory e-invoicing to July 2022

The Ministry of Finance in Vietnam presented a draft Decree to postpone the mandatory adoption of e-invoicing in the country from November 1, 2020, to July 1, 2022, due to the difficulties encountered by local companies to implement on time a compliant e-invoice solution to meet the previous deadline. However, agencies, organizations, and individuals are encouraged […]

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Posted April 14, 2020 by Andrew Decker
Washington Exempts Feminine Hygiene Products

Washington State recently enacted new legislation which would exempt feminine hygiene products from the retail sales tax. Washington is the latest state to exempt such products in recent years, following in the footsteps of states such as New York, Florida, and Utah who have also recently exempted such products. The new law takes effect beginning July […]

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Posted April 9, 2020 by Paul Ogawa
Florida Enacts Bill Requiring 1099-K Filing

House Bill 7097 was recently passed by the Florida Legislature and approved by Governor DeSantis, paving the way for a new information return requirement in the state. Under Section 212.134 of the Bill, payment settlement entities and other third-party facilitators who handle payment card and third-party network transactions must file a 1099-K return with Florida […]

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Posted April 8, 2020 by Selin Adler Ring
Turkey: Government delays VAT obligations

Turkey introduced the Economic Stability Shield Package (Package) to lessen the impacts of COVID-19 on businesses. According to the Package there are two types of measures: measures for taxpayers that are considered to be under force majeure conditions and general measures introduced for all taxpayers. The latter are as follows; The filing date of the […]

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Posted April 8, 2020 by Jesse Rooney
Puerto Rico Issues Informative Filing Extension

La Hacienda, the revenue department for the island territory of Puerto Rico, has issued an additional extension for the filing of 2019.  Administrative Determination DA 20-09 has extended the due date for 2019 informatives to May 15; informatives filed with the SURI system on or before May 15 will not be subject to penalties.  Other […]

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