Regulatory Analysis
The IRS has released the 2018 Instructions for Form 1099-QA and 5498-QA. Form 1099-QA is used to report distributions from ABLE accounts, and Form 5498-QA is used to report ABLE account contribution information. There are a number of changes from the previous revision: Increased contributions may be made to ABLE accounts by a designated […]
The IRS has released the 2018 Form 1099-LTC and its instructions. Form 1099-LTC is used to report long-term care and accelerated death benefits to the IRS. Form Changes References to “federal identification number” have been changed to “TIN” Instruction Changes There are no changes to the Instructions. To view the 2018 Form 1099-LTC and […]
The IRS has released the 2018 Form 1099-B. This form is used to report proceeds from broker and barter exchange transactions. The only change made to the form was to the instructions for Box 3. Now, if Box 3 is checked, the basis in box 1e must be reported to the IRS and either […]
The IRS has released the 2018 Instructions for Form W-2G. Form W-2G is used to report gambling winnings and any federal income tax withheld on those winnings. There are a number of changes from the previous revision: New regular withholding rate Effective for taxable years beginning after December 31, 2017, the withholding rate is […]
The Governor of Wyoming recently signed a bill to end the taxation of gold and silver coins and bullion. The Wyoming Legal Tender Act will end the taxation of gold and silver coins and bullion by treating it as tender that will be exempt from sales tax. The Wyoming Legal Tender Act will be effective July 1, 2018. […]
The Ohio General Assembly has passed Senate Bill 226, which will institute a permanent three-day sales tax holiday in the State of Ohio. The holiday will take place on the first Friday of August and the following Saturday and Sunday, of each year, beginning in 2018. Certain items of clothing, school supplies and school instructional […]
The Governor of Idaho has recently signed HB 578, a bill expanding which remote retailers will be required to collect, remit and report sales tax to the state. Beginning July 1, 2018, a retailer with an agreement with a person engaged in business in the state who refers potential purchasers to the retailer and who has […]
The Governor of Guam has recently signed a bill to establish a sales tax in Guam. This sales tax, a first for the island territory, will be imposed upon all sales of tangible personal property and all services excluding banking, lending, foreign currency, and insurance services. The sales tax will be effective October 1, 2018. The […]
As reported in an earlier entry, the Arizona Department of Revenue and Pinal County have been in disagreement over whether the state has obligation to collect and enforce an additional .5% Transportation Excise Tax that becomes effective on April 1, 2018. While the legal challenge continues, on March 23 the Arizona Tax Court officially declined […]
Florida enacted legislation which creates a disaster preparedness sales tax holiday between June 1, 2018 and June 7, 2018 during which certain sales of portable flashlights, radios, generators, tarps and batteries are exempt from sales tax. In addition, the legislation creates a back-to-school sales tax holiday between August 3, 2018 and August 5, 2018 during which […]
On March 19th, the UK published a first draft of a withdrawal agreement, which although not finalized, indicates that for value-added and excise taxes, much of the status-quo with the European Union (EU) will remain until January 1, 2021. Notably, the Draft Agreement states that the UK and the EU will agree to have the EU […]
On March 15, 2018, Finance Act 2018 was granted Royal Assent by the UK Parliament. The Act makes several changes to direct and indirect taxation in the UK, including new requirements for online marketplaces to display their VAT registration number on the marketplace and, further, an extension of joint and several liability to these types […]
At the Executive Meeting of the State Council held on March 28, Premier Li Keqiang announced additional VAT reform measures directed towards easing the overall tax burden for taxpayers. By way of a recap, last July China eliminated their 13% by making eligible transactions now subject to tax at 11%. This time, effective May 1, […]
California recently released an updated version of Publication DE-8300, Electronic Filing Guide for Quarterly Wage & Withholding Program. This publication contains the instructions and specifications for filing Form DE-9C, Quarterly Contribution Return and Report of Wages. DE-8300 is used in conjunction with Publication DE-44, California Employer’s Guide, for withholding reporting to the California EDD. […]
The South Carolina Department of Revenue recently released an updated version of Publication RS-1, Instructions and Specifications for Filing Forms W-2. This publication is used for guidance when filing W-2 reports with the South Carolina Department of Revenue, and provides specifications for electronic (including magnetic media) filing. Please note that the deadline for W-2 […]
The Alabama Department of Revenue has announced the per annum interest rate applicable for overpayments and underpayments during the second quarter of Tax Year 2018. The rate for the previous quarter was 4%, and it will increase to 5% for the second quarter.
Missouri has updated Form 2643A, the Missouri Tax Registration Application Form. There is only one change from the previous revision: The withholding tax rate used to calculate estimated employer withholding tax liability changed from 6% to 5.9%. To view the updated Form 2643A, please click the link here.
The IRS recently released the 2018 version of Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). This publication provides instructions and procedural guidance on backup withholding requirements as they relate to information returns with missing or incorrect taxpayer identification numbers (TINs). Furthermore, this publication details the procedures for first and second “B” notices. […]