North America

Regulatory Analysis

Posted June 18, 2025 by Erik Wallin
Massachusetts Announces Dates For 2025 Sales Tax Holiday

Massachusetts lawmakers recently set the date for the annual sales tax holiday. The 2025 holiday will take place August 9th and 10th. During the holiday, the state’s 6.25% sales tax is suspended for most retail items priced under $2,500. For more information on the announcement of the annual sales tax holiday in Massachusetts click here.

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Posted June 16, 2025 by Kellianne Munichiello
IRIS Working Group Announces Timeline for FIRE Retirement

The IRS officially announced intentions to fully retire its Filing Information Returns Electronically (FIRE) system during December 2026. Effective for tax year 2026 forms filed in 2027, electronic information return filing will transition to the Information Returns Intake System (IRIS). There is still no timeline for the retirement of the Affordable Care Act Information Return […]

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Posted June 13, 2025 by Kellianne Munichiello
IRS Releases Notice 2025-33, Extending Transitional Relief for Digital Asset Sales

On June 12, 2025, the IRS released Notice 2025-33, which modifies Notice 2024-56 and extends certain transitional relief to brokers of digital asset sales. Most notably, no backup withholding will be required on digital asset transactions in 2025 or 2026. Other relief is related to tax year 2027 reporting, is narrower, and applies only to […]

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Posted June 13, 2025 by Kellianne Munichiello
IRIS Working Group Announces Timeline for FIRE Retirement

The IRS officially announced intentions to fully retire its Filing Information Returns Electronically (FIRE) system during December 2026. Effective for tax year 2026 forms filed in 2027, electronic information return filing will transition to the Information Returns Intake System (IRIS). There is still no timeline for the retirement of the Affordable Care Act Information Return […]

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Posted June 13, 2025 by Bradley Feimer
Colorado Releases July 2025 Local Sales Tax Changes

The Colorado Department of Revenue recently released the July 2025 local sales tax changes. Among the changes were new state-administered districts to supplement funding for related fire and ambulance services in the districts through the levy of sales tax. The following Fire Protection Districts were added: Berthoud FPD Cortez FPD Eagle River FPD Frederick-Firestone FPD […]

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Posted June 9, 2025 by Ryan Brady
Connecticut Decreases E911 Fee

In Connecticut, a surcharge is assessed by the Public Utilities Regulatory Authority on all phone lines, including prepaid wireless services, in order to fund E911 services.  Each fiscal year the amount of the surcharge is reviewed.  Pursuant to Public Utilities Regulatory Authority Docket No. 25-01-05, the surcharge has been decreased for prepaid wireless services from $0.73 […]

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Posted June 9, 2025 by Kellianne Munichiello
Alabama Overtime Exemption Ends June 30, 2025

Alabama’s 2025 legislative session ended without extending the overtime exemption from income tax. The overtime exemption expires on June 30, 2025. Overtime compensation paid on or after July 1, 2025 will be subject to Alabama income tax. The Alabama Department of Revenue released a Notice on June 4, 2025, detailing the expiration’s impact on employers. […]

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Posted June 9, 2025 by Ed Surette
Minnesota E911 E988 and TAM Fee

In Minnesota, the Prepaid Wireless E911, TAM and 988 fees are increasing from a combined fee amount of $0.95 to $0.96 effective July 1, 2025. The fee is comprised of 3 parts as follows: E911 Fee – $0.80 TAM Fee – $0.04 988 Fee – $0.12

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Posted June 9, 2025 by Alexander Dunn
Mississippi Reduces Sales Tax on Groceries with HB 1

Earlier this year Mississippi passed HB1 which reduces the state sales and use tax rate on groceries for human consumption from 7% to 5% starting on July 1, 2025. Per the bill, the term “groceries” refers to food or drink for human consumption that is eligible to be purchased with food stamps. Items purchased with […]

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Posted June 9, 2025 by Kellianne Munichiello
Utah Expands 1099-K Reporting Requirements with HB 60

On March 25, 2025, Governor Spencer Cox signed Utah House Bill 60 (HB 60) into law, significantly expanding the state’s 1099-K reporting requirements. HB 60 adds sections 59-1-1801 and 59-1-1802 to the Utah Code, mandating that payment settlement entities file Form 1099-K with the Utah State Tax Commission when two criteria are met: (1) the […]

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Posted June 9, 2025 by Emily Morillo
Maryland Enacts 3% Tax on Data and Information Technology Services; Repeals Exemption for Custom Software

On May 20, 2025, Maryland House Bill 352 was signed into law, enacting a 3% tax on certain data and information technology services and repealing the exemption for specific custom computer software. These changes are effective July 1, 2025. Further information may be found here.

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Posted June 9, 2025 by Andrew Decker
Washington Governor Signs Tax Legislation

Washington’s governor recently signed three pieces of legislation which will have a major impact on retail sales tax in the state. Senate Bill 5794 would repeal the exemption from sales tax (as well as business and occupation taxes) of sales of precious metal bullion and monetized bullion effective January 1, 2026. Senate Bill 5801 makes […]

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Posted June 3, 2025 by Candice Lindeman
Philippines Imposes 12% VAT on Foreign Digital Service Providers

Effective June 1, 2025, Republic Act No. 12023 amends the Philippine Tax Code so that nonresident digital service providers (DSP) will be liable for 12% VAT on digital services consumed in the Philippines. The law defines digital services broadly and may include any service that is supplied over the internet or other electronic network including […]

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Posted June 3, 2025 by Emily Morillo
Maryland Narrows Bullion Exemption

In Maryland, the purchase price of precious metal bullion or coins were exempt from sales tax if the taxable amount exceeded $1,000. On May 20, 2025, House Bill 352 was signed into law. The legislation provides, effective July 1, 2025, that for the exemption to apply, precious metals bullion or coins must also be purchased […]

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Posted June 3, 2025 by Bradley Feimer
Ohio Announces 2025 All-Inclusive Sales Tax Holiday Dates

The Ohio Department of Taxation recently announced the 2025 dates for Ohio’s All-Inclusive Sales Tax Holiday. The holiday period for the 2025 season will occur August 1-14, 2025. Further information concerning the holiday may be found here.

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Posted May 23, 2025 by Sindi Basha
IRS Updates Instructions for Form 1099-R/5498

The IRS recently updated Instructions for Form 1099-R/5498 for tax year 2025. Form 1099-R is used to report distributions of $10 or more from retirement plans, IRAs, annuities, pensions, insurance contracts, disability payments, and charitable gift annuities. Form 5498 is used to report information about Individual Retirement Arrangements (IRAs) maintained for a person, including contributions, […]

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Posted May 23, 2025 by Mariadelc Aguilar
CHILE: B2C transactions over US$5,000 require formal identification of the buyer.

The tax authority established that as of September 1st, 2025, sales made to end consumers for amounts greater than CLP$5,186,253.15 must be identified in the electronic receipt issued to the purchaser of such goods and services. For such purposes, the name and surname, RUT, form of payment, in addition to clearly informing the goods and […]

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Posted May 22, 2025 by Kellianne Munichiello
Arizona Lowers Gambling Withholding Rate to 2.5%

On May 13, 2025, Arizona Governor Katie Hobbs signed Senate Bill 1274, known as the “Tax Corrections Act of 2025,” into law. One of the key provisions of this legislation is a significant change to the Arizona income tax withholding rate for gambling winnings. Previously, Arizona required income tax withholding on gambling winnings at 20% […]

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