Regulatory Analysis

Get the latest updates in regulatory analysis news

Posted 2 years ago by Charles Maniace
Massachusetts Legislature asks DOR to Consider Real Time Sales Tax Payments

A provision contained in the FY 2018 Massachusetts Budget looks to set the stage for possible real-time sales tax remittance requirements in the Commonwealth. While nothing is official yet, the Massachusetts legislature believes that it has recognized an opportunity to utilize “third party payment processors” as a means of ensuring proper tax collection and accelerating […]

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Posted 2 years ago by Adam Rivera
Puerto Rico Releases Several 2017 Forms

Puerto Rico has released 2017 versions of Form SC 2720, Form 499R-2/W-2PR, Form 499R-2c/W-2cPR. While there are some slight changes in wording and updated contact information to the newly released forms, the most significant change is the addition of a new Code F to Form 499R-2/W-2PR. Code F is an exemption code that applies to […]

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Posted 2 years ago by Ramón Frias
AEAT Updates SII FAQ

As part of an effort to facilitate a better understanding and increase compliance of taxpayers subject to the Supply of Information System (locally known as SII), which became effective July 1, the Spanish tax administration (AEAT) has updated its content of the Frequently Asked Questions document that explains, using a question and answer format, how […]

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Posted 2 years ago by Charles Riordan
European Economic and Social Commission Opinion on VAT Modernization

In 2016, the European Commission released several proposals for new Directives amending Council Directive 2006/112/EC ("the EU VAT Directive"). The Commission’s first proposal would to introduce an intra-EU VAT threshold and simplified compliance obligations for the Mini-One-Stop Ship (MOSS) scheme for e-services, with the aim of removing VAT barriers to online businesses, particularly start-ups and small-to-medium […]

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Posted 2 years ago by Ramón Frias
AEAT Enhances its SII Reporting Deadline Calculator

As part of the implementation of the new Supply of Information System (locally known as SII), the Spanish Tax Administration (AEAT) released an online tool designed to help calculate deadlines for reporting issued and received invoices. On August 9, 2017, the AEAT released an enhancement to that tool that will help calculate deadlines for reporting corrective […]

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Posted 2 years ago by Linda Epstein
California Board of Equalization Restructured

The California Board of Equalization has been restructured into three separate entities effective July 1, 2017: The State Board of Equalization (the Board), the California Department of Tax and Fee Administration (CDTFA) and the Office of Tax Appeals.  CDTFA will be housed within the Government Operations Agency while the Board will be an independent agency […]

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Posted 2 years ago by Paul Ogawa
Anguilla Releases CRS Guidance Notes

The Government of Anguilla recently released the first edition of its CRS guidance notes. As noted in the guidance itself, these notes are meant to provide general instruction and information about CRS that are specific to Anguilla. Moreover, these notes provide helpful information to Anguilla’s Financial Institutions to complete their due diligence and reporting obligations […]

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Posted 2 years ago by Erik Wallin
Massachusetts Sales Tax Holiday Remains a Long Shot

In a last ditch effort to move the needle, Massachusetts Governor Charlie Baker filed legislation that would create a sales tax holiday in the Commonwealth for August 19-20. If passed, the holiday would apply to most any item costing $2,500 or less. Governor Baker has stated "We look forward to working with the Legislature to […]

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Posted 2 years ago by Sovos
Treasury Secretary Discusses Remote Commerce Sales Tax

In the course of testifying at a Senate Appropriations Committee hearing a few days ago, Treasury Secretary Steven Mnuchin hinted the Administration may be close to articulating a position on the application of sales tax to remote/internet commerce. Characterizing the issue as one of collection, Secretary Mnuchin recognized that tax revenue from online purchases is […]

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Posted 2 years ago by Adam Rivera
IRS Releases 2018 Draft Form 1098, Mortgage Interest Statement

The IRS has released its 2018 Draft Form 1098, Mortgage Interest Statement. There have been a number of changes to the form since its previous revision: “RECIPIENT’S/LENDER’S federal identification number” and “PAYER’S/BORROWER’S taxpayer identification no.” fields have been renamed to “RECIPIENT’S/LENDER’S TIN” and “PAYER’S/BORROWER’S TIN” respectively Wording in Box 7 has been changed: “If address […]

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Posted 2 years ago by Paul Ogawa
Missouri Advances W-2 Filing Due Date for Tax Year 2017

Missouri recently announced through their Withholding Tax FAQs that employers with more than 250 employees must file their W-2 forms with Form MO W-3 electronically by January 31, 2018 (for tax year 2017). This announcement advances the due date for W-2 filing by one month to bring the MO due date in line with the federal deadline. For additional […]

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Posted 2 years ago by Stephen Kessinger
US Extends Date for FFI Agreement Renewal

Through an update to its FAQs, IRS announced it will extend the deadline to renew the FFI Agreement from July 31 to October 24.  Foreign Financial Institutions in Model 2 or Non-IGA countries are required to sign and adhere to the terms of the Agreement to be considered Participating.  Should an FFI not sign the Agreement, […]

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Posted 2 years ago by Stephen Kessinger
Turkmenistan Signs Model 1 IGA

This week, US Treasury announced  it has signed a Model 1 IGA with Turkmenistan.  Previously, Turkmenistan was considered to have an agreement “In-Substance.”  The IGA is a 1B type, meaning that the United States will not share tax information with Turkmenistan. 

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Posted 2 years ago by Adam Rivera
IRS Releases 2017 Draft Forms 1094-B, 1094-C, 1095-B, and 1095-C

The IRS has released its 2017 Draft versions of Forms 1094-B, 1094-C, 1095-B, and 1095-C. There were no changes to Form 1094-B. Form 1094-C had two changes: The removal of selection C, “Section 4980H Transition Relief,” from Line 22, and the removal of column (e) “Section 4980H Transition Relief Indicator” from Part III. There are […]

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Posted 2 years ago by Tom Hospod
Arizona Releases 2017 Form A1-WP, Payment of Arizona Income Tax Withheld

The Arizona Department of Revenue has released its 2017 version of Form A1-WP, Payment of Arizona Income Tax Withheld, which withholding agents should file to the Department along with each payment of withholding tax. Only employers who are required to make more than one Arizona withholding payment per calendar year, and who do not pay by […]

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Posted 2 years ago by Alex Samuel
Cook County Resumes Collection of Sweetened Beverage Tax

Cook County Illinois will resume collection of their sweetened beverage tax after a judge lifted a temporary restraining order and dismissed a lawsuit filed by the Illinois Retail Merchants Association preventing implementation of the tax. The sweetened beverage tax consists of a $0.01 tax on each ounce of sweetened beverage sold at retail. Retailers are […]

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Posted 2 years ago by Charles Maniace
Massachusetts Proposes Remote Seller Sales Tax Regulation

A few short weeks ago the Massachusetts Department of Revenue enacted and then rescinded Directive 17.1 which was slated to take effect on July 1. The Directive would have imposed a sales tax collection and remittance requirement on remote sellers/internet vendors that provide software (including “cookies”) to Massachusetts customers or use “content distribution networks” located […]

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Posted 2 years ago by Ramón Frias
Portugal to Allow Payment of VAT Using Periodic Tax Return

The tax administration of Portugal has issued a new regulation (Portaria 221/2017) that will allow taxpayers to pay the VAT due on imports using Portugal's periodic VAT return. The new measure is expected to enter into effect in two stages: September 1, 2017 for most goods contained in Annex C of the VAT Code (except […]

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