Regulatory Analysis


 
Posted August 10, 2022 by Robert Beck
North Carolina Announces Temporary Reduction to Late Payment Penalties

North Carolina recently released a notice which details a temporary reduction in the penalties for late tax payments to the state. According to the notice which was officially released June 30, 2022, the 2021 General Assembly enacted legislation to change the calculation of the penalty from the flat rate of ten percent (10%) to a […]

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Posted August 10, 2022 by Bradley Feimer
Denver Exempts Incontinence and Diaper Products Effective October 1, 2022

Effective October 1, 2022, Denver, Colorado ordinance 22-0577 provides an exemption for incontinence products and diapers from sales and use tax. The ordinance defines, “incontinence products and diapers” to mean an adsorbent cloth or disposable product worn by humans. Further legislative details may be found here.

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Posted August 10, 2022 by Bradley Feimer
Indiana Exempts Children’s Diapers from Gross Receipts Tax Effective August 5, 2022

On August 5, 2022, Indiana Governor Holcomb signed Senate Bill 2 providing upon passage an exemption for children’s diapers from the state’s gross receipts tax. “Children’s Diapers” is defined as disposable or reusable diapers marketed to be worn by children. Further information concerning the bill can be found here.

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Posted August 10, 2022 by Robert Beck
Illinois Releases Updates to Publications 130 and 131

Illinois recently released updates to both Publication 130 and Publication 131. Respectively, these publications are “Who is Required to Withhold Illinois Income Tax” and “Withholding Income Tax Payment and Filing Requirements,” the two primary withholding tax publications for Illinois. Both publications had several minor stylistic updates. Both Publications have a revision date of 6/22 and […]

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Posted August 10, 2022 by Robert Beck
IRS Releases Cosmetic Update for Publication 5165

The IRS recently released an update to the 2022 Publication 5165. This publication contains the specifications for electronic filing of Federal Affordable Care Act forms in the AIR system. This update for the 2022 filing season is purely cosmetic in nature and contains no actual changes to the substantive information contained within the publication itself. […]

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Posted July 29, 2022 by Ann Fulmer
California Uses 2021 Corporate Income Tax Return Filings to Drive Unclaimed Property Compliance

California recently introduced two new questions to their state income tax forms regarding unclaimed property compliance; Has the company ever filed unclaimed property reports with the state of California and if yes, how much? Based on what we know today, we’re anticipating that California will use the information garnered through the responses to identify organizations […]

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Posted July 11, 2022 by David Armas
New Jersey Establishes New Sales Tax Holiday

New Jersey recently passed Act 1522 establishing a new annual ten-day sales tax holiday for sales of school supplies and sport or recreational equipment. The holiday will run from the ninth day preceding the first Monday in September to that Monday each year. For 2022 that period is August 27 to September 5. The exemption […]

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Posted July 1, 2022 by Jesse Rooney
Minnesota Revises Withholding Instruction

Minnesota has released a revision to Income Tax Withholding Instruction Booklet and Tax Tables. The only change is to include affirmative instructions stating that payors of non-periodic distributions must request a Form W-4MNP from the payee.  Form W-4MNP is a form to be completed by the payee and retained by the payor that enables payees […]

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Posted June 22, 2022 by Bradley Feimer
Ohio Marketplace Information Disclosures for Third-Party Sellers

Effective July 6, 2022, OH SB 272, establishes mandatory disclosures by high-volume third-party sellers using online marketplaces. “High-volume third-party sellers” must disclose to a marketplace the seller’s bank account number, contact information, and tax identification number. A high-volume third-party seller is a participant on an online marketplace’s platform that is a third party seller which […]

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Posted June 10, 2022 by Robert Beck
Maine Releases Updates to Tax Registration and Application Documents

Maine recently released updates to several documents for business registration and withholding. These documents include Form 941BN-ME, ME-21, the Business Change Notification; the Registration Application for Withholding and other taxes; and Form EFT, the Electronic Funds Transfer Application. Few changes were made across the three forms, none of them substantive. Most changes to the documents […]

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Posted June 10, 2022 by Jesse Rooney
IRS Releases 2022 Form 1099-INT

The IRS has revised Form 1099-INT to be a continual use form. This change will eliminate year-to-year revisions of the form, bar fundamental changes to the form or its reporting. There are no changes to the reporting obligation for the form. A number of editorial changes were made to the form and its instructions in […]

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Posted June 1, 2022 by Freda Pepper
Maryland Enacts Unclaimed Property House Bill 305 (MD HB 305)

On May 30, 2022, Maryland House Bill 305 (MD HB 305) was enacted into law. It becomes effective on October 1, 2022. The bill makes changes to Maryland’s law by adopting “lack of valid address” as the trigger for dormancy for both banking and securities-related property.

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Posted May 31, 2022 by David Armas
New Dates Announced for Puerto Rico Hurricane Season Preparedness Sales Tax Holiday

The Secretary of the Treasury of Puerto Rico announced in a press release dated May 25, 2022, that the dates of the newly enacted hurricane preparedness sales tax holiday will be moved to give businesses more time to comply. The holiday that was originally scheduled for May 27-29, 2022, will now take place June 17-19, […]

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Posted May 13, 2022 by Alexander Dunn
Florida Approves Numerous New Exemption Periods

5/12/2022 Florida Governor Ron DeSantis recently signed Florida HB 7071. As part of this legislation, Florida has enacted five new tax exemption periods starting in 2022. Children’s Books – May 14, 2022 to August 14, 2022. Children’s Diapers and Baby/Toddlers Clothing – July 1, 2022 to June 30, 2023. Energy Star Appliances – July 1, 2022 […]

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Posted May 13, 2022 by Alexander Dunn
Florida Enacts Back to School and Trade Worker Tools Sales Tax Holidays

5/12/2022 Florida Governor Ron  DeSantis recently signed Florida HB 7071. As part of this legislation, Florida has approved tax holidays for back-to-school and tools used by trade workers. The Back-to-School Sales Tax Holiday will be held between July 25, 2022 and August 7, 2022, giving shoppers the opportunity to purchase clothing, wallets, bags, school supplies, […]

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Posted May 13, 2022 by Bradley Feimer
Aurora, Colorado Exempts Diaper Products Effective July 1, 2022

On April 11, 2022 the City Council of Aurora, Colorado passed an ordinance exempting the storage, use, and consumption of diapers beginning July 1, 2022. This exemption will apply to children diapers and adult related products as diapers is defined as, “an absorbent garment worn by humans who are incapable of, or have difficulty, controlling […]

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Posted May 13, 2022 by Bradley Feimer
Indiana Electronic Cigarette Tax Effective July 1, 2022

5/12/2022 Indiana recently enacted HB 1001 (2021) and SB 382 (2022). This legislation will impose an electronic cigarette tax effective July 1, 2022. The electronic cigarette tax is levied at a rate of 15% on the retail sale of vapor products and open system consumable material. For closed system vapor cartridges, the excise tax is […]

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Posted May 13, 2022 by Bradley Feimer
Puerto Rico Establishes Hurricane Season Preparedness Sales Tax Holiday

5/12/2022 Puerto Rico recently approved H.R. Bill 478 (2021) establishing a new sales tax holiday for hurricane preparedness. This new holiday will occur every year during the last Friday, Saturday and Sunday of May. Items such as batteries, water, nonperishable food, storm preparedness supplies, and certain emergency supplies will be exempt during the holiday period. […]

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