Regulatory Analysis
The North Carolina Department of Revenue recently updated Form NC-BR, the Business Registration Application for Income Tax Withholding, Sales and Use Tax, and Other Taxes and Service Charge. This form is used to register businesses with the North Carolina Department of Revenue for tax-related purposes. In Section 1, “Identifying Information”, a space was added for […]
The Connecticut Department of Revenue Services recently published an updated version of Form REG-1, Business Taxes Registration Application. This form is used to register businesses for tax-related purposes with the Department of Revenue Services, including income tax withholding. There are a few changes to the form this year, which was last updated in 2012. These […]
The Alabama Department of Revenue has announced the per annum interest rate applicable for overpayments and underpayments during the third quarter of Tax Year 2018. The rate will remain at the same interest rate as the previous quarter at 5%. To review this and previous interest rates, please visit the Alabama Department of Revenue's website by clicking here.
The Idaho State Tax Commission has issued an updated Guide to Income Tax Withholding. The revision is a routine update of the tables for withholding computation methods for 2018. The change is reflected in the income tax tables used to file individual income tax returns. Key revisions to this guide: Idaho added the 2018 W-4 worksheet […]
The IRS has released 2018 Form 5498. Form 5498 is used to report IRA Contribution Information to the IRS. There are only minor changes from the previous revision: Form changed to say “TRUSTEE or ISSUER’S TIN” and “PARTICIPANT’S TIN” Previously, it was written out as “taxpayer identification number” Box 13a instructions now say “This amount […]
The Delaware Division of Revenue has updated its publication listing the tax periods and due dates for eighth-monthly, monthly, and quarterly withholding filers. While filing schedules are generally the same – monthly (Form W1) due halfway through following month; eight-monthly (Form W1A) due within 3 business days; and quarterly (Form W1Q) due a month following the end […]
The IRS has amended the 2018 Instructions for Form 1098 to make a change to reporting of acquisition points. The following was added to the last bullet point in "Exceptions" under "Points" "Generally, to acquire a principal residence to the extent the points are allocable to an amount of principal in excess of $750,000." Previously […]
The New Mexico Taxation and Revenue Department recently updated Publication FYI-102, Information for New Businesses. This publication contains information for business owners on how to register their businesses for taxation purposes with the Department, certain requirements relating to tax information reporting such as electronic filing requirements, and Department resources for new businesses. The main change […]
The IRS has released an updated 2018 General Instructions for Certain Information Returns. The IRS had previously released a final version of the 2018 General Instructions in January 2018, but they have since made some changes. Below is a list of the changes from the previous release: The publication now includes instructions for new 1099 […]
North Dakota joins the growing number of states requiring the collection of sales tax from certain remote sellers. Beginning October 1, 2018, remote sellers with sales meeting or exceeding either $100,000 or 200 separate transactions shipped to North Dakota during the previous calendar year will be required to collect and remit North Dakota sales tax. For more […]
On June 28, 2018, Massachusetts Governor Charlie Baker signed House Bill 4640 into law. The bill dubbed by some a "Grand Bargain" includes provisions related to the minimum wage, paid family leave as well as a number of measures intended to forestall certain planned ballot initiatives. As it relates to sales tax – the bill creates […]
On July 3, 2018, the Alabama Department of Revenue issued guidance for online sellers indicating that rule 810-6-2-.90.03, an Alabama regulation which imposes a collection and remittance responsibility on remote sellers with Alabama sales exceeding of $250,000 will be applied prospectively for sales made on or after October 1, 2018. For more information click here.
The Wisconsin Department of Revenue has announced beginning October 1, 2018, Wisconsin will require out-of-state sellers with no physical presence in Wisconsin to collect and remit Wisconsin sales or use tax on sales of taxable products and services into the state. The Wisconsin Department of Revenue will develop rules consistent with the U.S. Supreme Court's […]
On July 1, 2018, just 10 days after being introduced, the New Jersey Legislature (both houses) passed Assembly Bill 4261 which will require remote sellers with over $100,000 in sales or 200 or more separate transactions in the current or prior calendar year to collect and remit sales and use tax. Bill 4261 has the same […]
On June 27, 2018, the Hawaii Department of Taxation released Announcement No. 2018-10 which provides guidance as to the application of the Economic Nexus Bill Act 41 following the decision in South Dakota v. Wayfair Inc. The department indicates through the lens of the Wayfair decision that the requirements of Act 41 ( $100,000 or more or 200 or more […]
As a result of the Supreme Court's decision in South Dakota v. Wayfair, Inc., the State of Vermont began collecting sales tax from certain remote sellers on July 1, 2018. In 2016, the Vermont General Assembly passed Act 134 that, upon the overruling of Quill v. North Dakota, would require certain out-of-state vendors to collect […]
The Guam Legislature recently voted to repeal the pending imposition of sales tax previously set to go into effect October 2018. The Legislature passed the repeal with eleven votes, enough to override any gubernatorial veto. While the bill to repeal the sales tax is not yet law, it is likely that the sales tax will […]
Rhode Island’s legislature has passed, and Governor Raimondo has signed, H 7200, the state’s fiscal year 2019 budget. The budget will change the application of sales tax for a number of goods and services effective October 1, 2018. At that time, prewritten software hosted by the vendor will become subject to sales tax as will […]