Regulatory Analysis


 
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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Posted December 6, 2021 by Paul Ogawa
Illinois Releases Illinois W-2 and W-2c Electronic Transmission Program Guide EFW2 and EFW2C Format 2021 Forms W-2 and W-2c filed in 2022.

Illinois recently released an updated transmission guide for 2021 Form W-2 and W-2C filed in 2022. Most changes to the transmission guide are the result of consolidating information from other sources, clarifying information from the previous guide, or updating dates to reflect the new tax year. General Information. • Illinois begins accepting 2021 W-2 and […]

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Posted December 6, 2021 by Robert Beck
Nebraska Releases Updated Forms W-3N and Amended Form W-3N

Nebraska recently released updated versions of its Form W-3N and Amended Form W-3N, the Nebraska Reconciliation of Income Tax Withheld and the form for sending an amended W-3N. Several minor grammatical changes were made this year, but there were a few notable changes to both forms and instructions which are detailed below: • Line 5 […]

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Posted December 6, 2021 by Paul Ogawa
Connecticut Releases Updated Instructions for Filing and Paying Taxes Electronically

Connecticut recently updated instructions for Filing and Paying Taxes Electronically or IP 2021 (5). This publication was previously IP 2020(6). The most notable changes are detailed below. • List of tax types available to file through DRS myconneCT expanded to include everything except those covered by TSC including alcoholic beverages, bottle deposit, public services taxes, […]

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Posted November 16, 2021 by Robert Beck
Wisconsin Releases 2021 W-2 and 1099 Specifications

Wisconsin recently released the 2021 version of its Publication 172, the Annual W-2, 1099-R, 1099-MISC, 1099-NEC, and W-2G Electronic Reporting. Few changes were made to the document itself and no changes were made to the actual specifications portion of the publication. The most notable changes are detailed below: • Updated revision from 11/20 to 10/21 […]

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Posted November 16, 2021 by Robert Beck
IRS Releases 2021 Forms 1094-B and 1095-B

The IRS recently released it’s 2021 Forms 1094-B and 1095-B, the Transmittal of Health Coverage Information Returns and the Health Coverage Form required by the Affordable Care Act. There were no major changes to either form this year, excepting the form year was changed on both forms and a couple of minor grammatical changes were […]

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Posted November 16, 2021 by Robert Beck
IRS Releases 2021 Forms 1094-C and 1095-C

The IRS recently released its 2021 Forms 1094-C and 1095-C, the Transmittal of Employer-Provided Health Insurance Officer and Coverage Information Returns and the Employer-Provided Health Insurance Offer and Coverage respectively. The only notable changes to the 1094-C were the update of the year to 2021. There were several grammatical updates to the 1095-C along with […]

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Posted November 16, 2021 by Robert Beck
IRS Releases October Update to 2021 Publication 1220

The IRS recently released a new update to Publication 1220, the specifications for 1099 series forms and other related forms. The primary updates were in response to several errors that had been noted in the September release. A detailed list of changes found in the most recent version follows: • Form 1099-H: Health Coverage Tax […]

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Posted November 16, 2021 by Paul Ogawa
IRS Publishes New Draft W-4P and W-4R Forms, Pushes Effective Date to 2023

The IRS recently released updated draft versions of the new versions of Forms W-4R and W-4P. Originally released in March 2021, this third draft release for the W-4R and fourth draft release for the W-4P remain largely the same as their respective predecessors. The only substantial difference is a revised worksheet for computing withholding based […]

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Posted November 16, 2021 by Robert Beck
Indiana Releases W-2 and WH-3 Specifications for Tax Year 2021

Indiana recently released its W-2 and Electronic Filing Requirements document for the 2021 tax year. This publication includes all W-2 and specifications. Few changes were made to the document this year, the most notable of which is the removal of all references to the RV record, which Indiana no longer uses. Additionally, supporting documents may […]

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Posted August 31, 2021 by Robert Beck
New Mexico Updates FYI 104

New Mexico recently released an update to it’s FYI 104 Publication which is the Withholding Tax general instructions document. The revision is noted as July of 2021 and many of the updates come from the development of new forms. The most important changes are detailed below. • Under the Notes for Who Must Withhold, a […]

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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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