Regulatory Analysis
The West Virginia State Tax Department has issued an Administrative Notice that out-of-state vendors that deliver more than $100,000 of goods or services into West Virginia or engage in 200 or more separate transactions during calendar year 2018 will be required to collect and remit West Virginia state and municipal sales and use taxes on […]
The IRS recently updated Form 1095-B, “Health Coverage,” for Tax Year 2018 reporting. The following changes have been made: The “Name of Employee” box has been separated out into First Name, Middle Initial, and Last Name sections (all part of Box 1) Column A of Boxes 23 through 40 in Part IV has been divided […]
The IRS recently released the final version of Form 1095-C for TY 2018. Form 1095-C details offers and coverage information for employer-provided health insurance. There are minor changes to the form for TY 2018, which are as follows: Part 1: The “Name of Employee” box has been separated out into First Name, Middle Initial, and […]
According to a statement released by the Nevada Department of Taxation, the state is imposing collection requirements for remote sellers, who do not have physical nexus, making sales of tangible personal property into Nevada. As of October 1, sellers who had in excess of $100,000 in gross revenue from retail sales into Nevada, or who […]
The New Mexico Taxation and Revenue Department has updated FYI-107, “An Individual’s Guide to New Mexico Withholding Tax.” There are no substantive changes. To view the withholding guide in full, please follow the link.
The Kentucky Department of Revenue has published the “2018 Specifications for Electronic Submission of 1099B, 1099DIV, 1099G, 1099INT, 1099K, 1099MISC, 1099OID, 1099R and W2G.” The DOR continues to use Publication 1220 formatting for all forms, with state defined fields in the B record. The DOR announces that they are no longer accepting paper copies of […]
The Puerto Rican Treasury has released the 2018 Form 480.7A, Informative Return – Mortgage Interest Under the “Description” column, Puerto Rico has added a box for “Physical Address of the Property Subject to Loan,” including the Zip Code of that property. The instructions for this box provide: Enter the physical address of the property that guarantees […]
The Canada Revenue Agency (CRA) has released Form T4A for Tax Year 2018. Form T4A is used to report pension, retirement, annuity, and other income payments and distributions to the CRA. While the form itself has not changed, there is one revision to the box description language on page 2 of the form. Box 16 […]
The Canada Revenue Agency recently released the TY 2018 version of Form NR-4, Statement of Amounts Paid or Credited to Non-Residents of Canada. This form is filed by Canadian payers and withholding agents who make payments to non-residents of Canada for income such as interest, dividends, rents, royalties, pensions, and acting services in a film […]
The Kentucky Department of Revenue has released Form 42A806-CD, Transmitter Report for CD Submission of Electronic Files in EFW2 or Pub 1220 Format. For Tax Years 2018 onward, filers submitting magnetic media reports to Kentucky must submit their media with Form 42A806-CD. The form requires the following information: Withholding account name. Withholding account number. Tax Year […]
The IRS has updated Form 5165, “Guide for Electronically Filing Affordable Care Act (ACA) Information Returns for Software Developers and Transmitters,” for Processing Year 2019. The following changes have been made: More information has been provided regarding the creation of an e-Services account. Additionally, there is a 2-factor authentication process. The List of Authorized Certificate […]
The West Virginia State Tax Department has added a new publication, “Requests for Waiver of Electronic Filing and Payment Requirements.” This publication is retroactively effective to January 1, 2018 and applies to returns and payments for tax periods beginning on or after that date. The instructions provide a clear definition of the term “undue hardship” […]
The West Virginia State Tax Department has updated Form WV-EFT-WR, the Electronic Filing and Payment Waiver Request. The form was last updated in 2014. The updated form requires more information from the taxpayer and includes clearer instructions both on form submission as well as clarifies the meaning of “undue hardship.” Taxpayers must prove undue hardship […]
The South Carolina Department of Revenue recently released SC Information Letter #18-11, which outlines the interest rates applied to underpayments and overpayments of taxes paid to the Department. The applicable interest rate of 5% carries over from the previous quarter, and will persist through December 31, 2018. To review this Information Letter in its entirety, […]
The IRS recently released an updated version of Publication 1586, Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs. This publication details the information related to penalty notices issued by the IRS (Notice 972CG), the procedure for addressing such notices, and the penalties themselves. There are a number of updates to the content of […]
Texas is working on a new post-Wayfair regulation. The current draft proposes to amend 3.286(b)(2) by removing references to “nexus” and replacing them with safe harbor for remote sellers. The draft proposal currently states that the comptroller will not impose collection requirements on remote sellers whose prior year Texas sales are below the safe harbor […]
Maryland has adopted emergency legislation that is effective October 1, 2018. Current regulation under COMAR 03.06.01.33 requires persons engaging in business in Maryland as out-of-state vendors to collect and remit sales and use tax on all taxable sales for use in the state. The current regulations define engaging in business as an out-of-state vendor so […]
The IRS has published the draft instructions for Forms 1094-B and 1095-B, as well as the draft instructions for 1094-C and 1095-C, to be used in conjunction with ACA filings for Tax Year 2018. The following changes have been made to the 1094/1095-B Instructions: “Coverage under a section 1115 demonstration waiver program” has been removed from the […]