Regulatory Analysis

Get the latest updates in regulatory analysis news

Posted 1 week ago by Alex Samuel
Illinois Treatment of CBD Products

Illinois enacted legislation creating a Cannabis Purchaser Excise Tax and permitting counties and municipalities to impose, by ordinance, a local retailers’ occupation tax on all persons engaged in the business of selling adult use cannabis at retail. CBD products, such as CBD oils, derived from industrial hemp that contain 0.3% or less of THC are […]

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Posted 1 week ago by Gerry Nelligan
Connecticut Updates CT-W3, CT-941, CT-945, and CT-1096 Forms

The Connecticut Department of Revenue Services recently released updated CT-W3, CT-945, and CT-1096 forms for the 2019 Tax Year. These updates primarily address the addition of the Federal 1099-K taxable income to Connecticut taxable income for TY 2019. A revised version of CT-941 was released for Tax Year 2020. To view any of these forms, click here.

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Posted 1 week ago by Gerry Nelligan
New Jersey releases 2019 specifications for W-2 reporting via electronic filing and 2020 Income Tax Withholding Instructions

New Jersey has released updated specifications for reporting W-2 information via electronic filing and also its 2020 Income Tax Withholding Instructions. See below for a detailed description of changes. Income Tax Withholding Instructions Modifications have been made to the rules for military spouses working in New Jersey New Jersey employers are now required to give Form […]

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Posted 1 week ago by Gerry Nelligan
Idaho releases 2019 Information Return 1099 E-Filing Guide

Idaho releases 2019 State Tax Commission Information Return 1099 E-Filing Guide. No changes were made to the Guide other than updating for the current tax year. (Rev. 11/26/19)

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Posted 1 week ago by Gerry Nelligan
North Carolina publishes updated Income Tax Withholding Tables and Instructions for Employers

North Carolina has published an updated Income Tax Withholding Tables and Instructions for Employers (NC-30) booklet for TY 2020. See below for details on changes.   The 4% mandatory withholding requirement has been applied to all personal services for non-wage compensation. Previously this only applied to non-resident contractors.   Withholding needs to be taken out […]

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Posted 1 week ago by Gerry Nelligan
Massachusetts New Tax Rate, Releases Other Documentation

Massachusetts has released a number of notices and publications, as detailed below. Tax Rate Massachusetts announced that effective as of January 1, 2020, the state income tax rate will drop from 5.05% to 5.0%, affecting withholding rates. For the news page, click here. View the full release here. Interest Rate In Technical Information Release 19-18, Massachusetts has announced […]

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Posted 1 week ago by Gerry Nelligan
Pennsylvania releases updated versions of W-2/1099 instructions and specifications

Pennsylvania has released updated versions of its W-2/1099 CSV reporting instructions and specifications and EFW-2/EFW-2C. The only change was that the effective date of the specifications has been changed to after January 21, 2020, after which time all files uploaded must reflect the changes in the handbook. To view the full W-2/1099 CSV instructions and specifications, click here. […]

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Posted 1 week ago by Paul Ogawa
Illinois Releases Updated Electronic Filing Specifications for Forms W-2 & W-2C

The Illinois Department of Revenue recently released their Electronic Filing Specifications for Forms W-2 and W-2C, which provide general instructions and state-specific specifications for filing these forms with the state. The updates to these specifications revolve around the removal of the web upload option for filing electronically. All electronically filed W-2 records must be transmitted […]

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Posted 1 week ago by Gerry Nelligan
Georgia has released updated TY2020 Employer’s Tax Guide, G-7M, G-1003, GA-V, and G-7Q forms

Georgia has released its Employer’s Tax Guide, updated for TY 2020. Additionally it has released TY 2020 updated G-7M, G-1003, GA-V, and G-7Q forms, respectively the Quarterly Return for Monthly Payers, Income Statement Return, Withholding Payment Voucher, and the Georgia Quarterly Return for Quarterly Payers. Employer’s Tax Guide Link Applies tax laws as of January […]

