Regulatory Analysis
The State of Michigan recently passed a law (Public Act 118 of 2018) that requires wage statements such as Forms W-2, W-2G, 1099-R, and 1099-MISC to be submitted to the state on or before January 31, 2018. This change was made to match Michigan’s deadline to both that of the Michigan Department of Treasury’s and the […]
Connecticut recently released instructions and specifications for reporting income from tax-exempt instruments. The specifications themselves have not changed, but the instructions for reporting have been revised as detailed below: The address for sending reports has not changed, but the reports should now be sent to the attention of “2018 TEI Data Submissions.” Similarly, the contact […]
The Pennsylvania Department of Revenue has updated the General Information and Specifications for W-2 and PA W-3 Quarterly Filing. As a reminder, Pennsylvania no longer accepts W-2s and 1099s on CD. The following changes have been made to the publication: First, Instructions have been added on uploading W-2s to e-TIDES and REV-1997 Annual Withholding Reconciliation […]
The IRS has published Notice 2018-94, which intends to announce the deadline extension for some 2018 information reporting obligations by insurers, self-insuring employers, and other providers of minimum essential coverage under IRC § 6055 and four applicable large employers under § 6056. Specifically, this notice extends due dates for 2018 Forms 1095-B and 1095-C from January […]
Puerto Rico will postpone many forms of tax reporting payments, including reports and payment related to W-2s and withholding, in the month of December 2018. Reports and payments due between December 6 and December 20 will be due December 21. Puerto Rico is delaying payment and reporting as it rolls out its new SURI tax […]
The Vermont Department of Taxes has published a memo regarding the interest rates for overpayments and underpayments of taxes for calendar year 2019. This past year, the overpayment annual interest rate was 4%, and will increase to 4.75% for 2019. This past year, the underpayment annual interest rate was 6%, and will increase to 6.75% for 2019.
The North Carolina Department of Revenue has published its annual revision of Publication NC-30, 2019 Income Tax Withholding Tables and Instructions for Employers. There are several changes of which filers and taxpayers should take note: The individual tax rate has been decreased to 5.25% The definition of “wages” has changed, effective June 12, 2018, to align […]
The Louisiana Department of Revenue has released its Fourth Quarter Employer’s Return of Louisiana Withholding Tax Form L1, for the months of October, November, and December, which is due to the Department by January 31, 2019. Every employer who is required to withhold Louisiana state income tax is required to file this return on a quarterly basis, […]
The Connecticut Department of Revenue Services has published a new version of Form REG-1, Business Taxes Registration Application. This form should be completed by any business registering for Connecticut taxes, including income tax withholding. There have been no changes to this form compared to its previous version from June 2018. However, filers should use this version […]
The Connecticut Department of Revenue Services (DRS) has published IP 2018(12): Forms 1099-R, 1099-MISC, 1099-K, and W-2G Electronic Filing Requirements for Tax Year 2018. There are several changes to these specifications: This publication now applies to all 1099-K filings – the due date for these filings is no later than 30 days after filing them with […]
The North Carolina Department of Revenue has updated its eNC3 Frequently Asked Questions. The following information has been added: Filers must submit NC-3 electronically. A new $200 penalty will apply for the 2018 Tax Year for failure to file in the format prescribed by NC DOR on any NC-3 that is not filed electronically or does […]
The IRS has published Notice 2018–91, explaining the 2018 required amendments list for individually designed qualified retirement plans. The purpose of this notice is to provide information on the remedial amendment period for a disqualifying provision arising as a result of a change in the qualification requirements. This period is extended to the end of the […]
The IRS has issued Notice 2018–231, which is intended to remind filers of the January 31 due date for Forms W-2, Forms W-3, and Forms 1099-MISC reporting non-employee compensation in box 7. This due date change was introduced pursuant to the PATH Act of 2015. These forms must be filed correctly and timely in order to […]
Vermont has recently released specifications for the electronic reporting of 1099s and W-2s for tax year 2018. The 1099 specifications match those published by the IRS. The published W-2 specifications remain the same from those for tax year 2017. Note, however, that the W-2 specifications are titled “2018 Vermont Specifications for Electronic W-2 (EFW-2) Filing,” […]
The Connecticut Department of Revenue Services has published IP 2018(13), Form W-2 Electronic Filing Requirements for Tax Year 2018. While the file specifications have not changed, filers should take note that the new web address for filing through the Taxpayer Service Center (TSC) is portal.CT.gov/TSC.
Revenu Quebec recently released an updated form and electronic specifications for Form RL-3. This form is used to report investment income to Revenu Quebec. Please note that the language policy in place requires communications with Revenu Quebec to be in French, and as such the forms are entirely in French as well. There are a […]
Revenu Quebec recently released updated electronic specifications for Form RL-18, Securities Transactions. These specifications are used by filers to submit RL-18 reports electronically to Revenu Quebec. There are three specific updates to the specifications which were added to the TY 2018 version of the specifications. Possible values for the applicable year have been updated to […]
The IRS recently released an updated version of Publication 1220, Specifications for Electronic Filing of Forms including 1099 and W-2G. This October 2018 update follows the September 2018 release and includes revised or additional information relating to Forms 1098, 1099-R, and 1099-MISC. Form 1098: A new field “Other” was added in Field Position 592-630 on […]