Regulatory Analysis
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 […]
As expected, states are moving quickly to expand their tax collection capabilities in light of the Supreme Court’s decision in South Dakota v. Wayfair, with Louisiana being the first state to make a big splash. Specifically, in their 2018 special session, the legislature passed a bill (HB 17) re-defining the term “dealer” to include remote […]
With the passage of House Bill 10, the temporary one percent tax that was imposed during the 2016 First Extraordinary Session of the Louisiana legislature – and scheduled to expire July 1, 2018 – has been partially extended until June 30, 2025. The tax is now levied at a .45% rate as opposed to a one percent […]
The Louisiana Governor signed into law House Bill 10 on June 24, 2018. House Bill 10 includes a Louisiana state level sales and use rate change from 5% to 4.45% effective July 1, 2018 as explained in the Louisiana Dept of Revenue News Release: www.rev.state.la.us/NewsAndPublications/NewsReleaseDetails/11467. Also, please refer to Revenue Information Bulletin 18-016 for details related to the states’ sales and use […]
The Ministry of Finance announced on their Twitter account, a Roadmap for the implementation process of the new eInvoicing regime in Panama. The announcement illustrated that 69% of the implementation process has been completed to date, and that as of June 26, 2018 the tax administration system will start receiving, processing and validating electronic invoices […]
The Maldives Inland Revenue Authority issued a recent tax ruling, which states that GST-registered businesses with an annual turnover exceeding MVR 5 million, to file their general sector GST Return electronically. This filing is done through the Revenue Agency's online portal, known as "MIRAconnect." This ruling has immediate effect, and will apply to any filings made […]
The IRS recently released a draft version of the 2018 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance, Contracts, etc. This form is used to report income from a number of sources related to retirement and other qualified plans. There are number of changes in this draft version of the form, which […]
The New York Department of Taxation recently notified taxpayers that the due date for municipal bond reporting has been extended from June 30, 2018 to August 31, 2018. This decision to extend the due date for the 2018 filing year is attributable to certain delays in sending updated requests for information using Form AU-306. For more […]