Regulatory Analysis
Maine Revenue Services recently released a notice to lessors of tangible personal property (TPP) concerning the shift to lease stream sales taxation. The guidance provides further information as to rentals of certain motor vehicle rentals, sale price of lease and rental payments, as well as detailing the definition of TPP includes canned software. Specifically, that […]
The IRS recently released the 2025 Form 5498-ESA (Coverdell ESA Contribution Information). The changes to this version are minimal: the tax year has been updated throughout the form and instructions. Further, copy A has had some editorial changes in the right margin, including the addition of a URL that links to the landing page for […]
The IRS recently released the 2025 Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information). The changes to this version are minimal, with the tax year updated throughout the form and instructions. Copy A has had some editorial changes in the right margin, including the addition of a URL that links to the landing […]
The IRS recently released the 2025 Form 5498 (IRS Contribution Information). Among the changes to the form, the tax year has been updated throughout the form and instructions. Further, a notice about the free file program has been added to the ‘Instructions for Participant’. Copy A has had editorial changes in the right margin, including […]
Michigan recently updated Form 447 (Transmittal for Magnetic Media Reporting of W-2s, W-2Gs and 1099s) and its payroll service provider webpage. Michigan plans to introduce a lower electronic filing threshold beginning with tax year 2025 returns filed in 2026. Beginning with tax year 2025 returns filed in 2026, only filers with fewer than 10 income […]
The IRS recently released the 2025 Form W-2 (Wage and Tax Statement). The form itself is relatively unchanged, aside from the tax year and OMB number. In the Notice to Employees, dollar amounts have been updated to reflect increases to the maximum annual social security withholding ($10,918.20) and maximum annual railroad retirement taxes ($6,409.20). In […]
Idaho recently released the 2024 W-2 E-Filing Guide and 2024 Information Return 1099 E-Filing Guide. Among the changes to this version, the tax year and revision date have been updated throughout both guides. The due date for filing 1099 has been updated to February 28, 2025 after falling on February 29, 2024 due to the […]
Minnesota recently updated Fact Sheet 2 (Submitting Form W-2 Information) and Fact Sheet 2A (Submitting Form 1099 Information) for TY 2024 reporting. The tax year has been updated throughout both documents. Other changes are editorial in nature and do not impact reporting compliance.
The District of Columbia (DC) recently released the 2024 Specifications for Electronic Filing of Forms W-2/W-2C. Under What’s New, the guide lists the changes made to the SSA EFW2 / EFW2C Publication for tax year 2024. DC continues to follow the SSA EFW2 / EFW2C format. Additionally, the guide has been updated with instructions for […]
The IRS Recently released an update to Form 945-A, the Annual Record of Federal Tax Liability for the first time since December 2020 and its respective instructions which were last updated in 2022. This form is used for recording tax liability throughout the months of a year. Most of the form changes were removal of […]
Recently President Biden signed two bills into law that impact the reporting requirements and penalty provisions for employers and health insurance providers that provide minimum essential health coverage under the Patient Protection and Affordable Care Act. Key changes include: Employers and health insurance providers are only required to furnish 1095-B and 1095-C to covered individuals […]
The IRS recently published the 2025 version of Form 1042-S and its accompanying instructions. Form 1042-S is used to report income earned by non-resident aliens and withholding applied to said income. NOTE: This is the version of the form and instructions applicable to tax year 2025 reporting, NOT an update to the 2024 version of […]
The City of Napaskiak has completed the process to join the Alaska Remote Sellers Sales Tax Commission (ARSSTC). Sellers must begin collection on 2/1/2025 and forms for filing will be updated to include Napaskiak on 3/1/2025.
Montana recently released the 2024 Electronic Filing Specifications for 1099 and W-2. For W-2, Montana conforms to the Social Security Administration’s EFW2 Publication (Specifications for Filing Forms W-2 Electronically). For 1099 forms, Montana conforms to the IRS Publication 1220 Specifications (Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G). Montana’s […]
New Jersey recently released the 2024 NJ-EFW2 (W-2 Electronic Filing Specifications). New Jersey conforms to the Social Security Administration’s EFW2 Specifications, except for the RS Record. New Jersey requires a modified RS Record. Tax year and revision date has been updated throughout the specifications. There are no other changes. The 2024 NJ-EFW2 can be found […]
The IRS recently released the 2024 Instructions for Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons). There are several impactful changes: E-file requirements. For most filers, the administrative exemption from the 1042 electronic filing requirement has expired. For 2024 1042 returns filed in 2025, electronic filing is required for 1) […]
The IRS recently released the 2024 Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons). Line 9 was updated to reflect the leap year. Section 4 of the form has been retitled to remove the phrase ‘dividend equivalent’ from the beginning (Payments by a Qualified Derivatives Dealer (QDD)). Tax year has […]
The IRS recently released the 2024 Instructions for Form 945 (Annual Return of Withheld Federal Income Tax). There are two notable changes. First, the IRS began accepting form 945-X electronically through the Modernized e-File (MeF). Second, the 945 due date for filers that paid all taxes on time will fall on February 10, 2025, two […]