Regulatory Analysis
As a part of the tax restructuring plan of the Malaysian Prime Minister, P.U. (A) 118 has been published today in the Official Federal Gazette, which changes the GST standard rate in Malaysia from 6% to 0%. Any supplies of goods or services previously subject to 6% GST, after June 1, 2018, will be subject to the […]
The Tax Administration Service of Mexico (SAT) has announced that it will allow, until May 15, 2018, the correction of CFDI of Payroll (CFDI de Nomina) issued during 2017. For that purpose, SAT issued a new Rule 2.7.5.7 in the First Modification of the Miscellaneous Fiscal Resolution for 2018. As a result of this provision, taxpayers […]
Over the May 12, 2018 weekend, the Malaysian Prime Minister announced his intent to follow-through with his plan to abolish the current Goods and Service Tax in Malaysia. In a press release, Prime Minister Tun Dr Mahathir Mohamad announced that the country's economy no longer requires income from GST collections, and promised to abolish the system in favor of […]
Maine's Revenue Services recently updated Form W-4ME, the Employee's Withholding Allowance Certificate. There are no substantive changes to the form from the last version, which was updated October 2016. To view the form, please follow the link
The Kentucky Department of Revenue has created a new version of Form K-3 for electronic funds transfer (EFT) accounts. Form K-3E is to be used for payments due January 31, 2019. This form should be mailed to the Department of Revenue in Frankfort, Kentucky. Additional amounts of withheld income due must be remitted via EFT. […]
The Kentucky Department of Revenue has created a new version of Form K-1 for electronic funds transfer (EFT) accounts. Form K-1E is for payments due October 31, 2018. This form is to be mailed to the Department of Revenue in Frankfort, Kentucky. Additional amounts of withheld income due must be remitted via EFT. To […]
The Louisiana Department of Revenue has released its Second Quarter Employer’s Return of Louisiana Withholding Tax Form L1, which is due to the Department by July 31, 2018. Every employer who is required to withhold Louisiana state income tax is required to file this return on a quarterly basis, and the Department releases a new form for […]
The SSA has released its 2018 W-2C Specifications. There are a number of changes from the previous revision: Record Changes A new Box 12 Code GG money field, Originally Reported and Correct Income from Qualified Equity Grants Under Section 83, has been added to the: RCO (Employee Optional) Record in positions 233-243, 244-254 RCU (Total […]
The California Employment Development Department has released an updated Form DE 1245W, E-File and E-Pay Mandate Waiver Request. Filers should use this form to request an exemption from the e-file and e-pay mandate which requires employers to file their employment tax returns, wage reports, and payroll tax deposits electronically. While the form itself has not been […]
Record Changes A new Box 12 Code GG money field, Income from Qualified Equity Grants Under Section 83, has been added to the: RO (Employee Optional) Record in positions 122 – 132 RU (Total Optional) Record in positions 160 – 174 A new Box 12 Code HH money field, Aggregate Deferrals Under Section 83 Elections as […]
The Utah State Tax Commission recently published an updated version of Publication 14, the Utah Withholding Tax Guide. This guide contains information on withholding tax filing information and requirements, along with tax withholding tables to assist employers and businesses with their withholding information reporting obligations. The principal update to Publication 14 involves the Congressional […]
Missouri recently updated their website with Refund Interest Rates for the 3rd quarter of 2018. These interest rates apply to withholding payments and refunds, and change periodically throughout the course of the tax year. The interest rate for refunds has increased to 1.2% for the third quarter of 2018. To review this update […]
The New York State Department of Taxation recently updated their website in relation to state and local government tax exempt bond interest information reporting. This type of reporting is used to report interest and dividend payments made to recipients which are derived from tax exempt sources like state and local government bonds. The updated […]
Idaho has released its 2018 Guide to Idaho Withholding. There are a number of changes from last year’s revision: New tax laws have significantly changes the withholding tables for 2018. The figures are effective for 2018, but filers will not need to adjust the withholding for the months before the tables were published Idaho now […]
The IRS has updated the Instructions for the Requester of Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY. There are a number of changes from the previous revision of the Instructions: Chapter 3 Withholding Changes Withholding agents must also withhold under section 1443 on certain payments to foreign tax-exempt organizations that are unrelated business taxable […]
Beginning January 1, 2019, the State of Georgia will require online retailers who meet certain economic thresholds to collect and remit sales tax to the Georgia Department of Revenue. Retailers who: (1) exceed $250,000 in gross revenue from sales of tangible personal property into Georgia in the previous or current calendar year or (2) make 200 […]
Vermont recently published an updated version of Form MTT-600, ACH Credit Processing Guide. These instructions are used by filers to assist in setting up and submitting payments using the ACH Credit system. A number of updates were published in the most recent version of this form, which are as follows: A section was added […]
The Colorado Department of Revenue has revised its publication FYI General 11: Colorado Civil Tax Penalties and Interest. There were no changes to this publication relative to withholding taxes. The only substantive change was an addition to the disclaimer at the end of the publication explaining how to seek additional guidance through a Private Letter […]