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Posted 1 week ago by Gerry Nelligan
Colorado releases new publication, Wage Withholding Tax Guide, changes DR1098 to tax withholding worksheet

Colorado has released a new publication, the Wage Withholding Tax Guide. With the release of this document, Colorado has incorporated the FYI #5 and FYI #6 into a single unitary tax withholding guide. Directions in the new publication have been edited for clarity and consistency but in terms of processes, thresholds, frequencies and other information, […]

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Posted 1 week ago by Gerry Nelligan
West Virginia Releases Updates for Publication TSD-436 and Form IT-103

West Virginia has issued a revised publication and form, TSD-436 and IT-103 (Requests For Waiver Of Electronic Filing And Payment Requirements and West Virginia Withholding Year End Reconciliation, respectively). The changes are outlined below. TSD-436 Language updated in the Background section explaining that for returns filed on or after January 1, 2019, any person required to […]

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Posted 1 week ago by Gerry Nelligan
California updates 1099 Filing Requirements

California Franchise Tax Board (FTB) Information Returns filing requirements updated. California no longer strictly following Federal guidelines. New requirements are: You need to file an information return with California if: The recipient is a California resident or part-year resident The source of a 1099 transaction was in California.

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Posted 1 week ago by Alex Samuel
Alabama Severe Weather Preparedness Sales Tax Holiday Feb. 21-23

Alabama will hold its annual Weather Preparedness Sales Tax Holiday from Friday, February 21, 2020 through Sunday, February 23, 2020, giving shoppers the opportunity to purchase certain severe weather preparedness items free of state and certain local sales tax when the cost per item is $60 or less, or in the case of portable generators […]

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Posted 2 weeks ago by Kaitlyn Smethurst
Louisiana DOR Releases Further Guidance on New CBD Tax

As previously reported, the Louisiana legislature passed House Bill 560 this year, which imposed a new tax on certain CBD products effective January 1, 2020.  Based on recent guidance released by the Department of Revenue (DOR), it’s now clear that the new  tax is not applied at the point of retail sale. Rather, it’s properly […]

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Posted 1 month ago by Paul Ogawa
Massachusetts Releases Electronic Reporting Specifications for TY19 W-2 Reporting

The Massachusetts Department of Revenue recently released its W-2 Handbook. This booklet contains instructions and specifications for filing W-2 reports with the state electronically. The most significant change to this booklet and its specifications lies in the RS (State) Record for W-2 reporting: positions 360 – 370 were revised to accommodate Federal Mass Wages, while […]

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Posted 1 month ago by Matthew Gonnella
Michigan Passes Marketplace Facilitator Legislation

Michigan recently enacted legislation requiring to collect tax on behalf of marketplace sellers once they meet certain thresholds. Marketplace facilitators must collects tax when they facilitate gross sales of $100,000 or more or when they facilitate 200 or more separate transactions for the sale of tangible personal property to purchasers in Michigan during the previous […]

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Posted 1 month ago by Gerry Nelligan
DC Released W2 and 1099 Specifications for TY 2019

Changes to 1099/W-2G instructions were confined to the “What’s New” section. These changes explain the changes to the federal 1099-B and 1099-G forms as posted in the IRS’s 1220 Publication.  What’s New: Form 1099-B, Proceeds from Broker and Barter Exchange Transactions Payee “B” Record: Field Position 620 – Applicable Checkbox for Qualified Opportunity Fund (QOF) […]

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Posted 1 month ago by Gerry Nelligan
VA released W2 and 1099 specifications for TY 2019

VA released W2 and 1099 specs for TY 2019. This publication contains specifications for reporting W2s and 1099s. There are several updates to this publication which are as follows: P. 4: Amending Data Web Upload does not currently accept the W2C format. If you are correcting a wage amount or amount withheld, fix the incorrect amount in […]

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