Regulatory Analysis
Puerto Rico has released the 2017 revision of Form 480.7. This form is typically used to report retirement account information. Changes to the form come from new boxes used to report distributions related to Hurricane Maria: New boxes Box 10, Income Tax Withheld at Source on Eligible Distributions for Reason of Extreme Economic Emergency Due […]
Minnesota recently updated a number of their specifications and publications relating to electronic filing, specifically W-2, 1099, and Bulk Filing instructions. There are a few changes to the publications, which are detailed as follows. Fact Sheet 02: W-2 Specifications Under the “Key and Send” and “Submitting your file in e-Services” instructions, the first step […]
North Carolina recently released the 2018 version of Publication NC-30, the Income Tax Withholding Tables and Instructions for Employers. This publication provides instruction and requirements for employment- related tax information reporting, including W-2 and 1099 information. Two important updates were made to the publication for 2018, which are as follows: Penalties were updated by […]
The IRS recently issued an update to the 2017 Instructions for Form 1042-S. These modified instructions include Boxes 13i and 13L, which are for Recipient Foreign Taxpayer Identification Number (TIN) and Date of Birth, respectively. These updates are meant to provide greater detail and clarity with regard to a few aspects of the instructions, as […]
Vermont recently announced a change to state information reporting that directly affects reporting of Form 1099-K. With the passage of Act 73 of 2017, which modifies Vermont tax information reporting law under 32 V.S.A. § 5862d, the new law requires third party settlement organizations (TPSOs) to report payments that equal to or exceed $600 per person. This change […]
The Canada Revenue Agency (CRA) recently released an updated version of their Statement of Securities Transactions, Form T5008, and the accompanying Publication T4091. Form T5008 is used by traders or dealers in securities to report purchases of securities as principal for their own account, and sales of securities they make as an agent or nominee, […]
The Canada Revenue Agency (CRA) recently released an updated version of their Statement of Investment Income, or T5 slip. This slip is used to report dividends paid from a number of sources, including Canadian Corporations, capital gains dividends, and interest from Canadian sources. There is one significant change to the most recent version of […]
On January 5, the Environmental Audit Committee (a sub-body of the UK Parliament) issued a report calling for a 25p ($0.34 USD) levy on prepared coffee sales where the customers receive a disposable cup. The funds from the levy would be earmarked to create additional recycling facilities and the “binfrastructure” necessary to support proper coffee […]
A few days ago, the Colombian Tax Administration (DIAN) enacted Resolution 000072 of December 29, 2017 which details the requirements for taxpayers to issue and report electronic invoices. While an e-Invoicing resolution was fully expected, the contents of the resolution (as it relates to timing) is markedly different from what was proposed by the DIAN […]
The State of Arkansas will repeal its waste tire fee and impose a new rim removal fee effective January 1, 2018. The waste tire fee was originally imposed on the retail sale of new tires at a rate of $2.00 per tire. The recently enacted legislation repeals that fee and imposes a new fee on […]
The IRS has announced that they will extend the due date for furnishing the 2017 Form 1095-B and Form 1095-C to individuals from January 31, 2018, to March 2, 2018. Because of this automatic extension, the provisions that traditionally allow the IRS to grant an extension of time up to 30 days to furnish Forms […]
Pennsylvania's Department of Revenue recently updated their specifications for electronically-filed Forms W-2, EFW2, formerly MMREF-1. There are no substantive changes from last year's specifications other than the name change. To view the specifications, please follow the link.
Pennsylvania's Department of Revenue recently updated their W-3 Return Quarterly Reconciliation information. There are no substantive changes from last year. To view the W-3 filing requirements, please follow the link.
Pennsylvania's Department of Revenue recently updated the W-2 Employee Wage Records Specifications. The name change to W-2/1099-R Employee Wage/Distribution Records. There are no other significant changes. To view the specifications in full, please follow the link.
Pennsylvania's Department of Revenue recently published the 2017 W-2 transmittal specifications. There is now a requirement to insert a W-2/1099-R Employee Wage/Distribution Record before uploading the REV-1667 (Transmittal) Annual Withholding Statement. No other substantive changes have been made. To view the W-2 transmittal specifications in full, please follow the link.
Pennsylvania's Department of Revenue recently updated Form PA-501, Deposit Statement/ACH Statement. There is no substantive changes from the last update. To view PA-501 specifications in full, please follow the link.
As a result of the recently passed tax reform bill, the Tax Cuts and Jobs Act, the backup withholding rate will be reduced from 28% to 24% effective January 1, 2018. Under Code § 3406, payors are required to deduct backup withholding on certain non-wage payments made to payees for whom an information return […]
Wisconsin has released Publication 166, the Wisconsin Withholding Tax Guide. This publication contains withholding information for Wisconsin employers, and there are a number of changes from the previous revision: The 2017 Wisconsin Act 59 made several changes to W-2 and information return reporting requirements, so now beginning with payments made in 2017: An employer or […]