Regulatory Analysis
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 […]
Minnesota has revised its Form W-4MNP, “Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments.” The form is used by payees to indicate desired withholding for the payment types in question. The revised form is simplified to reflect state law changes that permit more flexibility for payees who can now request any rate […]
Pennsylvania has published Tax Bulletin 2023-01. This document clarifies 1099-MISC and 1099-NEC reporting and withholding instructions. The document clarifies when Forms 1099-NEC and 1099-MISC, particularly noting that Pennsylvania requires reporting of these forms when federal reporting is required. Previously, direction for reporting of these forms was required when reporting compensation for services performed by state […]
The City of Philadelphia enacted a requirement that an employer provide employees and non-payroll workers who reside or work in Philadelphia with a notice of the Earned Income Tax Credit (EITC). The EITC Notice must be provided to the employee or worker at the same time the federal form W-2, 1099, or comparable form is […]
The State of Indiana has published a revised version of its 1099 and W-2G reporting guide for Tax Year 2022. The 1099 and W-2G reporting guide defines specifications for electronic 1099 and W-2G filing. Indiana has changed the description for Position 735-746 “Local Income Tax Withheld” in the B Record for forms 1099-B, DIV, G INT, […]
The Massachusetts Department of Revenue has released 2022 Schedule HC: Health Care Information form, Schedule HC Instructions, Schedule HC-CS: Health Care Information Continuation Sheet. These state forms report insurance offerings to Massachusetts residents as required by state law. They are parallel to and independent of similar federal reporting requirements The cap has been raised on […]
The Louisiana Department of Revenue recently published Revenue Information Bulletin (RIB) 23-006, State Filing Requirements for IRS Form 1099-NEC. This guidance follows an administrative waiver of the filing requirement from tax year 2021 and outlines the filing requirements related to Form 1099-NEC to Louisiana. Beginning January 1, 2023 (for tax year 2022), all service recipients […]
Michigan has released its 2023 Income Tax Withholding Guide. The Michigan Income Tax Withholding Guide is a publication that offers comprehensive guidance for Michigan employers required to withhold income tax. Michigan has raised the Personal Exemption amount, the Pension Tax Exemption for those born before 1946 and the Personal Exemption Allowance from 1946 to 1952. […]
The State of Colorado has released its Wage Withholding Tax Guide as of December 2022. The publication contains guidance for state wage withholdings and W-2 reporting to the Colorado Department of Revenue. There are minor changes to the 2022 Wage Withholding Guide including minor grammatical fixes, an update to the publication year and interest rate […]
The State of Michigan Form 447 – Transmittal for Magnetic Media Reporting of W-2s, W-2Gs and 1099s remains unchanged for Tax Year 2022. Form 447 contains information regarding requirements for electronic and magnetic reporting for W-2 and 1099 transmittals. The Michigan Department of Treasury, Technical Section has confirmed there will be no new specifications released […]
The Massachusetts Department of Revenue has released the 1099-HC form for Tax Year 2022. The 1099-HC form is required for reporting the Massachusetts health care coverage per the state’s reporting requirement and individual mandate. There have been no changes to the form from tax year 2021. To view the 2022 1099-HC, please click here.