Regulatory Analysis

Get the latest updates in regulatory analysis news

Posted January 12, 2021 by Charles Maniace
Puerto Rico Enacts Economic Nexus and Marketplace Facilitator Requirements

On December 8, 2020. The Puerto Rico Secretary of Hacienda signed Regulation 2020-9237 expanding sales tax collection requirements to include Remote Sellers and Marketplace Facilitators effective 1/1/21. Businesses that have at least $100,000 in gross sales or 200 individual sales transactions during any preceding 12-month period have an obligation to collect and remit sales tax. […]

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Posted January 12, 2021 by Robert Beck
Delaware Division of Revenue Updates W-2 and 1099 FAQ

Delaware’s Division of Revenue recently updated it’s W-2 and 1099 FAQ which covers a variety of topics and questions about filing forms W-2 and 1099 series forms with Delaware. A few notable changes were found and are detailed below. • Form 4804 is no longer required for 1099 submissions to the state that do not […]

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Posted January 12, 2021 by Robert Beck
Ohio Releases 2020-2021 Payment Schedule

Ohio recently posted its 2020-2021 payment schedule for withholding tax due dates. This document covers the entirety of tax year 2021. The dates for 2021 payments have been shifted to account for weekends and holiday closures. To view the complete schedule, click here.

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Posted January 12, 2021 by Robert Beck
IRS Releases 2020 Publication 5258

The IRS recently released its 2020 Publication 5258, the Affordable Care Act (ACA) Information Returns (AIR) Submission Composition and Reference Guide. This guide is for processing of ACA related forms during processing year 2021. There were some notable changes to the document which have been detailed below. In addition to these changes, several changes were […]

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Posted January 12, 2021 by Paul Ogawa
Idaho Publishes Updated W-2 & 1099 e-Filing Specifications for TY 2020

The Idaho State Tax Commission recently published updated e-Filing guides for information returns, specifically W-2 and 1099 reports. These publications contain instructions, guidance, and specifications for filing these information return types electronically with the state. There are several updates to these publications, which are as follows: 1099 e-Filing Guide: Instructions for 1099s with Idaho Withholding […]

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Posted January 12, 2021 by Robert Beck
New Jersey Releases EFW-2 Specifications for 2020

New Jersey recently released the 2020 version of NJ-EFW2, the Specifications for Reporting W-2 Information Via Electronic Filing. Several minor grammatical and formatting changes were made but no changes were made to the specifications themselves. To view the full specifications, please click here.

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Posted January 12, 2021 by Paul Ogawa
Arizona Creates Filing Requirement for Form 1099-S

The Arizona Department of Revenue recently published information creating a new filing requirement for Form 1099-S. This filing requirement is new for tax year 2020 and requires Form 1099-S to be filed if certain criteria are met: specifically, if the form must be filed federally AND if the address or legal description of the property […]

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Posted December 23, 2020 by Paul Ogawa
Arizona Updates Electronic Filing Guidelines for Information Returns

The Arizona Department of Revenue recently published an update to Publication 701, Submitting Arizona Forms A1-R, A1-APR, and Federal Forms W-2, W-2c, W-2G, and 1099. This publication provides instructions and filing specifications for reporting these forms to the Department of Revenue for the upcoming tax year 2020 filing season. There are several updates to this […]

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Posted December 23, 2020 by Robert Beck
Minnesota Releases Electronic Filing Specifications for 1099 and W-2 Forms

Minnesota recently released its 2020 specifications for both 1099 and W-2/W-2C on Withholding Fact Sheets 2 and 2A. There only change to the specifications was that the years for the form and the revision dates have been updated for tax year 2020 filing in 2021. No changes were made to the specifications themselves. To view […]

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Posted December 23, 2020 by Erik Wallin
Massachusetts Approves 2021 Budget With Accelerated Remittance

Governor Charlie Baker recently signed H. 5164 the Fiscal Year 2021 budget into law. As part of the budget bill, retailers that collected more than $150,000 in sales tax or room occupancy and meals tax in the previous calendar year will need to remit sales taxes for their first three weeks each month in the […]

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Posted December 23, 2020 by Robert Beck
New Jersey Releases Update to NJ-WT Publication

New Jersey recently released new updates to the NJ-WT, the New Jersey Income Tax Withholding Instructions. There were several changes to the document since the previous revision in October of 2020. The most notable of these changes are detailed below. How to Withhold: A notation has been edited to state that the federal W-4 should […]

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Posted December 23, 2020 by Robert Beck
New York Releases Updated Publication NYS-50

New York recently released an updated version of Publication NYS-50, the Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax. Several changes were made to the publication this year including updates to websites and department names. The most notable of these changes are detailed below. Highlighted Changes New sections added regarding how changes to […]

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Posted December 23, 2020 by Robert Beck
Missouri Releases 2021 Employer’s Tax Guide

Missouri recently released it’s Employer’s Tax Guide for Tax Year 2021. This guide contains general information regarding filing and payment of withholding taxes for Missouri employers. Additionally, the publication contains the updated tax withholding tables. The most notable change was a revision of the withholding tables to include increased standard deductions. Several other minor changes […]

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Posted December 23, 2020 by Charles Maniace
Indiana Requires Electronic Filing and Adopts New Filing Portal

The Indiana Department of Revenue has updated their filing requirements  for sales and withholding taxes to require electronic filing. Transition from old INTAX system to the new INTIME system is required for all taxpayers before Dec. 31, 2020 as no returns or payments through INTAX will be accepted after the December filing period ends, If […]

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Posted December 23, 2020 by Charles Maniace
Colorado Adopts New Jurisdiction Codes

The Colorado Department of Revenue has updated their jurisdiction codes for .XML sales tax filing. All old jurisdiction codes will still be accepted by the state (at least for now) for any existing locations. However if you will be reporting in a new location as part of your January 1, 2021 filing of the CO […]

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Posted December 23, 2020 by Alex Koral
Colorado Enacts Sales Tax Relief for Restaurants and Bars

Governor Jared Polis recently signed HB 20B-1004, establishing temporary COVID-related sales tax relief for on-premises liquor establishments, restaurants, and other qualifying food sellers, including mobile food trucks. Under this bill, qualifying food retailers are permitted to deduct up to $70,000 in sales per month from their state-level sales tax returns for the November and December, […]

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Posted December 23, 2020 by Robert Beck
Mississippi Updates 1099 Specifications to Include 1099-NEC

Mississippi recently released an update to it’s October release of the 1099 Specifications which includes specific “B” record requirements for filing Forms 1099-NEC with the state Department of Revenue. The specific details are listed below. 1099-NEC E-File Format Section Added MS DOR will follow any IRS file record specification changes for the current year MS […]

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Posted December 23, 2020 by Paul Ogawa
Hawaii Updates Filing Requirements to Include Form 1099-NEC

The Hawaii Department of Taxation recently updated their 1099 filing requirements to include Form 1099-NEC for tax year 2020 reporting purposes. Hawaii has conformed to the federal use and filing of Form 1099-NEC and will require reporting when the taxpayer is engaged in a trade or business in Hawaii or has a place of business […]

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