Regulatory Analysis
The IRS has released its 1099-R form for tax year 2024. Form 1099-R reports payments from pensions and annuities. For 2024, the revised form now notes that parties filing ten or more tax-information records must do so electronically; removes recipient instruction to include for Copy B with their own tax returns; makes reference to form […]
The IRS recently updated its continuous use Form 1099-DIV. The 1099-DIV is the IRS’s form for reporting dividends and distributions as income. This year the IRS has updated the form following the same pattern of updates that most of the continuous use format forms have followed. A notice regarding the 10-or-more-form electronic filing requirement has […]
The IRS has released its 2024 General Instructions for Forms W-2 and W-3. Form W-2 is used to report employment income to the IRS and Form W-3 is the employer’s transmittal of wage and tax statements to the IRS. These instructions cover the W-2, W-2c, W-2GU, W-2VI, and W-2AS forms along with form W-3 for […]
Effective March 1, 2024, the Emergency-911 surcharge collected on the sale of wireless telephones or pre-paid telecommunication services will increase to $1.95 per retail transaction. Additional information can be found here.
In New York state, clothing sold for less than $110 is exempt from state sales tax but subject to local sales tax unless the county or city enacts a similar exemption. Putnam County has enacted the exemption for clothing of less than $110 effective March 1, 2024. As a result, the county sales tax will […]
The IRS recently released an update to its continuous use instructions for forms 1099-INT and 1099-OID. This instruction booklet covers the instructions for filers of both forms respectively. This instruction booklet is designed in the continuous use format that the IRS has instituted over the past few years. This year the instructions for both forms […]
Call2Recycle has announced a new environmental handling fee for ride-on toys sold with batteries included in the provinces of Manitoba, Prince Edward Island, and Quebec. The fee is $0.45 in Manitoba and Quebec and $0.50 in Prince Edward Island. For more information please see the Fee Schedule, effective February 1, 2024 here.
New York recently updated the NYS-50 (Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax). Most notably, the Department of Labor is rolling out a new unemployment insurance system in 2024. The new system will include new self-service features that will enhance the taxpayer experience. To review this publication in its entirety, click here.
Minnesota recently published its 2024 W-4MN (Minnesota Withholding Allowance/Exemption Certificate) and W-4MNP (Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments). Tax year and dollar amounts have been updated throughout both forms. On the W-4MNP, numerous notes have been added to remind payers not to change the withholding arrangement on distributions unless instructed […]
The IRS recently released an update to Continuous Use Form 1099-OID. This form is used for reporting Original Issue Discount to the IRS. Aside from the revision date of January 2024, changes to the form itself are minimal. The Attention page at the beginning of the online document has been updated with the 10-form threshold […]
The IRS recently released an update to Continuous Use Form 1099-INT. This form is used for reporting Interest Income to the IRS. Similar to other continuous use forms that have been updated recently, the 1099-INT has few changes to the form itself. The Attention page at the beginning of the document has been updated with […]
The IRS recently released its 2024 Form 1042-S which is used for reporting Foreign Persons’ U.S. Source Income Subject to Withholding. For the 2024 form update, aside from the form and revision year update to 2024, the only notable change is that Copy E, the Withholding Agent copy has been removed from the online form. […]
In January 2024, the Arkansas Taxpayer Access Point (TAP) portal began accepting 1099 bulk filing in IRS Publication 1220 format. Previously, Arkansas required 1099 filing by CD or the CFS program. As of today, Arkansas 1099 guidance does not reflect the availability of TAP bulk filing and says filers must use CD or CFS, but an Arkansas agent confirmed 1099 […]
New York recently released the 2024 IT-2104 (Employee’s Withholding Allowance Certificate) and IT-2104-E (Certificate of Exemption from Withholding). A QR code has been added to the bottom of the IT-2104. There is also now a clarification on the IT-2104 that residents of New York City includes residents of the Bronx, Brooklyn, Manhattan, Queens, and Staten […]
On December 19, 2023, the proposed changes to the US Code of Federal Regulations relating to the de minimis error safe harbor exceptions to penalties for information returns and payee statements were added to the Code as final regulations. The updates are effective as of the publishing date of December 19, 2023, but are applicable […]
Skagway, Alaska has joined the Alaska Remote Seller Sales Tax Commission as a fully participating jurisdiction for remote sellers to collect and remit general retail sales tax in the locality. Remote seller retail sales tax collection begins effective March 1, 2024. The local ordinance may be found here and information concerning the ARSSTC available here.
On January 17, 2024, the Hawaii Senate introduced SB 2130 proposing to add an additional due diligence mailing for financial organizations. If passed, financial organizations will be required to send written notice “to each person listed in the holder’s records as potentially having an interest in the property, regardless of whether the person is an […]
On January 18, 2024, a draft, IA D 5342, was prefiled. This draft proposes to amend the current unclaimed property law by adding new sections addressing virtual currency and amending the report of abandoned property section of the current law. The changes are as follows. Virtual Currency A definition for virtual currency is added to […]