Regulatory Analysis
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 […]
As of October 1, 2021, Florida now requires Independent Contractor Reporting (ICR) by businesses. Signed into law earlier this year, Florida Statute 409.2576 now requires that employers report new hire information for independent contractors to the Florida Child Support Program. The statute requires that such reports be made within 20 days of hire for new […]
The IRS recently released its 2021 Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G. This year, the IRS has made several small but notable changes that could impact taxpayers. The most notable of these changes are detailed in the bullets below. • The application for new and […]
11/10/2021 The Governor of Michigan recently signed into law House Bill 5267 and Senate Bill 153. These bills provide an exemption from sales and use tax on the sales of feminine hygiene products. Feminine hygiene products are defined as “tampons, panty liners, menstrual cups, sanitary napkins, and other similar tangible personal property designed for feminine […]
According to Resolution 279/2019, the Peruvian tax administration (SUNAT) requires taxpayers with revenues over a certain threshold to start issuing electronic invoices and receipts. For most taxpayers, that obligation began on 1 January 2021; however, small to medium taxpayers with annual revenues between 23 and 75 Fiscal Units (1,008 to 75,600 US dollars) will have […]
The Peruvian tax administration has issued a new resolution 150-2021/SUNAT postponing until January 1, 2022, the new two days deadline for the remittance of the electronic invoice and the corresponding credit or debit notes to the SUNAT or the OSE. During December, there will be two temporary deadlines for the remittance of the electronic invoice […]
The Peruvian government has issued a new Decree (Decreto de Urgencia 239-2021) establishing a procedure that taxpayers and their clients should follow in order to trade electronic invoices issued by businesses and independent suppliers of services. The purpose of this decree is to foster the financing mechanisms of taxpayers by allowing them to negotiate invoices […]
The Argentinean tax administration (AFIP) has released a draft of the new technical documentation for the Electronic Invoice for Export. Compared with previous version 1.8.0, the purpose of this update is to include version 2 of the simplified export functionality. Along with this change, the following codes have been deprecated: 2000, 2009, 2014, 2015, 2024, […]
According to Resolution RND 10210000012, starting December 1, 2021, all large taxpayers of Bolivia (Locally known as PRICOS) plus those mentioned explicitly by Resolution 1021000017 will be required to comply with the new electronic invoicing mandate of the country. Bolivia has three categories of taxpayers, PRICOS (Around 100 taxpayers), GRACOS (Around 2000), and RESTO (All […]
The Ministry of Healthcare of Colombia (Ministerio de Salud y Proteccion Social) has issued a new resolution postponing the effective date for the implementation of the technical documentation related to the electronic invoice for the health care sector. Based on the provisions of Art. 1 Resolution 506/2021 as modified by the provisions of Resolution 1526/2021, […]
The Argentinean tax administration (AFIP) informed that the implementation of the electronic bill of transport (locally known as Carta Porte) required to transfer agricultural products has started. According to the Joint Resolution 5017/2021 issued by the AFIP and the ministries of Security, Transportation, and Agriculture, the mandatory use of the Carta Porte will start on […]
Earlier this year, sales and use tax (including meals tax) payments and returns due from March 20, 2020 through June 1, 2021 were extended to October 30, 2021. The extension applied to qualifying businesses with cumulative liability under $150,000 in the 12-month period ending February 29, 2020. The state is asking vendors to take steps […]
The Turkish Revenue Administration (TRA) published a technical guideline about the e-foreign exchange receipt. The e-Foreign exchange receipt is the electronic version of foreign exchange receipt which is issued in foreign exchange purchases and sales in paper form, and has the same legal characteristics as its paper form. The guideline explains the technical details about […]
The Latvian government approved a report prepared by the Ministry of Finance on the implementation of an electronic invoicing system in the country. The concept expressed in the report envisages the introduction of the use of electronic invoicing as mandatory for B2B and B2G transactions from 2025 in accordance with the PEPPOL framework. Changes in […]
There have been developments with respect to the B2G e-invoicing system in Romania – e-Factura -, which soon will affect also B2B e-invoicing in the country. As reported earlier, the Romanian government has been working on the launch of a pilot B2G e-invoicing system, called e-Factura, to bring B2G e-invoicing in line with the EU […]
According to a newly published decree (No: 443-2021), starting from 15 December 2021, joint-stock companies and investment companies in Cairo are required to join the e-invoice system, i.e. issue and register e-invoices in the invoicing system. The decision affects 3737 companies whose names are published by the Egyptian Tax Authority (ETA). By April 2023, the […]