Regulatory Analysis
Wisconsin recently released the 2021 version of its Publication 172, the Annual W-2, 1099-R, 1099-MISC, 1099-NEC, and W-2G Electronic Reporting. Few changes were made to the document itself and no changes were made to the actual specifications portion of the publication. The most notable changes are detailed below: • Updated revision from 11/20 to 10/21 […]
The IRS recently released it’s 2021 Forms 1094-B and 1095-B, the Transmittal of Health Coverage Information Returns and the Health Coverage Form required by the Affordable Care Act. There were no major changes to either form this year, excepting the form year was changed on both forms and a couple of minor grammatical changes were […]
The IRS recently released its 2021 Forms 1094-C and 1095-C, the Transmittal of Employer-Provided Health Insurance Officer and Coverage Information Returns and the Employer-Provided Health Insurance Offer and Coverage respectively. The only notable changes to the 1094-C were the update of the year to 2021. There were several grammatical updates to the 1095-C along with […]
The IRS recently released a new update to Publication 1220, the specifications for 1099 series forms and other related forms. The primary updates were in response to several errors that had been noted in the September release. A detailed list of changes found in the most recent version follows: • Form 1099-H: Health Coverage Tax […]
The IRS recently released updated draft versions of the new versions of Forms W-4R and W-4P. Originally released in March 2021, this third draft release for the W-4R and fourth draft release for the W-4P remain largely the same as their respective predecessors. The only substantial difference is a revised worksheet for computing withholding based […]
Indiana recently released its W-2 and Electronic Filing Requirements document for the 2021 tax year. This publication includes all W-2 and specifications. Few changes were made to the document this year, the most notable of which is the removal of all references to the RV record, which Indiana no longer uses. Additionally, supporting documents may […]
The French Council of Ministers announced on September 15 the decision to implement a country-wide e-invoicing and e-reporting obligation according to a revised calendar: from July 1st, 2024, all companies headquartered or established in France will have to accept e-invoices from their suppliers. at the same date, issuing e-invoicing in lieu of paper will become […]
New Mexico recently released an update to it’s FYI 104 Publication which is the Withholding Tax general instructions document. The revision is noted as July of 2021 and many of the updates come from the development of new forms. The most important changes are detailed below. • Under the Notes for Who Must Withhold, a […]
The German Bundesrechnungshof (Federal Audit Office), which is a independent judiciary body that advises various government bodies through non-legally binding recommendations, recently proposed to the Ministry of Finance that a real-time reporting system leveraging blockchain technology would be an efficient system to combat VAT fraud and reduce the VAT loss in Germany which is estimated […]
The Portuguese tax authority clarified obligations for non-resident companies. In principle, companies that are not resident but have a VAT registration in the country should comply with domestic VAT rules (which includes issuing e-invoices through certified software). The tax authority also clarified other obligations such as circumstances that require or dismiss a VAT registration, indication […]
The IRS recently released its 2020 Publication 5258, the Affordable Care Act (ACA) Information Returns (AIR) Submission Composition and Reference Guide. This guide is for processing of ACA related forms during processing year 2021. There were some notable changes to the document which have been detailed below. In addition to these changes, several changes were […]
A new JSON e-Invoice schema (v1.02) has been released by the Indian Tax Authority. The update includes only minor changes and no new fields. While version 1.02 is now available for testing, version 1.01 will continue as is for some time prior to being phased out.
The South Carolina Department of Revenue recently issued extensions as tax relief in light of the COVID-19 pandemic. Tax returns and payments due between April 1, 2020 and June 1, 2020 will now be due on June 1, 2020. Regarding payments, penalties and interest will not be charged if the payments are made by June […]
Making the announcement through Notice 2020-23, the IRS has extended the due date for a number of taxpayer actions which include filing Forms 5498, 5498-QA, 5498-ESA, and 5498-SA. Citing to a list of taxpayer acts found in Revenue Procedure 2018-58, affected taxpayers are granted an extension of time relating to “time-sensitive acts” due to be […]
The Ministry of Finance in Vietnam presented a draft Decree to postpone the mandatory adoption of e-invoicing in the country from November 1, 2020, to July 1, 2022, due to the difficulties encountered by local companies to implement on time a compliant e-invoice solution to meet the previous deadline. However, agencies, organizations, and individuals are encouraged […]
House Bill 7097 was recently passed by the Florida Legislature and approved by Governor DeSantis, paving the way for a new information return requirement in the state. Under Section 212.134 of the Bill, payment settlement entities and other third-party facilitators who handle payment card and third-party network transactions must file a 1099-K return with Florida […]
The government of Panama has enacted Decree 115/2020 by which it mandates that all taxpayers excluded from the obligation of using electronic fiscal machines attached to their POS systems will be required to issue pre-validated electronic invoices. The decree also establishes that this mandate will be effective on August 1, 2020 but the tax administration […]
A recently published official decision de facto amending the timeline for full Portuguese implementation of the Directive 2014/55/EU on electronic invoicing in public procurement has been published. According to the Despacho 129/2020-XXII, the Portuguese public administration will continue to accept B2G invoices in PDF format until June 2020. Until then, such PDF invoices will be considered legal […]