Regulatory Analysis
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 […]
The Kentucky Department of Revenue recently updated its guidance regarding the impending tax collection and remittance obligation by remote sellers. Specifically, Kentucky has legislation in place that requires remote retailers with 200 or more sales into the state or $100,000 or more in gross receipts from sales into the state based on the previous or current calendar year sales […]
The Italian tax administration has announced the postponement of the early implementation of the electronic invoicing mandate for roadside fuel and service stations. According to Regulation Prot. n. 89757/2018, all taxpayers in the business of supplying fuel and gasoline intended to be used as motor fuel, or supplying services as subcontractors under agreements with public bodies, were required to […]
Based on recent activity in the Massachusetts legislature, it appears increasingly likely that a Sales Tax Holiday will take place in mid August. Specifically, over the last few days the Massachusetts Senate approved an amendment to an economic development bill establishing a Sales Tax Holiday weekend, running from August 11 to 12. The senate provision […]
The Comptroller’s Office of Maryland has updated their “What’s New” page with information for Tax Year 2018 Reporting. First, the Taxpayer Services Office in Annapolis office has changed addresses. The new address is 60 West Street, Suite 102, Annapolis. Second, the tax year 2018 standard deduction is increased to a maximum value of $2,250 for […]
The Wisconsin Department of Revenue has released a revised version of BTR-101, Application for Wisconsin Business Tax Registration. There is only one minor change that has little bearing on withholding and information reporting – the village of Sister Bay is now subject to the premier resort area tax, and applicant must indicate whether it is located […]
The IRS has updated the 2018 Form 1099-DIV. Form 1099-DIV is used to report dividends and distributions to the IRS. There are some changes from the previous revision: New Box Added Box 5, Section 199A dividends This box is used to report dividends eligible for the 20% qualified business income deduction under section 199A. To […]
The IRS has released the 2018 Instructions for Forms 1099-R and 5498. Form 1099-R is used to report distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, and insurance contracts to the IRS. Form 5498 is used to report IRA contribution information to the IRS. There are a number of changes from the previous revision: […]