Regulatory Analysis
California has released Form 592-F and its instructions. Form 592-F is used to by partnerships and limited liability companies (LLCs) to report the total withholding for the year and to allocate income and related withholding to the foreign partners or members. There are no changes to Form 592-F. Changes to the Instructions to Form 592-F […]
The Minnesota Department of Revenue (DOR) has announced that beginning January 1, 2019, filers will no longer be able to use the Electronic Data Exchange (EDE) system to submit W-2 and 1099 files. The e-Services system has been enhanced to allow submissions of EFW2 and IRS 1220 files. Files may be compressed (.zip), and can […]
Ohio has released its specifications for the reporting of W-2s via magnetic media. The revised specifications largely mirror the federal specifications published by the Social Security Administration. Record changes: A new box 12 income code, GG, is used for Qualified Equity Grants Under Section 83 reported in: RO Record positions 122-132 RU Record positions 160-174 A […]
The IRS has released a draft for a new information return form that has been created as a result of the recently-passed Tax Cuts and Jobs Act. The new form is 1098-F, Fines, Penalties, and Other Amounts. Form 1098-F, beginning on January 1, 2019, will be used by a government or government entity to report fines, penalties, […]
The IRS has released the 2018 Form 1099-R. The form is used to report distributions from pensions and annuities, IRAs, insurance contracts, etc. to the IRS. There are a number of changes from the previous revision: All references to Form 1040A have been removed because of updates that will be made to Form 1040 New […]
The IRS has released the 2018 AIR Business Rules. There are a number of changes from the previous revisions: Form 1094-B Business Rules Changes: No changes Form 1094-C Business Rules Changes: Deleted Rules 1094C-011, 1094C-012, 1094C-015-01, 1094C-016-01, 1094C‐021, 1094C‐022, 1094C‐024, 1094C‐025, 1094C‐045‐01, 1094C‐048, 1094C‐050, 1094C‐060‐01, 1094C‐061, 1094C‐063‐01, 1094C‐064, 1094C‐081 New Rules 1094C‐045‐02, 1094C‐048‐01, 1094C‐050‐01, 1094C‐060‐02, […]
The IRS has released the 2018 Draft Form 1095-B. This form is used to report Affordable Care Act information to the IRS. The only change to Form 1095-B is that In Part III, Covered Individuals, column A is now divided into three separate sub-columns: First name, middle initial, and last name. Please click here to view a […]
The IRS has released the 2018 AIR XML Schemas and Business Rules. There are a number of changes from the previous revisions: Form 1094-B XML Schema Changes: New addition, “Choice: CountryCd or CountryNm” If ForeignAddressGrp is present, there is a required choice between CountryCd or CountryNm Form 1094-C XML Schema Changes: New addition, “Choice: CountryCd […]
New Jersey has recently released an updated version of the 2018 Income Tax Withholding Instructions. This publication provides instructions for calculating, reporting, and remitting withholding tax for those with withholding obligations in New Jersey. There are a small number of changes from the previous revision, which are listed below. "Rate Tables" show an updated date, for withholding […]
The IRS has announced final regulations that will allow filers or transmitters of an information return on the Form W-2 series (except Form W-2G) or a form reporting nonemployee compensation (1099-MISC) to request only one non-automatic 30-day extension of time to file the information return beyond the due date. No additional extension of time to […]
The Kansas Department of Revenue recently updated Publication KS-1216, Business Tax Application. This form and its instructions are used to register new businesses with the Kansas Department of Revenue for business tax purposes, including withholding tax. The most recent update has added the option to file by phone via TeleFile. TeleFile can only be used […]
The Pennsylvania Department of Revenue recently updated their W-2 and 1099 Employer Withholding Reporting Instructions and Specifications Handbook for 2018. This most recent update follows an update in May 2018, where a significant overhaul to the specifications was made in order to account for updates to the reporting criteria. This most recent update includes a […]
The Kentucky Department of Revenue has updated the 2018 Withholding Tax Table and Formula guide. The formula has not changed since the last release but the tables have been updated to reflect the update 5% flat tax rate announced earlier in 2018. To review these updated Withholding Tax Tables, please visit the Kentucky Department of […]
The IRS has released 2019 Draft Forms 1098-C, 1098-MA, and 1098-Q. Each form reports something different to the IRS: Form 1098-C is used to report the contributions of motor vehicles, boats, and airplanes to the IRS. Form 1098-MA is used to report mortgage assistance payments to the IRS, and Form 1098-Q reports qualifying longevity annuity […]
On August 3, 2018, the federal tax administration of Argentina (AFIP) enacted Resolutions 4290, 4291 and 4292, which specify deadlines and unify procedures that taxpayers should follow when issuing, reporting and saving invoices. According to these resolutions, regular and small taxpayers, as well those that are not subject or exempt from VAT, should use Fiscal controllers […]
President of the Slovak Republic has signed off the IPT Act no. 213/2018 Coll. which is effective from 01 January 2019. Moreover, the Ministry of Finance of the Slovak Republic has issued a guidance MF/010937/2018-731 dated 30 July 2018 establishing the IPT return form. According to section 2 of the guidance, the new IPT form […]
The IRS has officially announced they are eliminating the automatic 30-day extension of time for the 1099-MISC with Nonemployee Compensation. This move forces organizations with large amounts of independent contractors to question current tax information reporting processes, ensuring they don’t endure the same challenges faced from the original PATH Act deadline changes. PATH Act History […]
The New Hampshire legislature ended their special session on July 25th without passing legislation intended to protect New Hampshire businesses from being forced to collect sales tax on out-of-state sales. New Hampshire is one of 5 states that do not have a general statewide sales tax and after the recent Supreme Court decision in Wayfair, New […]