Regulatory Analysis
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 […]
Minnesota recently released additional updates to the Income Tax Fact Sheet 19, Municipal Bond Payment Reporting Information. This fact sheet explains the law and responsibilities for payers and transmitters required to report interest dividend and interest payment information to Minnesota using a modified version of federal Form 1099-B. These are further revisions to the sheet […]
The IRS has revised its Form 1099-G and instructions. The form reports certain government payments made to recipients, most notably unemployment compensation. The revised form moves from a per-year form to a continual use form designed to have little or no modifications for subsequent years. There are no fundamental changes to the form nor its […]
New York recently updated several of its publications and documents including NYS-50-T-NYS, the New York State Withholding Tax Tables and Methods, Form IT-2104, the Employee’s Withholding Allowance Certificate, IT-2104-E, the Certificate of Exemption from Withholding, and NYS-50, the Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax. None of the documents was significantly updated, […]
Mississippi released Publication 89 145 Procedures and Specifications for Filing Wage and Tax Information Electronically. Along with formatting and grammar updates, the Mississippi state specific filing instructions for 1099-NEC have been removed. The Department of Revenue will follow IRS specifications for the current year and prior two years with certain specifications. To review the full […]
Virginia recently updated a number of forms. Form VA-5 Monthly & Quarterly is the Employers Return of Virginia Income Tax Withheld for Monthly and Seasonal Filers. Form V-6 Employers Annual or Final Summary of Virginia Income Tax Withheld Return and Form V-6H Household Employers Annual Summary of Virginia Income Tax Withheld Instructions. Form VA-15 is […]
Connecticut recently released its 2021 specifications for electronic filing of 1099 series forms with the state. Labeled Informational Publication 2021(15), the document covers specifications for Forms 1099-R, 1099-MISC, 1099-K, 1099-NEC, and W-2G for electronic filing. The revision date for the new document is listed as November 18, 2021. There have been several changes made for […]
Connecticut recently released Informational Publication IP 2021 (13), which is the Form W-2 Electronic Filing Requirements for tax year 2021. The official release revision date is listed as November 18, 2021. There were no substantive changes to the specifications this year, the only notable changes being that the dates have been updated for the 2021 […]
Virginia recently published a revised Income Tax Withholding Guide for Employers and Web Upload W-2, W-2C, and 1099 Guide. The revised Income Tax Withholding Guide for Employers provides updated guidance for withholding from employees. The Web Upload W-2, W-2C, and 1099 Guide provides electronic filing specifications for W-2, W-2C, and 1099. Income Tax Withholding Guide […]
The IRS recently released the updated Publication 5165 for tax year 2021. Publication 5165 is the Guide for Electronically Filing Affordable Case Act (ACA) Information Returns for Software Developers and Transmitters. Notable changes are detailed below. Year updated throughout Publication 4600 removed from reference documents Proposed regulation reduces threshold from 250 to 100 separate information […]
Vermont recently released GB 1117 Vermont Specifications for eFiling of 1099 Information Returns, GB 1118 Vermont Specifications for Electronic W2 (EFQ-2) Filing, and GB 1119 Vermont WHT 434 Specifications for Electronic Filing. All forms update the year throughout and GB-1118 specifies the account ID format (WHT-XXXXXXXX) for RS position 248-267. There were no other changes. […]