Regulatory Analysis

Posted January 11, 2024 by Jesse Rooney
Idaho Releases W-2 and 1099 E-Filing Direction

Idaho has released its electronic W-2 and 1099 filing specifications. There are no changes to the electronic specifications themselves. There are some filing direction changes.  Firstly, Idaho has adopted the federal e-filing threshold: if a party is reporting 10 or more information returns, it must file those returns (W-2s and 1099s) electronically.  Second, Idaho now […]

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Posted January 11, 2024 by Jesse Rooney
Arkansas Releases 2023 W-2 and 1099 Electronic Reporting Specifications

Arkansas has released its electronic filing specifications for W-2 and 1099 forms submitted to the state for tax year 2023. There are no changes to the electronic specifications themselves. There are some important changes to filing direction.  First, Arkansas has lowered it electronic filing threshold for form W-2 from 250 to 125, meaning those filing […]

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Posted December 14, 2023 by Robert Beck
IRS Releases Late-Season Update for Form 1099-MISC

The IRS recently released an update to Form 1099-MISC and its corresponding instructions. The most notable change is the decrease of the threshold for electronic filing from 250 or more forms to 10 or more forms. This change is pursuant to TD 9972, published February 23, 2023, and is in effect for information returns filed […]

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Posted December 14, 2023 by Jesse Rooney
Virginia Releases W-2 and 1099 Electronic Filing Specifications

Virginia has released its annual revision of the document “Web Upload Guide for W-2s, W-2Cs, and 1099s.”  As the title implies, the document provides directions and specifications for remitting the documents via the state’s web upload system. The revised document has numerous editorial and stylistic but no material changes to the direction provided nor the […]

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Posted December 14, 2023 by Jesse Rooney
Delaware Releases W-2 and 1099 Filing FAQs for tax year 2023

Delaware has released its “W-2 and 1099 Form FAQs” for tax year 2023.  This website provides direction on specifications and filing processes for W-2 and 1099s to be filed with Delaware. Delaware follows the federal standard for reporting thresholds that require electronic filing of tax information returns.  As the federal government has lowered its electronic […]

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Posted December 14, 2023 by Robert Beck
South Carolina Releases Updated Forms WH-1601, WH-1605, and WH-1606

South Carolina recently released updates to several forms including the WH-1601, WH-1605, and WH-1606. WH-1601 is the SC Quarterly Withholding Tax Payment Coupon. The only changes to this form this year are the form number and the revision date, which has been updated to 08/28/2023. WH-1605 is the SC Withholding Quarterly Tax Return form, which […]

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Posted December 14, 2023 by Robert Beck
South Carolina Releases Updated Form WH-1612 for TY2023

South Carolina recently released an updated version of its Form WH-1612, the Transmittal Form for W-2s or 1099s Submitted By Paper. Several changes were made to this form to reflect changes in the filing options for South Carolina for TY2023. As South Carolina no longer accepts CD-ROM discs for filing returns, all references to filing […]

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Posted December 14, 2023 by Robert Beck
South Carolina Releases RS-1 2023 W2 and 1099 Filing Instructions and Specifications

South Carolina recently released its RS-1, the W2 and 1099 Filing Instructions and Specifications for 2023. There are a few notable changes this year, the most important of which is that South Carolina no longer accepts CD ROM for filing W-2 or 1099 files. Additionally, the cutoff limit for paper filing has been reduced from […]

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Posted December 4, 2023 by Paul Ogawa
Colorado Requires EITC/CITC Notice for All Employees Beginning in 2023

Beginning with tax year 2023, Colorado law requires employers to provide all employees with an annual notice of Earned Income Tax Credits and Child Income Tax Credits. This week, the Colorado Department of Revenue released criteria that employers must follow when providing the EITC/ CITC notice to employees. Notice may be printed or sent electronically. If […]

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Posted November 27, 2023 by Maria del Carmen
PERU: The tax authority will not sanction those taxpayers who have not observed the forms and conditions related to the SIRE until April 30, 2024.

Through Resolution No. 000039-2023-SUNAT/700000, the authority grants a grace period for the non-application of penalties for infractions related to books and records related to tax matters kept electronically. The tax authority will not sanction those taxpayers who have not observed the forms and conditions related to the SIRE as well as the closure of their […]

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Posted November 27, 2023 by Carolina Silva
Bizkaia: Postponement of Batuz obligations for SMEs Approved

Bizkaia: Postponement of Batuz obligations for SMEs Approved New legislation postponing the Batuz obligation for small and medium-sized companies, micro-enterprises, self-employed workers, small-sized cooperatives or non-profit entities has been approved on November 22, 2023 (Normal Foral 8/2023). The implementation timeline for Batuz obligations affecting large companies hasn’t changed, and such companies are still expected to […]

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Posted November 21, 2023 by Paul Ogawa
IRS Delays 1099-K Reporting Threshold Change for 2023, Announces $5,000 Phase-In Threshold for 2024

Today, the IRS announced in Notice 2023-74 that it will again delay the implementation of the $600 1099-K reporting threshold for third party settlement organizations. For tax year 2023 transactions reported in 2024, the old threshold of $20,000 and 200 transactions will apply. The IRS also announced that tax year 2024 will be a ‘phase […]

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Posted November 16, 2023 by Jesse Rooney
Missouri Releases 2023 W-2 Electronic Reporting Direction

Missouri has released “Missouri Employer Reporting of W-2s Instructions and Specifications Handbook.”  The document provides direction on how to prepare and file electronic W-2 records with the state. The document has change significantly in presentation, however the electronic specifications for filing W-2s with the state has not changed.  Missouri generally follows the federal standard but […]

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Posted October 11, 2023 by Paul Ogawa
IRS Releases Publication 1220 for Tax Year 2023

The IRS recently released the 2023 Publication 1220, which contains electronic filing specifications for forms 1099 and other information returns. There are no changes to the specifications themselves, but filers should be aware of several important additions to the publication. First, information about the new IRIS filing system has been added. To use IRIS, filers […]

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Posted October 11, 2023 by Jesse Rooney
IRS Releases Publication 1187 for 2023

The IRS has released Publication 1187, “Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding.”  The document provides electronic filing specifications and directions for Form 1042-S. The publication has the following the changes to electronic filing direction: The IRS now states that the unique form identifier for a record […]

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Posted October 11, 2023 by Jesse Rooney
North Carolina Releases Electronic Filing Specifications for 2023

North Carolina has released its electronic filing specifications for forms NC, NCX, W-2, W-2C, 1042-S and 1099.  North Carolina generally follows the federal format for the federal forms with some minor modifications.  There are no changes to the modifications for the 2023 tax years for these forms. To review the electronic specifications, follow this link.

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Posted October 9, 2023 by Jesse Rooney
Kentucky Releases Electronic Filing W-2 Specifications for Tax Year 2023

Kentucky has released “Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2023,” which provides electronic filing specifications for W-2 records filed with the state. Other than updates to specific dates to reflect the 2023 tax year, the specifications have not change.  Kentucky continues to utilize federal […]

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Posted September 12, 2023 by Paul Ogawa
IRS Releases Updated Publication 1586

The IRS recently released an updated Publication 1586. The guidance on missing taxpayer identification numbers (TINs) and incorrect TINs has been updated to reflect final Treasury Regulations related to forms 1095-B and 1095-C that were published earlier this year. Additionally, a note has been added to clarify the de minimis rule. Publication 1586 can be […]

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