Regulatory Analysis
The State of Hawaii Department of Taxation recently published an updated version of Booklet A, Employer’s Tax Guide. This publication provides detailed information on filing and paying withholding tax in the state of Hawaii. This publication was last updated in 2013, so there are several updates to the language of the publication. These changes […]
The IRS has released the 2018 General Instructions for Certain Information Returns. These instructions provide filers with information they need to help file a variety of 1099 and 5498 forms. There are a number of changes from the previous revision: Backup withholding rate has changes to 24% from 28% For Form W-2, only one extension […]
The State of Oregon Employment Department recently released their 2018 Plain Paper Specifications. These specifications are used to create substitute versions of Form 132 and other print resources. There is only one change to the 2018 version of the specifications, which is: The Column Positions for “State Withholding Taxes” and “Page Total Withholding Taxes” […]
Maine's Revenue Services recently published a 2018 version of Form W-3ME, the Reconciliation of Maine Income Tax Withheld in 2018. There are no changes to the form itself. Electronic copies of payee statements must be filed with the Maine Revenue Services no later than January 31. The filing date is still February 28. To […]
The State of Hawaii Department of Taxation recently published a number of updated forms used for withholding tax reporting and payment purposes. These forms and slips have been updated, but include only minimal changes for Tax Year 2017/Filing Year 2018. HW-2: State Income Tax Withheld and Wages Paid There were no changes made to […]
North Carolina's Department of Revenue recently updated Form eNC3, the Specifications for 1099 Reporting. There have been no changes to the specifications. The DOR has changed the deadline for Form 1099-K from March 31 to January 31. To read the specifications in full, please follow the link.
The IRS announced a new and regular backup withholding rate for the 2018 Form W-2G. Form W-2G is used to report gambling winnings and any federal income tax withheld on those winnings. Effective for taxable years beginning after December 31, 2017, the withholding rate applicable to winnings of $5,000 or more from sweepstakes, wagering […]
The IRS has published its 2018 version of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. This publication provides substantive guidance to those with Form 1042-S filing obligations under FATCA and for payments to nonresident aliens (Chapter 4 and 3 withholding, respectively). There are several revisions and updates of which filers should be aware: […]
The Massachusetts Department of Revenue has released TIR 18-2, which contains the penalty schedule for individuals who fail to obtain health insurance in 2018, as mandated by Massachusetts law. Individuals who are able to afford health insurance coverage, but fail to obtain it, will be subject to penalties for each month of noncompliance. Penalties will be […]
Congress recently passed the Bipartisan Budget Act of 2018 (Public Law No. 115-123). As a result of the bill passing, the mortgage insurance premium deduction has been extended for tax year 2017. Mortgage insurance premiums are reported on Box 5 of Form 1098. To view the bill in its entirety, please click here.
The State of Hawaii Department of Taxation recently released an updated version of Form VP-1, Tax Payment Voucher. This form replaces its predecessor form VP-1W, which was a general withholding tax payment voucher. VP-1 expands its applicability by allowing use for a variety of tax types. Specifically, VP-1 may be used to submit payments for […]
Alabama recently passed Act 2017-294. This Act requires that Payment Settlement Entities (PSEs) file Form 1099-K for payees with an Alabama address. The 1099-K forms are due within 30 days after the Federal due date on or before April 30th each year. To view the announcement, please click here.
The State of Hawaii Department of Taxation recently released an updated version of Form N-1, Declaration of Estimated Income Tax for Individuals. This form is used by individuals to submit their estimated tax liability for the year in which that income is earned: this updated form will be used for filing year 2018. There […]
Rhode Island's Division of Taxation recently published W-2 Electronic Filing Requirements for Tax Year 2017. All electronic filings must be submitted in a .txt format. The Division of Taxation reminds filers that while W-2s may be submitted electronically or by magnetic media if appropriate, Form RI-W3 must be submitted by filed by paper. The address for Ri-W3 […]
West Virginia recently published the final version of IT-105, their Electronic W-2 Reporting Specifications. This publication provides the rules and electronic specifications for reporting W-2 data through the West Virginia MyTax portal. There are a few updates to the 2017 version of these specifications, which are as follows: All 2017 withholding data must be […]
Ohio recently updated their Specifications for Filing W-2 Forms Electronically. These specifications are based on the federal model provided by the Social Security Administration, with state-specific modifications added for the purposes of Ohio reporting requirements. A number of changes were made to the specifications for TY 2017, which are as follows: RA Record: […]
The IRS has issued a revision of Publication 1187, Specifications for Electronic Filing of Form 1042-S. The revision addresses the use of Amendment Numbers and Unique Form Identifiers when transmitting one and two transaction corrections. In a One Transaction Correction (used for incorrect money amounts, incorrect codes and/or check boxes, incorrect addresses, or forms 1042-S […]
The IRS recently updated Publication 1220, "Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G." Additional information has been added regarding the new Form 8809 as well as Notice 2018-06. A new section has been introduced, providing important filing guidance for TY 2017 for Form 1099-MISC non-employee compensation (NEC). […]