Regulatory Analysis

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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 April 22, 2020 by Paul Ogawa
South Carolina Issues Extensions for Withholding Tax Returns and Payments Due

The South Carolina Department of Revenue recently issued extensions as tax relief in light of the COVID-19 pandemic. Tax returns and payments due between April 1, 2020 and June 1, 2020 will now be due on June 1, 2020. Regarding payments, penalties and interest will not be charged if the payments are made by June […]

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Posted April 15, 2020 by Paul Ogawa
IRS Extends Due Date for 5498 Forms to July 15

Making the announcement through Notice 2020-23, the IRS has extended the due date for a number of taxpayer actions which include filing Forms 5498, 5498-QA, 5498-ESA, and 5498-SA. Citing to a list of taxpayer acts found in Revenue Procedure 2018-58, affected taxpayers are granted an extension of time relating to “time-sensitive acts” due to be […]

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Posted April 9, 2020 by Paul Ogawa
Florida Enacts Bill Requiring 1099-K Filing

House Bill 7097 was recently passed by the Florida Legislature and approved by Governor DeSantis, paving the way for a new information return requirement in the state. Under Section 212.134 of the Bill, payment settlement entities and other third-party facilitators who handle payment card and third-party network transactions must file a 1099-K return with Florida […]

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Posted March 23, 2020 by Alex Samuel
Alaska Remote Seller Sales Tax Commission Adopts Uniform Sale Tax Code

Approximately 25 local governments in Alaska have signed an intergovernmental agreement establishing a Commission that will provide governance over a streamlined, single-level administration of sales tax collection and remittance. The Commission recently adopted their uniform sales tax code which includes provisions requiring remote sellers and marketplace facilitators to collect and remit sales tax if their […]

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Posted March 23, 2020 by Jesse Rooney
Supreme Court Will Take Up ACA Challenge

The Supreme Court announced it would consider a challenge to the Affordable Care Act (ACA) colloquially known as Obamacare.  The legal challenge, brought by the Attorney General of Texas, seeks to overturn the landmark healthcare law.  The challenge proposes that since the ACA only passes constitutional muster through its tax implications, the 2017’s Tax Cuts and […]

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