Regulatory Analysis
The Pennsylvania Department of Revenue has released its 2018 W-2 and 1099 Employer Withholding Reporting Instructions and Specifications Handbook, which filers should consult when electronically uploading W-2 and 1099 filings. There are no substantive changes to the specifications. The instructions now clarify that the specifications in this publication aren’t effective until January 3, 2019. Current specifications […]
The New York Department of Taxation and Finance has released the interest rate per annum (compounded daily) on refunds and late payments assessments for the period 10/1/2018 thru 12/31/2018. The interest rates on withholding refunds and late payments remain unchanged, at 4% and 9%, respectively.
The Comptroller of Maryland, Revenue Administration Division recently updated the Maryland Employer Withholding Guide. This guide provides information to employers on how the withholding tax law applies to them, which payments are subject to withholding, determining withholding payments and reporting, and how to file their withholding reports. The guide also provides withholding tax tables based […]
The Colorado Department of Revenue recently released an updated version of Form DR 1102, Address Change or Business Closure Form. This form is used by businesses to provide updated information relating to businesses registered with the Colorado Department of Revenue for tax remitting and reporting purposes. Other than minor formatting changes, there is only one […]
The IRS recently published draft instructions for the 2019 Form 1098-F: Fines, Penalties, and Other Amounts. Form 1098-F is a new form created and required by Section 6050X, which was enacted as a part of the Tax Cuts and Jobs Act of 2018. Government or government entities that exercise self-regulatory powers must file a separate […]
Maine Revenue Services has published its 2018 version of the Business Tax Registration Application Booklet. The booklet contains forms and instructions for establishing new tax accounts or for EFT for various types of taxes, including Income Tax Withholding. There are no substantive updates to the instructions or forms – but taxpayers should use the versions of […]
The IRS has published the 2019 draft version of Form 1099-MISC, Miscellaneous Income. This form is used to report various non-wage sources of income. There are two notable changes to the 2019 draft form, which are as follows: Under “Amounts shown may be subject to self-employment (SE) tax”, the instructions state that if you are […]
The IRS has published a 2019 draft version of Form 1099-K, Payment Card and Third Party Network Transactions. This form is used to report payment card transactions or payments received through third party network organizations. The only change to the draft version of this form is to the electronic filing due date, which was adjusted […]
Illinois recently published an updated version of Booklet IL-700-T, Illinois Withholding Tax Tables. This publication provides information and instructions relating to withholding tax calculation, remittance, and reporting for those with withholding tax obligations in Illinois. This latest version of the Booklet adjusted the withholding tax tables to account for an increase in the Illinois Standard […]
The IRS has released the 2018 Form 1099-R. The form is used to report distributions from pensions and annuities, IRAs, insurance contracts, etc. to the IRS. There are a number of changes from the previous revision: All references to Form 1040A have been removed because of updates that will be made to Form 1040 New […]
The IRS has released a draft for a new information return form that has been created as a result of the recently-passed Tax Cuts and Jobs Act. The new form is 1098-F, Fines, Penalties, and Other Amounts. Form 1098-F, beginning on January 1, 2019, will be used by a government or government entity to report fines, penalties, […]
Ohio has released its specifications for the reporting of W-2s via magnetic media. The revised specifications largely mirror the federal specifications published by the Social Security Administration. Record changes: A new box 12 income code, GG, is used for Qualified Equity Grants Under Section 83 reported in: RO Record positions 122-132 RU Record positions 160-174 A […]
The Minnesota Department of Revenue (DOR) has announced that beginning January 1, 2019, filers will no longer be able to use the Electronic Data Exchange (EDE) system to submit W-2 and 1099 files. The e-Services system has been enhanced to allow submissions of EFW2 and IRS 1220 files. Files may be compressed (.zip), and can […]
California has released Form 592-F and its instructions. Form 592-F is used to by partnerships and limited liability companies (LLCs) to report the total withholding for the year and to allocate income and related withholding to the foreign partners or members. There are no changes to Form 592-F. Changes to the Instructions to Form 592-F […]
The Minnesota Department of Revenue has updated their “Forms and Instructions for Tax Year 2018,” “Information for Individuals,” and “Information for Businesses,” FAQ pages to include new information regarding 2018 returns. The “Amending 2017 Returns” FAQ page has been updated as well. Changes in the “Information for Individuals” FAQ address questions regarding itemized deductions and how […]
The IRS has released a draft for a new information return form that has been created as a result of the recently-passed Tax Cuts and Jobs Act. The new form is 1099-SB, Seller's Investment in Life Insurance Contract. Form 1099-SB, which will be used for TY 2018 filing, will be used by insurance companies to report the policy number assigned to […]
The IRS has released 2019 Draft Forms 1098-C, 1098-MA, and 1098-Q. Each form reports something different to the IRS: Form 1098-C is used to report the contributions of motor vehicles, boats, and airplanes to the IRS. Form 1098-MA is used to report mortgage assistance payments to the IRS, and Form 1098-Q reports qualifying longevity annuity […]
The Kentucky Department of Revenue has updated the 2018 Withholding Tax Table and Formula guide. The formula has not changed since the last release but the tables have been updated to reflect the update 5% flat tax rate announced earlier in 2018. To review these updated Withholding Tax Tables, please visit the Kentucky Department of […]