Regulatory Analysis

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Posted July 21, 2020 by Paul Ogawa
IRS Releases Publication 1179 for TY 2020

The IRS recently released an updated version of Publication 1179 for tax year 2020. Publication 1179 provides general rules and specifications for printed substitute forms including Forms 1096, 1098, 1099, 5498, and certain other information returns. The highlight of the changes to this publication involve the addition of Form 1099-NEC, which was resurrected for reporting […]

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Posted July 14, 2020 by Victor Duarte
Spain: New version of the SII will be required from January 2021

The Immediate Supply of Information (SII) version 1.1 has been updated to version 1.1-Bis. The changes will be effective from January 1, 2021. The Spanish tax administration, the AEAT, has introduced new fields required for sales under the consignment of goods regime. The ledger of invoices issued, and the ledger of invoices received are also affected […]

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Posted July 14, 2020 by Paul Ogawa
IRS Publishes Guidance on Reporting Qualified Sick & Family Leave Wages

The IRS recently published Notice 2020-54, which details guidance for reporting qualified sick leave and family leave wages paid to employees under the Families First Coronavirus Response Act (“FFCRA”). The FFCRA and the ensuing reporting guidance applies to employers with fewer than 500 employees who provide paid leave due to circumstances related to COVID-19. Further, […]

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Posted July 14, 2020 by Alex Koral
Colorado Preparing New Tax Filing Portal

Colorado is in the process of developing a new system to manage the collection of state sales tax, local tax in all state-administered localities, as well as local tax in select home rule cities. The new system, which is supported by a company called Munirevs, has yet to be publicly released. However, it promises to […]

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Posted July 14, 2020 by Charles Maniace
Utah Announces Mandatory E-Filing For Sales Tax

In a recent note disseminated by the Utah State Tax Commission, they announced effective for returns due October 31, 2020 or later, electronic filing will be required. This applies to all sales tax returns, schedules, and related filings including monthly returns and quarterly/annual returns due after October 31. Returns can continue to be filed electronically […]

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Posted July 14, 2020 by Paul Ogawa
IRS Releases Updated Publication 2108A

The IRS recently released an updated version of Publication 2108A, Online Taxpayer Identification Number (TIN) Program. This publication provides information and instructions relating to the IRS Online TIN matching program used by taxpayers to validate taxpayer identification numbers to avoid possible consequences like backup withholding and penalties. Publication 2108A remains largely the same as its […]

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Posted July 14, 2020 by Robert Beck
IRS Releases Revised Instructions for Form 941 for Tax Year 2020

The IRS recently released revised instructions for Form 941 which is used by employers to report quarterly federal withholding. Several changes have been made to the instructions and form in response to COVID-19 and the passage of the CARES Act. As some of these changes were made prior to the end of the First Quarter […]

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Posted July 14, 2020 by Jesse Rooney
IRS Releases Draft 2020 Form 8809, Application for Extension of Time to File Information Returns

The IRS has released its draft Form 8809, “Application for Extension of Time to File Information Returns,” for tax year 2020.  Form 8809 is an application for extension to file information returns with the IRS, it does not grant an extension to issue recipient copies.  References to box 7 of the 1099-MISC, which reported non-employee […]

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Posted July 2, 2020 by Alex Koral
Tennessee Lowers Nexus Thresholds

Tennessee Governor Bill Lee signed legislation on June 30, 2020 adjusting the state’s sales thresholds for economic nexus. Effective October 1, 2020, remote sellers making in excess of $100,000 in annual sales into the state will be required to collect and remit sales tax, which is a change from the previous threshold of $500,000 in […]

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Posted July 2, 2020 by Alex Samuel
North Carolina Modifies Marketplace Facilitator Legislation

North Carolina enacted legislation to remove economic thresholds applied to marketplace facilitators. Previously, marketplace facilitators were required to collect and remit sales tax on their marketplace-facilitated sales if they had gross sales in excess of $200,000 or 200 or more separate transactions in the previous calendar year. Effective July 1, 2020, all marketplace facilitators are […]

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Posted July 1, 2020 by Andrew Decker
New Rules for Remote Sellers in Louisiana

Beginning July 1, remote sellers making sales into Louisiana must register with the Louisiana Sales and Use Tax Commission for Remote Sellers (“the Commission”) in order to be compliant with new requirements to collect, remit and report state and local sales tax. For a full explanation of this update, read our blog here.

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Posted June 26, 2020 by Erik Wallin
Massachusetts Sales Tax Holiday Set for August 29-30

Massachusetts Governor Charlie Baker recently announced that the 2020 Sales Tax Holiday will take place on August 29 and 30. By way of a quick recap, the holiday exemption applies to most retail items with a sales price up to $2,500 purchased for personal consumption. Further details regarding the sales tax holiday can be found here.

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Posted May 29, 2020 by Paul Ogawa
IRS Extends Due Date for Form 5498 Series to August 31

Through Notice 2020-35, the IRS further extended the due date for Form 5498 series records including Form 5498 (IRA Contribution Information), 5498-ESA (Coverdell ESA Contribution Information) and 5498-SA (HAS, Archer MSA, or Medicare Advantage MSA Information). The due date for filing these forms with the IRS and furnishing these forms to recipients has been extended to […]

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Posted May 29, 2020 by Charles Maniace
SD and TX Both Announce Exemption for Internet Access

In recent days, the South Dakota and Texas Departments of Revenue announced that internet access charges would become exempt from sales tax effective July 1, 2020. While states are struggling with massive budget shortfalls as a result of the COVID-19 pandemic, this particular exemption is compelled by an earlier change to the US Internet Tax […]

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Posted May 21, 2020 by Robert Beck
SSA Releases 2020 W-2C Specifications

The SSA recently released its 2020 W-2C Specifications. There were no changes to the specifications though there were updates to the total amounts applicable to Social Security Wage Base, Social Security Withheld, and the Maximum Social Security Wage base for 2020. To view the full specifications release, click here.

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Posted May 21, 2020 by Robert Beck
SSA Releases 2020 W-2 Specifications

The SSA recently released its 2020 W-2 Specifications. There were no changes to the specifications though there were updates to the total amounts applicable to Social Security Wage Base, Social Security Withheld, and the Maximum Social Security Wage base for 2020. To view the full specifications release, click here.

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Posted May 21, 2020 by Matthew Gonnella
Louisiana Announces Effective Date for Remote Seller Registration and Collection of state and local sales tax

Louisiana announced that remote sellers selling into the state are required to register with the Louisiana Sales and Use tax Commission for Remote Sellers by July 31, 2020 or 30 calendar days after meeting Louisiana’s economic nexus threshold standards. Remote sellers will begin collecting state and local sales and use tax at standard rates once […]

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Posted May 14, 2020 by Robert Beck
Maryland Changes Reporting Obligations for Third-Party Settlement Organizations

The Maryland legislature recently passed the Budget Reconciliation and Financing Act of 2020 (SB 192) which in part significantly changes the information return reporting obligations of third-party settlement organizations (TPSOs). SB 192 requires TPSOs who must issue Form 1099-K to report payments made to their payees if the amount of the reportable payment meets or […]

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