Regulatory Analysis
The IRS recently released an update to the 2022 Publication 5165. This publication contains the specifications for electronic filing of Federal Affordable Care Act forms in the AIR system. This update for the 2022 filing season is purely cosmetic in nature and contains no actual changes to the substantive information contained within the publication itself. […]
Minnesota has released a revision to Income Tax Withholding Instruction Booklet and Tax Tables. The only change is to include affirmative instructions stating that payors of non-periodic distributions must request a Form W-4MNP from the payee. Form W-4MNP is a form to be completed by the payee and retained by the payor that enables payees […]
Maine recently released updates to several documents for business registration and withholding. These documents include Form 941BN-ME, ME-21, the Business Change Notification; the Registration Application for Withholding and other taxes; and Form EFT, the Electronic Funds Transfer Application. Few changes were made across the three forms, none of them substantive. Most changes to the documents […]
The IRS has revised Form 1099-INT to be a continual use form. This change will eliminate year-to-year revisions of the form, bar fundamental changes to the form or its reporting. There are no changes to the reporting obligation for the form. A number of editorial changes were made to the form and its instructions in […]
On May 30, 2022, Maryland House Bill 305 (MD HB 305) was enacted into law. It becomes effective on October 1, 2022. The bill makes changes to Maryland’s law by adopting “lack of valid address” as the trigger for dormancy for both banking and securities-related property.
The IRS has revised Form 1099-K. The form has been changed to be a continual use form, minimizing changes for subsequent years. There is a substantial change to filing direction. For tax year 2022, third-party network transactions reporting a sum of at least $600 must be reported to the IRS, regardless of number of transactions. […]
The IRS has released its 2022 Form 5498, which is used for reporting IRA contributions and Form 5498-ESA which is used for reporting Coverdell ESA contributions. Few changes were made to either form for this year other than the form year and dates across the form being updated for the 2022 tax year. Notably, the […]
The IRS has released a continuous use format version of Form 1099-S for use beginning in Tax Year 2022. The 1099-S is used for repotting the proceeds from real estate transactions to the IRS. The only notable changes to the form were those made to change the format to continuous use, including removing the form […]
The IRS has revised Form 1099-DIV. The revised form has been moved to continual use, a change intended to reduce the necessity for annual revisions. There are no changes to the filing directions for the form. The revised form removed reference to specific years as a means to enable continual use. It also changes the […]
The IRS has released its 2022 Form 1099-PATR which is used for reporting taxable distributions received from cooperatives. Few changes have been made this year to the form. Most notably, the form has been updated with dates for the 2022 tax year, the Free File notice has been changed to the Free File Program, and […]
The IRS has chosen to extend the continuous use format for several forms including Form 1099-LS, 1099-Q, 1099-SA, and 1097-BTC. These forms were converted to a continuous usage format in 2019 and have remained unchanged since. The forms are respectively used for the reporting of reportable life insurance sales, payments made from qualified education programs […]
The IRS has released a Continuous Use Format version of Form 1099-NEC to be used beginning in Tax Year 2022 and forward. This form is used for reporting nonemployment compensation paid to payees. Few changes were made other than those necessary to convert the form to continuous use format. Some minor wording changes were made […]
The IRS has released a continuous use format version of Form 1099-MISC for use beginning in Tax Year 2022. This form is used for reporting various non-employment income including fishing boat proceeds, medical and health payments, substitute payments in lieu of dividends or interest, crop insurance proceeds, gross proceeds paid to an attorney, fish purchased […]
The IRS has released its 2022 Form 941. Form 941 is the employer’s quarterly federal tax return. There are a number of changes to the form. Most notably, the 2022 form now requires the reporting of qualified medical and family leave paid in 2022 for the period of time from April to October, 2021, setting […]
The IRS has released a revised Form 1099-C and instructions. The revision is to a continual use form, designed to minimize future revisions by removing year-specific text on the form. There are no changes to the form nor the instructions that affect filing directions. The revised form removes the reference to specific years in the […]
The Internal Revenue Service has released a revision to Form 1099-A. The form in question reports acquisition or abandonment of secured property. The revised form moves to a continual use format designed to minimize future modifications to the form. There are no changes to the filing requirements for the form. The revised Form 1099-A has […]
Entering into a Voluntary Disclosure Agreement (VDA) allows holders to come forward with past due properties in order to come into compliance with a state’s unclaimed property law, but with a waiver of interest or, in some states, incurring a reduced interest assessment. Many states offer ongoing VDA programs for unclaimed property compliance. However, in […]
The IRS has released its 2022 version of Form 1099-B. The form in question reports proceeds from broker and barter exchange transactions. Of note, the 1099-B has not been converted to a continual use form; the form remains specific to the year. The revised 2022 form makes changes to various year references. The instructions included […]