Regulatory Analysis

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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.

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 […]

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 […]

This month, the IRS released the first W-2C update since 2014. Aside from Copy A, W-2C is now fillable. There were several changes to the Copy D Employer Instructions. Employers are cautioned against sending IRS.gov printed forms to the SSA. A reference to the old 250 form electronic filing threshold was removed and replaced by […]

In a recently released Maine Tax Alert, Maine Revenue Services announced that the electronic filing threshold for information returns will be lowered from 250 returns to 10 aggregate returns, beginning with returns filed in 2024. Maine law adopts the federal electronic filing thresholds. Earlier this year, the new federal electronic filing threshold of 10 aggregate […]

Missouri recently released its Employer’s Tax Guide for Tax Year 2023. 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 only change is that when there is an overpayment on a withholding account, employers must submit Form 4854 requesting […]