Regulatory Analysis
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.
Canada recently published an updated version of the Statement of Amounts Paid or Credited to Non-Residents of Canada (Form NR4). Form NR4 must be filed by payers who are responsible for withholding and remitting tax under Part XIII withholding for non-resident income earners. While the form and codes remain largely the same from the […]
The IRS has updated Form W-9. 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 from the previous revision: Form W-9 Changes Box 3 Note has changed “Check the appropriate box in the line above for the tax […]
Canada recently released an updated version of their Form T4A, Statement of Pension, Retirement, Annuity, and Other Income, along with a guide for filling out and submitting Form T4A, Publication RC4157. Form T4A is used by payers to report payments from pensions, annuities, and other similarly situated payment types to the Canadian Revenue Agency. […]
North Carolina has released the 2017 eNC3 W-2 Specifications. These specifications are effective for all submissions made on or after January 1, 2018. Prior year data, original and corrected, must be filed according to these specifications. Additionally, a separate submission is required for each tax year. There are some changes from the previous revision: […]
North Carolina has released the 2017 eNC3 1099 Specifications. These specifications are effective for all submissions made on or after January 1, 2018. Prior year data, original and corrected, must be filed according to these specifications. Additionally, a separate submission is required for each tax year. There are some changes from the previous revision: […]
The Legislature in Arkansas has passed Act 141, which makes significant changes to how sales and use taxes will apply to candy, soft drinks and specified digital products, after January 1, 2018. Under Act 141, candy and soft drinks will be removed from the current 1.5% reduced-sales tax rate designated for food, which is a […]
As a part of the recent changes to the Environmental Handling Fee (EHF) program in Canada, a new fee has been announced that will be imposed, in the provinces of Quebec and Manitoba, on all sales of flashlights and spotlights, electronic toys, and smoke and carbon monoxide alarms, when these products are sold with batteries, effective January […]
The Indiana Department of Revenue has re-released sales tax Information Bulletin #60, which clarifies definitions and applicability of sales and use taxes on transactions involving a construction contractor. Notably, the Bulletin clearly outlines when contractors are required to pay sales and use tax, and when they are required to charge sales and use tax. In […]
Illinois enacted legislation which will impose a sales tax of 6.25% on rental purchase agreements (also known as rent-to-own agreements) effective January 1, 2018. Rental purchase agreements covered by this tax include agreements for the use of merchandise by a consumer for personal, family, or household purposes for an initial period of 4 months or less […]
The Croatian Parliament has published in the Official Gazette 115/16, changes to Croatia's VAT Act that are effective January 1, 2018. Among these changes is an increase in the threshold amount over which businesses are required to register for VAT in Croatia. As of January 1, the amount will increase to HRK 300,000.00. Any businesses […]
Senator Susan Collins has introduced Senate Bill S. 1782, the Forty Hours is Full Time Act of 2017. This bill would amend the Internal Revenue Code, with respect to the employer mandate to provide health care coverage, to modify the formula for calculating the number of full-time employees employed by an applicable large employer subject to […]
Representative James Renacci has introduced House Bill H.R. 3956, the Simplifying Technical Aspects Regarding Seasonality Act of 2017 (the STARS Act). The STARS Act would amend the Internal Revenue Code to exclude seasonal employees from the definition of “full-time employee” for purposes of the employer mandate to provide employees with minimum essential health care coverage. […]
Senator Orrin Hatch and Representative Kevin Brady have each introduced a similar version of the “Healthcare Market Certainty and Mandate Relief Act” (S. 2052, H.R. 4200) in their respective houses. This legislation would suspend the ACA’s individual mandate from 2017 through 2021. It would also lift the employer mandate going back to 2015, thus exempting […]
The Treasury Department of Puerto Rico (Hacienda) issued Administrative Determination 17-26 which creates a sales and use tax exemption for all sales and purchases made by small and medium taxpayers. According to the new rule, all taxpayers with gross revenues during the previous 12 months of $1,000,000 or less will qualify. Under the rule, small business […]
Maine recently published updated Specifications & Instructions for 1099/W-2G forms and W-2 forms. These specifications are used by filers to transmit withholding reporting data to the Maine Revenue Services (MRS) using the MEETRS filing portal. The most notable update is the due date for both 1099s and W-2 forms: MRS has advanced their due date […]