Regulatory Analysis
The Treasury of Puerto Rico has released Form 480.7, Informative Return – Individual Retirement Account. Form 480.7 must be prepared for each owner or beneficiary of an Individual Retirement Account (IRA) who, during Tax Year 2018, received a distribution or transfer that meets the requirements of Section 1081.02 of the Puerto Rico Internal Revenue Code of […]
The Utah State Tax Commission recently published an update to Form TC-69, Business and Tax Registration Form. This form is used by businesses and employers in Utah to register themselves with the state for tax payment and reporting purposes, including withholding tax. There are a few updates to the form, which are as follows: The “tax.utah.gov” […]
The Departamento de Hacienda of Puerto Rico recently released Form 480.6B, Informative Return – Income Subject to Withholding. This form must be prepared by every person engaged in trade or business in Puerto Rico that has made payments subject to withholding. There are a number of updates to the TY 2018 version of this form, […]
The Departamento de Hacienda (Department of the Treasury”) of Puerto Rico has published the 2018 version of Form 480.6A, “Informative Return – Income Not Subject to Withholding.”’ There are new boxes under the “Payer’s Information” Section, inserted between “Address” and “Bank Account Number”: Special Contribution for Professional and Advisory Service sunder Act 48-2013 “Reimbursed Expenses” […]
The Kansas Department of Revenue has updated the mailing address to which taxpayers should file forms KW-3, Annual Withholding Tax Return and KW-5, Withholding Tax Deposit Return. These forms, for paper filers, should now be mailed to: PO Box 758572, Topeka KS 66675-8572.
The Oregon Department of Revenue has published the W-2 File Specifications for Income and Wage Information Return e-Services (iWire) to be used for Tax Year 2018 reporting. There are some updates, of which filers should be aware, when submitting electronic returns: Statewide transit tax went into effect on July 1st of this year. Filers should report this […]
The Arizona Department of Revenue has revised Publication 622, Business Basics: A Guide to Taxes for Arizona Businesses. There are a few changes of which taxpayers should take note: Explanation of accounting credit for reporting sales – only applicable to state transaction privilege tax or severance tax Section added regarding use tax to be paid for […]
The Canada Revenue Agency recently released an updated version of Form T4A-NR, Statement of Fees, Commissions, or Other Amounts Paid to Non-Residents for Services Rendered in Canada. This form is used to report payments made to non-residents for activities or services rendered in Canada. There is one change to the form’s instructions, which is as […]
The IRS recently released an updated version of Publication 1220, Specifications for Electronic Filing of Forms including 1099 and W-2G. This October 2018 update follows the September 2018 release and includes revised or additional information relating to Forms 1098, 1099-R, and 1099-MISC. Form 1098: A new field “Other” was added in Field Position 592-630 on […]
The Kentucky Department of Revenue has published “Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2018.” The DOR reminds filers that there is only one format for reporting via web based filing or CD. Kentucky statute now requires any withholder issuing more than 25 withholding statements […]
The Ohio Department of Taxation has published W-2 Magnetic Media specifications for TY2018 reporting. The following record changes have been made: A new box 12 Code GG money field, Income from Qualified Equity Grant Under Section 83, has been added to the: RO (Employee Optional) Record in positions 122-132 RU (Total Optional) Record in positions […]
The Nebraska Department of Revenue recently published Revenue Ruling 99-18-1, “Interest Rate Assessed on State Taxes.” The tax rate will continue to be 3% until December 31, 2018. Starting January 1, 2019, the interest rate on state taxes will be raised to 5%. To view the Revenue Ruling in full, please follow the link.
New York Tax recently updated Form NY-100, “New York State Employer Registration for Unemployment Insurance, Withholding, and Wage Reporting.” The following changes have been made: Business Employers seeking to file NY-100 must register at businessexpress.ny.gov. Home employers will continue to register at www.labor.ny.gov Filers are required to attach a copy of Form CP 575 from the IRS […]
The New Mexico Taxation and Revenue Department revised Bulletin B-400.4, “effective Interest Rates for Late Payment of Tax Due.” The annual tax rate will continue to hold at 5% until December 31, 2018. The Taxation and Revenue Department has not yet announced the rate for 2019. To view the bulletin in full, please follow the […]
The Virginia Department of Taxation recently published Tax Bulletin 18-5, which details the interest rate for certain tax types. This includes the underpayment and overpayment rates for unpaid taxes or refunds, respectively. The rate for the fourth quarter of 2018 remains unchanged at 7% for both underpayments and overpayments. To review this Tax Bulletin in […]
The Missouri Department of Revenue recently released an updated version of Publication 4282, Employer’s Tax Guide. This Guide provides instructions and information on filing and remitting withholding tax to the Missouri Department of Revenue, along with electronic specifications for those filing their reports electronically. There are a few updates to this version of the publication, […]
Maine Revenue Services has updated some forms and instructions relevant to withholding. Form 941BN-ME, which is completed to report a change in your withholding account, contact information or to cancel your withholding account, is now exclusively used for income tax withholding accounts; previously, it was also used for unemployment contributions accounts. There is no update […]
Indiana's Department of Revenue recently updated Departmental Notice #1, How to Compute Withholding for State and County Income Tax. The Notice informs filers that effective January 1, 2018, certain professional team members and race team members are subject to county tax. Income Tax Information Bulletin # 88 and Commissioner's Directive #51 can provide further information. The Notice […]