Regulatory Analysis
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.
Pennsylvania's Department of Revenue recently updated the W-2 Employee Wage Records Specifications. The name change to W-2/1099-R Employee Wage/Distribution Records. There are no other significant changes. To view the specifications in full, please follow the link.
Pennsylvania's Department of Revenue recently updated their W-3 Return Quarterly Reconciliation information. There are no substantive changes from last year. To view the W-3 filing requirements, please follow the link.
Pennsylvania's Department of Revenue recently updated their specifications for electronically-filed Forms W-2, EFW2, formerly MMREF-1. There are no substantive changes from last year's specifications other than the name change. To view the specifications, please follow the link.
The IRS has announced that they will extend the due date for furnishing the 2017 Form 1095-B and Form 1095-C to individuals from January 31, 2018, to March 2, 2018. Because of this automatic extension, the provisions that traditionally allow the IRS to grant an extension of time up to 30 days to furnish Forms […]
Maine has recently released its Withholding Tables for Individual Income Tax for 2018. These tables detail withholding for wage earners over the course of the 2018 tax year. The new tables reflect changes to personal exemption amounts, standard deductions amounts, and the phase income level for the standard deduction. The tables also reflect the advancement […]
Puerto Rico has released Publication 17-06. This publication contains instructions and specifications for filers who wish to file electronically with the Hacienda. There are a number of changes from the previous revision: Important Notice Forms 480.7 and 480.7C are not included on this revision, but they will be included on a later updated revision. New […]
New Jersey has released its 2018 Interest Rate on Tax Balances. The assessed interest rate on outstanding tax balances will increase from 6.50% in 2017 to 7.25% in 2018 due to the increase in the Federal Prime Reserve Rate from 3.50% to 4.25%. At the end of each calendar year, any unpaid tax, penalties, and […]
Puerto Rico has released Publication 17-07, an error manual that is used by filers to file Form 499R2 with the Hacienda. There are some changes from the previous revision: Error 709 has been updated to reflect a new field Errors 720, 722, and 723 now also cover positions 442-443 of the RS Record Error 736 […]
Ohio has released the 2017 specifications for filing Form W-2 electronically. There are a number of changes from the previous revision: Record Changes A new box 12 Code FF money field, Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement (Code FF), has been added to the: RW Employee Record in positions 474 – […]
Oklahoma recently published Form 501, for Annual Information Returns. The Form has expanded on the types of forms that may be reported with Form 501. While the 2016 Form included only options for Form 500, 500-A, and 500-B, the 2017 form includes selection options for W-2G and Forms 1099. The Oklahoma DOR reminds filers that […]