Regulatory Analysis
Governor Charlie Baker recently signed H. 5164 the Fiscal Year 2021 budget into law. As part of the budget bill, retailers that collected more than $150,000 in sales tax or room occupancy and meals tax in the previous calendar year will need to remit sales taxes for their first three weeks each month in the […]
New Jersey recently released new updates to the NJ-WT, the New Jersey Income Tax Withholding Instructions. There were several changes to the document since the previous revision in October of 2020. The most notable of these changes are detailed below. How to Withhold: A notation has been edited to state that the federal W-4 should […]
New York recently released an updated version of Publication NYS-50, the Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax. Several changes were made to the publication this year including updates to websites and department names. The most notable of these changes are detailed below. Highlighted Changes New sections added regarding how changes to […]
Missouri recently released it’s Employer’s Tax Guide for Tax Year 2021. This guide contains general information regarding filing and payment of withholding taxes for Missouri employers. Additionally, the publication contains the updated tax withholding tables. The most notable change was a revision of the withholding tables to include increased standard deductions. Several other minor changes […]
The Indiana Department of Revenue has updated their filing requirements for sales and withholding taxes to require electronic filing. Transition from old INTAX system to the new INTIME system is required for all taxpayers before Dec. 31, 2020 as no returns or payments through INTAX will be accepted after the December filing period ends, If […]
The Colorado Department of Revenue has updated their jurisdiction codes for .XML sales tax filing. All old jurisdiction codes will still be accepted by the state (at least for now) for any existing locations. However if you will be reporting in a new location as part of your January 1, 2021 filing of the CO […]
Governor Jared Polis recently signed HB 20B-1004, establishing temporary COVID-related sales tax relief for on-premises liquor establishments, restaurants, and other qualifying food sellers, including mobile food trucks. Under this bill, qualifying food retailers are permitted to deduct up to $70,000 in sales per month from their state-level sales tax returns for the November and December, […]
Mississippi recently released an update to it’s October release of the 1099 Specifications which includes specific “B” record requirements for filing Forms 1099-NEC with the state Department of Revenue. The specific details are listed below. 1099-NEC E-File Format Section Added MS DOR will follow any IRS file record specification changes for the current year MS […]
The Hawaii Department of Taxation recently updated their 1099 filing requirements to include Form 1099-NEC for tax year 2020 reporting purposes. Hawaii has conformed to the federal use and filing of Form 1099-NEC and will require reporting when the taxpayer is engaged in a trade or business in Hawaii or has a place of business […]
Last week, the New Mexico Department of Revenue issued a news release reminding taxpayers of big changes to gross receipts tax collection and reporting coming in July. Pursuant to House Bill No. 6 of the 2019 legislative session, sales and leases of tangible personal property in New Mexico will be subject to local tax at […]
The West Virginia State Tax Department recently published Administrative Notice 2020-24 which provides information related to interest rates on underpayments and overpayments of taxes. These rates are established by the State Tax Commissioner by their authority under West Virginia Code §11-10-17 and §11-10-17a. Beginning January 1, 2021 and ending on December 31, 2021, inclusive, the […]
The Oklahoma Tax Commission recently updated their Frequently Asked Questions page relating to 1099 filing requirements. Along with the previously required forms, Oklahoma will now require Form 1099-NEC for tax year 2020 and beyond. Filers must report payments of $750 or more made to an Oklahoma resident or to a nonresident when the services were […]
West Virginia has released its final W-2 specifications for the 2020 tax year. The only change found was the year in the state-modified W-2 RV record; the year field should reflect 2020 for the current tax year. The RV record reports this in positions 12-15. To view the complete specifications, click here.
North Carolina recently released an important notice with information regarding various updates to North Carolina’s withholding tax for information returns due in 2021. The document primarily discusses the state requirements for filing federal Form 1099-NEC with the state along with North Carolina Form NC-1099M, and the extension of the waiver of the administrative requirement to […]
Michigan recently updated its Withholding for Pension Administrators page with the amount of qualifying pension and retirement benefits from private sources that may be deducted from Michigan income. For single/married filing separate filers, up to $53,759 may be deducted and $107,517 may be deducted for married filers filing joint for the 2020 tax year. Previously […]
South Carolina has released an updated version of Form SCDOR-111. The form is used to register for various types of tax withheld for the state. While not a complete redesign, the document underwent significant changes for the 2020 Tax Year, the most notable of which are detailed below: Section A has been renamed Entity Registration […]
Income Tax Withholding Certificate for Nonresident Individuals, used for nonresidents performing personal services substantially in Nebraska. Form 941N is the Nebraska Income Tax Withholding Return, used for employers to report withholding to Nebraska. The Nebraska Circular EN is the state’s guide on income tax withholding for wages, pensions and annuities, and gambling winnings. Most of […]
The Utah State Tax Commission recently published an updated version of Publication 58, Utah Interest and Penalties. This publication contains information and instruction relating to how interest rates and penalties are applied to certain tax types including withholding tax and information return filing. The publication remains largely unchanged except for the addition of the interest […]