Regulatory Analysis

Posted March 7, 2024 by Robert Beck
IRS Releases 2024 Form 941 With Schedules B, R, and Accompanying Instructions

The IRS recently released its 2024 Form 941, Schedule B, and Schedule R along with the accompanying instructions. Several changes have been made to the 941 and to Schedule R, while Schedule B remained largely unchanged for 2024. Many of the changes found throughout the form, schedules, and instructions this year are related to the […]

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Posted February 19, 2024 by Robert Beck
IRS Releases 2024 General Instructions for Forms W-2 and W-3

The IRS has released its 2024 General Instructions for Forms W-2 and W-3. Form W-2 is used to report employment income to the IRS and Form W-3 is the employer’s transmittal of wage and tax statements to the IRS. These instructions cover the W-2, W-2c, W-2GU, W-2VI, and W-2AS forms along with form W-3 for […]

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Posted January 29, 2024 by Robert Beck
Final Regulations for De Minimis Error Safe Harbor Exceptions to Penalties Published

On December 19, 2023, the proposed changes to the US Code of Federal Regulations relating to the de minimis error safe harbor exceptions to penalties for information returns and payee statements were added to the Code as final regulations. The updates are effective as of the publishing date of December 19, 2023, but are applicable […]

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Posted February 2, 2023 by Alec Webb
California Releases 2023 Employer Guide and 2023 Household Employer Guide

California recently released the 2023 California Employer’s Guide (DE 44) and the 2023 Household Employer’s Guide (DE 8829). The “Household Employer’s Guide” has been renamed to “California Employer’s Guide”. A summary of key changes is noted below. To make an adjustment to incorrect UI, ETT, SDI, and/or PIT after DE 9 was filed, file a DE 88 […]

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Posted February 2, 2023 by juliaolienyk
IRS Releases Form W-4R and Issues Updated Guidance

The 2023 version of the W-4R and W-4P were released January 9, 2023. In 2022, taxpayers had the option to use either the 2021 Form W-4P or the 2022 Forms W-4P and/or W-4R in 2022. However, beginning January 1, 2023, the 2023 W-4P and W-4R must be used. W-4P is now used only to make […]

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Posted February 2, 2023 by Alec Webb
Louisiana Releases Updated EFT Guidelines

Louisiana recently published the 2023 version of R-20201, Electronic Fund Transfer (EFT) Guidelines. This publication provides details and procedures for taxpayers using EFT to submit payment to the Louisiana Department of Revenue. There is only one change made to the latest version of the Publication R-20201. Tax Codes 08431-08435 have been added for “Retail Dealers of […]

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Posted December 1, 2022 by Alec Webb
Nebraska Releases Updated 501N for Tax Year 2022

Nebraska recently updated form 501N for tax year 2022. Form 501N is for Nebraska Monthly Income Tax Withholding Deposit. There were no substantive changes from the 2021 version. To view Form 501N, click here.

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Posted September 7, 2022 by Paul Ogawa
Minnesota Updates Withholding Certificate for Pension and Annuity Payments

The Minnesota Department of Revenue recently updated Form W-4MNP, Withholding Certificate for Pension and Annuity Payments. This form is used by distribution recipients to report taxpayer information and exemptions to the payors, who use the information for withholding tax purposes. While the form and payee instructions saw minor updates, the payor instructions saw substantial changes. […]

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Posted September 7, 2022 by Paul Ogawa
Utah Publishes Updated Withholding Tax Guide

The Utah State Tax Commission recently published an updated version of Publication 14, Withholding Tax Guide. This publication provides guidance and information for taxpayers relative to withholding tax payment and reporting, along with W-2 and 1099 reporting information. Note that this most recent release is effective as of January 1, 2023; the version effective for […]

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Posted August 18, 2022 by juliaolienyk
IRS Releases Revised Publication 1586

The IRS recently released a revision to Publication 1586, Reasonable Cause Regulations and Requirements for Missing and Incorrect Name/TINs. There were minor grammar and punctuation changes as well as updates to revision date and years. Additionally, the following notable changes were made: ·         Penalty rate tables updated to reflect new rates, including annual inflation adjustments […]

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Posted August 18, 2022 by juliaolienyk
Publication 1179 was Recently Updated for 2022

Publication 1179 was updated for 2022. Publication 1179 is the general rules and specifications for substitute Forms 1096-1098-1099, 5498, and certain other information returns. In addition to updates in year, bulletin number, and slight wording changes, the Publication also incorporates changes made to individual forms for 2022. There were no substantial updates to the publication […]

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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 April 27, 2022 by Radhika Akhil
Nebraska Passes Bill to Exempt Feminine Hygiene Products

On April 20, 2022, Nebraska Governor Pete Ricketts signed LB 984 into law. As part of the new law, feminine hygiene products will be exempted effective October 1, 2022. Feminine hygiene products are defined as “tampons, panty liners, menstrual cups, sanitary napkins, and other similar tangible personal property designed for feminine hygiene in connection with […]

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Posted April 4, 2022 by Robert Beck
IRS Releases 2022 Forms 5498 and 5498-ESA

The IRS has released its 2022 Form 5498, which is used for reporting IRA contributions and Form 5498-ESA which is used for reporting Coverdell ESA contributions. Few changes were made to either form for this year other than the form year and dates across the form being updated for the 2022 tax year. Notably, the […]

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Posted March 28, 2022 by Robert Beck
IRS Releases Continuous Use Format Form 1099-MISC

The IRS has released a continuous use format version of Form 1099-MISC for use beginning in Tax Year 2022. This form is used for reporting various non-employment income including fishing boat proceeds, medical and health payments, substitute payments in lieu of dividends or interest, crop insurance proceeds, gross proceeds paid to an attorney, fish purchased […]

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Posted March 28, 2022 by Jesse Rooney
IRS Releases 2022 941

The IRS has released its 2022 Form 941.  Form 941 is the employer’s quarterly federal tax return.  There are a number of changes to the form. Most notably, the 2022 form now requires the reporting of qualified medical and family leave paid in 2022 for the period of time from April to October, 2021, setting […]

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Posted March 8, 2022 by Robert Beck
Connecticut Releases W-2 Specifications for 2021 Tax Year

Connecticut recently released Informational Publication IP 2021 (13), which is the Form W-2 Electronic Filing Requirements for tax year 2021. The official release revision date is listed as November 18, 2021. There were no substantive changes to the specifications this year, the only notable changes being that the dates have been updated for the 2021 […]

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Posted January 7, 2022 by Robert Beck
Wisconsin Releases Update to Publication 117

Wisconsin recently released a new update to Publication 117, the Guide to Wisconsin Wage Statements and Information Returns. Aside from updating the revision date from September to October of 2021, the only notable change to the publication was the removal of Form W-2G from the list of forms that can be filed electronically in the […]

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