Regulatory Analysis
Vermont recently published an updated version of Publication MTT-600, the Vermont Department of Taxes ACH Credit Processing Instructions. This publication provides information to taxpayers regarding electronic payments using the ACH Credit Payment system through the VTax web portal. Other than formatting updates, there are a few updates to this publication, which are as follows: […]
Virginia recently released Tax Bulletin 17-13, which is used to communicate state tax interest rates for the First Quarter of 2018. Tax Bulletins of this nature are generally released on a quarterly basis. The tax interest rate for underpayments (assessments) will be 6% for the first quarter of 2018, while the rate for overpayments […]
Illinois has released its 2017 Form W-2G and 1099 Electronic Filing Specifications. Forms W-2G are mandated to be electronically filed for TY2017, and for TY2017 Forms 1099 will be electronically filed with the Illinois DOR on a voluntary basis. If a filer attempts to file Form W-2G information on magnetic media, it will not […]
Puerto Rico has released the 2017 revision of Form 480.7. This form is typically used to report retirement account information. Changes to the form come from new boxes used to report distributions related to Hurricane Maria: New boxes Box 10, Income Tax Withheld at Source on Eligible Distributions for Reason of Extreme Economic Emergency Due […]
California's Employment Development Department recently updated DE-44, the California Employer's Guide, for 2018. The following changes have been made: All returns, wage reports, and tax deposits must be filed online with the EDD. This is a change from last year where employers with less than 10 employers could file by paper. The 2018 State Disability […]
California's Employment Development Department recently updated DE 4, the Employee's Withholding Allowance Certificate. While there have been no changes to the form itself, the withholding calculating tables for Worksheet C have been updated. Please refer to the link to view the changes in full.
The Canada Revenue Agency (CRA) recently released an updated version of their Statement of Investment Income, or T5 slip. This slip is used to report dividends paid from a number of sources, including Canadian Corporations, capital gains dividends, and interest from Canadian sources. There is one significant change to the most recent version of […]
The Canada Revenue Agency (CRA) recently released an updated version of their Statement of Securities Transactions, Form T5008, and the accompanying Publication T4091. Form T5008 is used by traders or dealers in securities to report purchases of securities as principal for their own account, and sales of securities they make as an agent or nominee, […]
Vermont recently announced a change to state information reporting that directly affects reporting of Form 1099-K. With the passage of Act 73 of 2017, which modifies Vermont tax information reporting law under 32 V.S.A. § 5862d, the new law requires third party settlement organizations (TPSOs) to report payments that equal to or exceed $600 per person. This change […]
The IRS recently issued an update to the 2017 Instructions for Form 1042-S. These modified instructions include Boxes 13i and 13L, which are for Recipient Foreign Taxpayer Identification Number (TIN) and Date of Birth, respectively. These updates are meant to provide greater detail and clarity with regard to a few aspects of the instructions, as […]
North Carolina recently released the 2018 version of Publication NC-30, the Income Tax Withholding Tables and Instructions for Employers. This publication provides instruction and requirements for employment- related tax information reporting, including W-2 and 1099 information. Two important updates were made to the publication for 2018, which are as follows: Penalties were updated by […]
Minnesota recently updated a number of their specifications and publications relating to electronic filing, specifically W-2, 1099, and Bulk Filing instructions. There are a few changes to the publications, which are detailed as follows. Fact Sheet 02: W-2 Specifications Under the “Key and Send” and “Submitting your file in e-Services” instructions, the first step […]
Puerto Rico has released its 2017 Form 480.7C. This form is traditionally used to report retirement plans and annuities. Because of Hurricane Maria, this form is now being used this year to report eligible distributions related to the hurricane. There are a number of changes from the previous revision: New plan or annuity types to […]
Wisconsin has released Publication 166, the Wisconsin Withholding Tax Guide. This publication contains withholding information for Wisconsin employers, and there are a number of changes from the previous revision: The 2017 Wisconsin Act 59 made several changes to W-2 and information return reporting requirements, so now beginning with payments made in 2017: An employer or […]
As a result of the recently passed tax reform bill, the Tax Cuts and Jobs Act, the backup withholding rate will be reduced from 28% to 24% effective January 1, 2018. Under Code § 3406, payors are required to deduct backup withholding on certain non-wage payments made to payees for whom an information return […]
Pennsylvania's Department of Revenue recently updated Form PA-501, Deposit Statement/ACH Statement. There is no substantive changes from the last update. To view PA-501 specifications in full, please follow the link.
Pennsylvania's Department of Revenue recently published the 2017 W-2 transmittal specifications. There is now a requirement to insert a W-2/1099-R Employee Wage/Distribution Record before uploading the REV-1667 (Transmittal) Annual Withholding Statement. No other substantive changes have been made. To view the W-2 transmittal specifications in full, please follow the link.