Regulatory Analysis


 
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 […]

Read More
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 […]

Read More
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 […]

Read More
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, […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More