Regulatory Analysis
Panama has issued a new resolution announcing the implementation of a pilot program that will mandate the use of electronic invoices for VAT reporting in Panama. The General Directorate of Revenues (DGI) has indicated that they will be implementing the new invoicing system during the first semester of 2018, with 30 companies participating in a pilot program, to test the validity […]
Italy published its Budget Law of 2018 in the Official Gazette on December 29, 2017, which came into force on January 1, 2018. Of particular interest, a two-phase approach to electronic invoicing was announced. As of July 1, 2018, electronic invoicing will be mandatory for B2B supplies of gasoline, or diesel fuel intended for use […]
The Comptroller of Maryland recently updated the "What's New for the 2018 Tax Filing Season" (2017 Tax Year) page on the Comptroller's website. This page tracks changes in Maryland's tax law. The following changes have been made: For tax year 2017, Calvert County has increased its rate to 3.00% and Somerset County has increased its […]
On January 18, 2018, the European Commission proposed an overhaul of the European VAT System, building on the 2016 VAT Action Plan. The main goal of the proposed changes is to create a European VAT area that operates more efficiently in a globalized world and aids in preventing VAT fraud. The changes will also enhance […]
D.C. OTR recently released an updated version of Publication FR-230, the Income Tax Withholding Tables and Instructions. This publication contains information on income tax withholding rules as well as the actual income tax tables themselves. While a large part of the publication contains the same information as the previous version released for tax year […]
Montana recently released an updated version of their Form RW-3, the Annual Mineral Royalty Withholding Tax Reconciliation form. This form is filed along with Forms 1099-MISC and 1042-S as a reconciliation of amounts reported on those forms relating to mineral royalty withholding tax. The only change to the form is in the instructions: Form RW-3 […]
Mississippi recently released an updated version of Publication 89-700, the Withholding Income Tax Tables and Employer Instructions. This publication contains instructions and requirements for employer-related tax reporting, including withholding tax information reporting. Other than minor formatting changes, there are only two notable changes in the most recent version of this publication. Income Tax Rates: […]
Illinois has released its 2017 Form W-2G and 1099 Electronic Filing Specifications. Forms W-2G are mandated to be electronically filed for TY2017, and for TY2017 Forms 1099 will be electronically filed with the Illinois DOR on a voluntary basis. If a filer attempts to file Form W-2G information on magnetic media, it will not […]
Virginia recently released Tax Bulletin 17-13, which is used to communicate state tax interest rates for the First Quarter of 2018. Tax Bulletins of this nature are generally released on a quarterly basis. The tax interest rate for underpayments (assessments) will be 6% for the first quarter of 2018, while the rate for overpayments […]
Vermont recently published an updated version of Publication MTT-600, the Vermont Department of Taxes ACH Credit Processing Instructions. This publication provides information to taxpayers regarding electronic payments using the ACH Credit Payment system through the VTax web portal. Other than formatting updates, there are a few updates to this publication, which are as follows: […]
Georgia has released its 2018 Federal Format Specifications. These specifications are used to file Forms W-2, W-2c, and 1099 information with the Georgia Department of Revenue. There are no changes to the specifications from the previous revision. To view the 2018 specifications, please click here.
Colorado's Department of Revenue recently updated DR 1093, the Annual Transmittal of State W-2 Forms. While there are no changes to the form itself, the interest rate has been raised from .25% (.0025) to .333% (.003333). To view the form in full, please follow the link.
California's Employment Development Department recently updated DE 8829, the Household Employer's Guide, for 2018. The following changes have been made: All returns, wage reports, and tax deposits must be filed online with the EDD. This is a change from last year where employers with less than 10 employers could file by paper. The 2018 State […]
On December 29, 2017, Norway's Ministry of Finance amended their Bookkeeping Regulations to revise the timeline relating to the mandatory implementation of the Standard Audit File-Tax (SAF-T) mandate. The Ministry now specifies that SAF-T reporting will be required on January 1, 2020 or later. This action was entirely expected as the Norwegian Tax Administration had […]
On January 12, the United States Supreme Court agreed to hear a case through which they will re-consider the primacy of “physical presence” in determining a sellers’ obligation to collect and remit sales tax across the country. The case (South Dakota v. Wayfair, Inc. Et al.) comes to the Court based on a South Dakota […]
California's Employment Development Department recently updated DE 4, the Employee's Withholding Allowance Certificate. While there have been no changes to the form itself, the withholding calculating tables for Worksheet C have been updated. Please refer to the link to view the changes in full.