Regulatory Analysis
Maine has recently released its Withholding Tables for Individual Income Tax for 2018. These tables detail withholding for wage earners over the course of the 2018 tax year. The new tables reflect changes to personal exemption amounts, standard deductions amounts, and the phase income level for the standard deduction. The tables also reflect the advancement […]
International News OECD Issues New Advice on VAT Administration On Oct 24, the Organization for Economic Co-operation and Development (OECD) released guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. The guidance, which is entitled, Mechanisms for the Effective Collection of VAT/GST, relates mostly to design options […]
In 2013, Congress passed the Medical Device Excise Tax (MDET). It applied (at the rate of 2.3%) on the first sale of qualifying medical devices in the United States by manufacturers or importers. The MDET was the closest thing to a federal-level sales tax in the United States. The Consolidated Appropriations Act of 2016 contained […]
Idaho's Tax Commission recently updated their 1099 and W-2 E-Filing Guides. There are no substantive changes to either guide. The Commission reminds filers that Forms 967 and W-2 are due by January 31, and that 1099s are due by February 28; it is possible to submit Forms 967, W-2, and 1099 simultaneously on or before January 31. […]
Colorado recently released an updated version of FYI General 11: Colorado Civil Tax Penalties and Interest. This publication provides guidance on annual interest rates relating to tax underpayments and penalty information. There was one correction to the publication which involves the daily calculation of interest: the parenthetical that accounts for leap year using 366 […]
Massachusetts recently passed legislation in the Fiscal Year 2018 budget that grants the Commissioner of Revenue the authority to create additional reporting requirements that differ from the federal requirements under the Internal Revenue Code. Using this authority, the Commissioner of Revenue has made changes to the reporting requirement of third party settlement organizations (“TPSOs”) relating […]
Nebraska has released an updated version of Publication 21CM and 21EFW2. These publications are used by those who wish to electronically file 1099s and W2s with Nebraska. The only change from their previous revisions is that the due date for Form W-3N, and all Forms W-2, 1099-MISC, 1099-R, and W-2G showing Nebraska income and withholding […]
The IRS has updated the Form W-9 Instructions. Form W-9 is used by filers to request correct TIN information in order to file information reports with the IRS. There are number of changes to the W-9 Instructions from the previous revision: Form W-9 Instructions Changes Changes made to Payees Exempt From Backup Withholding section […]
Missouri has released its 2017 Employer’s Tax Guide. There are a number of changes from the previous revision: Effective January 1, 2018 for tax year 2017, Section 143.591, RSMo requires employers with 250 or more employees to submit the Transmittal of Tax Statements (Form MO W‑3) and accompanying Form W‑2’s and Form 1099-Rs electronically The […]
Michigan recently published an updated Form 447, Transmittal for Magnetic Media Reporting of W-2s, W-2Gs and 1099s. This form generally accompanies any magnetic media submissions of withholding reporting data submitted to the Michigan Department of Revenue. There are a few changes to the updated form, which are as follows: An address for courier deliveries […]
Maryland recently published the 2018 version of their Withholding Tax Facts, which is a publication that details certain information relating to withholding taxes on a state and local level in Maryland. Other than changes in the listed years in the publication (from 2017 to 2018), the only relevant update is a change in the […]
The Department for International Tax Cooperation for the Cayman Islands updated their AEOI news page, announcing that the AEOI Portal continues to be offline. The reopening of the Portal will be updated both through an Industry Advisory notice as well as on the AEOI Portal News and Updates page, linked below. Additionally, the DITC […]
The States of Guernsey recently published Bulletin 2017/7, "Common Reporting Standard and US IGA ("FATCA") Corrections for Reporting Period 2016." The Bulletin aims to make reporting Financial Institutions aware that formal Notices may be issued by the Director requiring correction reports for FATCA and/or CRS filing depending on the submissions already filed. In regards […]
The National Directorate of Taxes and Customs in Colombia (DIAN) has announced that before the end of this year, it will release a new resolution that will mandate large taxpayers to report and issue electronic invoices. DIAN has already requested feedback from taxpayers and third parties regarding a resolution that would establish the first selective deployment […]
The Brazilian Tax Administration, via the Encontro Nacional de Coordenadores e Administradores Tributários – (ENCAT) released Version 1.41 of Nota Tecnica 2016.002 relating to the implementation of Nota Fiscal Electronica Version 4.0. The revised note specifies that the final effective date for the implementation NFe 4.0 is postponed from November 6 to December 4, 2017. […]
Puerto Rico has released Publication 17-04, which contains the specifications for Form 499R-2/W-2PR reporting. There are a number of changes from last year’s release: Modified Fields Exempt Salaries Code (Box 16), (RS State Record, positions 442-443). Blank field (RS State Record, positions 444-449), (can be filled with blanks or zeros). Updated Reporting Requirements When […]
Montana has released Form MW-3, the Annual W-2/1099 Withholding Tax Reconciliation Form. There were no changes made to the form itself, but as a reminder the due date for filing Forms MW-3, W-2, and 1099 is now January 31 regardless if filing electronically or by paper. To view the new MW-3, please click here.