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 […]
The Pennsylvania Department of Revenue recently updated their W-2 and 1099 Employer Withholding Reporting Instructions and Specifications Handbook for 2018. This most recent update follows an update in May 2018, where a significant overhaul to the specifications was made in order to account for updates to the reporting criteria. This most recent update includes a […]
The Kansas Department of Revenue recently updated Publication KS-1216, Business Tax Application. This form and its instructions are used to register new businesses with the Kansas Department of Revenue for business tax purposes, including withholding tax. The most recent update has added the option to file by phone via TeleFile. TeleFile can only be used […]
The IRS has announced final regulations that will allow filers or transmitters of an information return on the Form W-2 series (except Form W-2G) or a form reporting nonemployee compensation (1099-MISC) to request only one non-automatic 30-day extension of time to file the information return beyond the due date. No additional extension of time to […]
New Jersey has recently released an updated version of the 2018 Income Tax Withholding Instructions. This publication provides instructions for calculating, reporting, and remitting withholding tax for those with withholding obligations in New Jersey. There are a small number of changes from the previous revision, which are listed below. "Rate Tables" show an updated date, for withholding […]
The IRS has released the 2018 AIR XML Schemas and Business Rules. There are a number of changes from the previous revisions: Form 1094-B XML Schema Changes: New addition, “Choice: CountryCd or CountryNm” If ForeignAddressGrp is present, there is a required choice between CountryCd or CountryNm Form 1094-C XML Schema Changes: New addition, “Choice: CountryCd […]
The IRS has released the 2018 Draft Form 1095-B. This form is used to report Affordable Care Act information to the IRS. The only change to Form 1095-B is that In Part III, Covered Individuals, column A is now divided into three separate sub-columns: First name, middle initial, and last name. Please click here to view a […]
The IRS has released the 2018 AIR Business Rules. There are a number of changes from the previous revisions: Form 1094-B Business Rules Changes: No changes Form 1094-C Business Rules Changes: Deleted Rules 1094C-011, 1094C-012, 1094C-015-01, 1094C-016-01, 1094C‐021, 1094C‐022, 1094C‐024, 1094C‐025, 1094C‐045‐01, 1094C‐048, 1094C‐050, 1094C‐060‐01, 1094C‐061, 1094C‐063‐01, 1094C‐064, 1094C‐081 New Rules 1094C‐045‐02, 1094C‐048‐01, 1094C‐050‐01, 1094C‐060‐02, […]
The IRS has officially announced they are eliminating the automatic 30-day extension of time for the 1099-MISC with Nonemployee Compensation. This move forces organizations with large amounts of independent contractors to question current tax information reporting processes, ensuring they don’t endure the same challenges faced from the original PATH Act deadline changes. PATH Act History […]
The New York Department of Taxation and Finance recently made a change to wage withholding requirements, specifically the non-annual withholding reporting requirements. Effective January 1, 2019and in accordance with Part I of Chapter 59 of the Laws of 2018, employers will be required to complete all of Form NYS-45 Part C (Employee Wage and Withholding Information) […]
The IRS has released the 2018 Instructions for Forms 1099-R and 5498. Form 1099-R is used to report distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, and insurance contracts to the IRS. Form 5498 is used to report IRA contribution information to the IRS. There are a number of changes from the previous revision: […]