Regulatory Analysis
California Franchise Tax Board (FTB) Information Returns filing requirements updated. California no longer strictly following Federal guidelines. New requirements are: You need to file an information return with California if: The recipient is a California resident or part-year resident The source of a 1099 transaction was in California.
Alabama will hold its annual Weather Preparedness Sales Tax Holiday from Friday, February 21, 2020 through Sunday, February 23, 2020, giving shoppers the opportunity to purchase certain severe weather preparedness items free of state and certain local sales tax when the cost per item is $60 or less, or in the case of portable generators […]
As previously reported, the Louisiana legislature passed House Bill 560 this year, which imposed a new tax on certain CBD products effective January 1, 2020. Based on recent guidance released by the Department of Revenue (DOR), it’s now clear that the new tax is not applied at the point of retail sale. Rather, it’s properly […]
In 2019, many European Union Member States took advantage of the alignment of physical publications and electronic publications, recently allowed by Council Directive (EU) 2018/1713. It appears 2020 is no different, as the following Member States have followed suit: Austria Electronic publications in Austria are currently taxed at the standard VAT rate of 20%, while physical […]
The Portuguese tax authorities are implementing a new filing system to declare Stamp Duty in Portugal in 2020. Tax payers will now be required to provide detailed information on a transactional basis in order to issue the Stamp Duty return. For insurers, this means that, each month, they will be required to report: The tax […]
Back in July 2019 Costa Rica enacted a new VAT law that, among other things, taxed digital goods and services. The law provided that in the cases of trans-national supplies of digital goods and services where the supplier was not established in Costa Rica, VAT would be withheld by the financial entities/credit card companies used […]
The Paraguayan congress approved the law N° 6380/19 which among other things mandates local credit card companies to collect and pay to the tax administration the VAT applicable to sales of digital services when the supplier is a foreign company and the service is considered as provided in the country. For that purpose, the law […]
The Massachusetts Department of Revenue recently released its W-2 Handbook. This booklet contains instructions and specifications for filing W-2 reports with the state electronically. The most significant change to this booklet and its specifications lies in the RS (State) Record for W-2 reporting: positions 360 – 370 were revised to accommodate Federal Mass Wages, while […]
Michigan recently enacted legislation requiring to collect tax on behalf of marketplace sellers once they meet certain thresholds. Marketplace facilitators must collects tax when they facilitate gross sales of $100,000 or more or when they facilitate 200 or more separate transactions for the sale of tangible personal property to purchasers in Michigan during the previous […]
Changes to 1099/W-2G instructions were confined to the “What’s New” section. These changes explain the changes to the federal 1099-B and 1099-G forms as posted in the IRS’s 1220 Publication. What’s New: Form 1099-B, Proceeds from Broker and Barter Exchange Transactions Payee “B” Record: Field Position 620 – Applicable Checkbox for Qualified Opportunity Fund (QOF) […]
VA released W2 and 1099 specs for TY 2019. This publication contains specifications for reporting W2s and 1099s. There are several updates to this publication which are as follows: P. 4: Amending Data Web Upload does not currently accept the W2C format. If you are correcting a wage amount or amount withheld, fix the incorrect amount in […]
New York has released its 2020 “Withholding Tax Tables and Methods,” which contains withholding tables for 2020. The revised tables go into effect January 1, 2020. To review the tax tables, please follow this link.
The Illinois Department of Revenue recently published Informational Bulletin FY 2020-14 which details a new state filing requirement for Federal Form 1099-K. Federal Form 1099-K reports certain payment card and third party network transactions, and any entities issuing this form to Illinois payees will now be required to file those reports with Illinois. Beginning with […]
The Connecticut Department of Revenue Services recently released updated specifications for information returns which include 1099 and W-2 reports. These publications not only include electronic filing specifications, but also include instructions and information relevant to filing for the upcoming information returns deadline of January 31, 2020. While the specifications remain largely unchanged from the prior […]
The Canada Revenue Agency recently published their TY 2019 (calendar year 2020) specifications for reporting information returns electronically. These specifications are used to transmit information returns like the T5 and T5008 slips to the CRA electronically. There were a number of changes to these specifications from TY 2018, a selection of which are listed below: […]
Under House Bill 560, passed in June of this year, the Louisiana legislature imposed a new excise tax on certain CBD products which takes effect on January 1, 2020. This new tax, which is charged at the point of retail sale, applies at a rate of 3% and applies in addition to existing state and […]
Illinois recently enacted legislation requiring marketplace facilitators that meet certain thresholds to collect tax on behalf of their marketplace sellers. Marketplace facilitators must collect tax when they facilitate gross sales of $100,000 or more or when they facilitate 200 or more separate transactions for the sale of tangible personal property to purchasers in Illinois during […]
Sales of communications services in Florida are taxable, unless specifically exempt. Communications services are defined as voice, data, audio, video, or any other information or signals, transmitted by any medium. The cities of Gulf Breeze (5.82%), Marco Island (2.80%), and Palm Shores (5.82%) have updated their Communications Services Tax rates as indicated, effective January 1, […]