Regulatory Analysis
The New Mexico Taxation and Revenue Department has updated the penalty and interest rate for Quarter 2 of 2018. The rate will be 5% annually, from April 1, 2018, to June 30, 2018. This is an increase from 4 percent in the previous quarter. To view the interest rate, as well as past rates, please […]
Ohio has published the Scan Specifications for the 2018 Ohio IT 3. Form IT 3 is the Transmittal of Wage and Tax Statements forms. The software developer identification is now a two-digit vendor registration number (VRN), rather than a three-digit VRN. Forms must be submitted for approval by December 14, 2018. To read […]
The IRS has released the 2018 Form 1099-PATR and Instructions. Form 1099-PATR is used to report taxable distributions received from cooperatives. Form Changes No changes to the form Instructions Changes The following credits have expired. The cellulosic biofuel fuels credit (including second generation biofuel) (Form 6478). The Indian employment credit (Form 8845). The biodiesel and […]
The IRS has released the 2018 Instructions for Form W-2G. Form W-2G is used to report gambling winnings and any federal income tax withheld on those winnings. There are a number of changes from the previous revision: New regular withholding rate Effective for taxable years beginning after December 31, 2017, the withholding rate is […]
The IRS has released the 2018 Form 1099-B. This form is used to report proceeds from broker and barter exchange transactions. The only change made to the form was to the instructions for Box 3. Now, if Box 3 is checked, the basis in box 1e must be reported to the IRS and either […]
The IRS has released the 2018 Form 1099-LTC and its instructions. Form 1099-LTC is used to report long-term care and accelerated death benefits to the IRS. Form Changes References to “federal identification number” have been changed to “TIN” Instruction Changes There are no changes to the Instructions. To view the 2018 Form 1099-LTC and […]
The IRS has released the 2018 Instructions for Form 1099-QA and 5498-QA. Form 1099-QA is used to report distributions from ABLE accounts, and Form 5498-QA is used to report ABLE account contribution information. There are a number of changes from the previous revision: Increased contributions may be made to ABLE accounts by a designated […]
Starting next year, 1099s, W-2s, W-2Gs, and WV/IT-103 Annual Reconciliations to the West Virginia Department of Taxation will be due January 31. The advanced due date is required by a bill recently signed by Governor Justice. The bill, SB 233, advances the due date for the above forms. It also requires employers with 25 or […]
The North Dakota Office of State Tax Commissioner has published the 2018 Income Tax Withholding Rates and Instructions. The withholding allowance amounts have changed to reflect changes in IRS Publication 15 (Circular E) for 2018. Likewise, the tables for the percentage method of withholding have also changed. There have been no changes to the instructions. […]
The North Dakota Office of State Tax Commissioner has published the 2018 Withholding Tables. All tables have been updated from the 2017 tables. To view the tables in full, please follow the link.
New Mexico's governor recently signed into effect legislation changing the filing deadline for Form W-2. The deadline will move to January 31 for taxable years beginning on or after January 1, 2019. The reporting deadline will remain at February 28 for taxable year 2018, and the new deadline will not come into effect until January 1, […]
Massachusetts recently published an update to Technical Information Release (TIR) 18-3, Interest on Overpayments and Underpayments. These interest rates relate to overpayments and underpayments of certain tax types, including withholding tax. These rates are published on a quarterly basis. The interest rates have increased by one percent (1%) for the Second Quarter of 2018: […]
Illinois has updated Publication 110 and 130. Publication 110 provides filing and storage requirements for employers and filers filing Forms W-2, W-2c, W-2G, and 1099. Publication 130 provides Illinois income tax withholding requirements. The only change is that each publication now states a waiver to the Form W-2, W-2c, and W-2G electronic filing requirements […]
The Arizona Department of Revenue has published a revised Pub. 622, Business Basics: A Guide to Taxes for Arizona Businesses. There are a few updates to this publication of which filers should be aware: The payment by Electronic Funds Transfer (EFT) requirement has expanded. Now, withholding taxpayers with average Arizona quarterly withholding liability during the prior […]
The IRS has released the 2018 Form W-4P. This form is used to report by payees to tell payers the correct amount of federal income tax to withhold from their payments. There are a number of changes from the previous revision: New General Instructions and Specific Instructions sections Specific instructions are for Personal Allowances […]
The IRS has released the 2018 Form W-2. Form W-2 is used to report employee wages to the IRS. There are a few changes to Form W-2: New Box 12 Codes Code GG: Income from qualified equity grants under section 83 Code HH: Aggregate deferrals under section 83 elections as of the close of […]
The IRS has released the 2018 Form 1042-S Instructions. There are a number of changes from the previous revision: Changes to withholding rates For tax years beginning after December 31, 2017, the rate of withholding under section 1446 by a publicly traded partnership on a distribution of income effectively connected to a U.S. trade […]
The South Carolina Department of Revenue recently published Information Letter #18-2, which details interest rates for overpayments and underpayments of taxes. The interest rate for the second quarter of 2018 has increased to 5%. This rate increase is governed by S.C. Code Ann. Section 12-4-320 (2014) and SC Revenue Procedure #09-3. To review […]