Regulatory Analysis

Get the latest updates in regulatory analysis news

Posted 2 days ago by Paul Ogawa
IRS Releases Updated Form 8809

The IRS recently released an updated version of Form 8809, Application for Extension of Time to File Information Returns. This form is used to apply for an extension to file information returns including Forms W-2, 1095, 1098, and 1099. There are two updates to the form, which are as follows: Instructions were added indicating that […]

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Posted 2 days ago by Paul Ogawa
IRS Releases Publication 1220 for Tax Year 2019

The IRS recently released a new version of Publication 1220 for Tax Year 2019. This publication contains instructions and specifications for electronic filing of information returns with the IRS. There are several updates to the latest version of this publication, which include the following: Form 1098-F: specifications for this form type along with applicable record […]

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Posted 5 days ago by Tom Hospod
IRS Publishes Tax Year 2019 ACA Business Rules

The IRS has released the business rules and specifications for electronic reporting of tax year 2019 healthcare coverage information in 2020. As a reminder, although the individual mandate penalty was zeroed out, the employer mandate and its reporting obligations and penalties remain in effect. There are no changes to the Form-to-Schema Crosswalks; however, there are […]

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Posted 1 week ago by Tom Hospod
Utah Revises Business and Tax Registration Form

Utah has published a revised version of Form TC-69, Utah State Business and Tax Registration – used for all tax types including employer and mineral production withholding. The registration form itself has been substantially abbreviated. Instead of completing sections 2, 3, 4, and 14, registrants will instead attach schedule TC-69WTH. Payroll services and third-party preparers filing […]

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Posted 1 month ago by Paul Ogawa
New Mexico Releases Updated Information for New Businesses

The New Mexico Taxation and Revenue Department recently published an updated version of Publication FYI-102, Information for New Businesses. This publication covers a number of subjects related to registration, filing, and payment of business taxes in New Mexico including withholding tax. There is one change of note in this most recent release, which provides a […]

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Posted 1 month ago by Tom Hospod
Rhode Island Enacts Health Insurance Individual Mandate

Rhode Island has announced that it has implemented a health insurance individual mandate, requiring all Rhode Island residents to maintain health insurance coverage for all months beginning January 1, 2020. Penalties will be imposed in 2021 when submitting individual tax returns for Tax Year 2020. The Individual Mandate will entail an employer reporting requirement. Employers will […]

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Posted 1 month ago by Tom Hospod
New Jersey Publishes Additional Individual Mandate Information

New Jersey has released additional information pertinent to employer filing obligations under the new health insurance individual mandate – specifically addressing the obligations of out-of-state employers of New Jersey residents. Out-of-State employers who employ New Jersey residents have the same filing requirements as in-State businesses. These requirements are not limited to businesses that withhold New Jersey payroll […]

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Posted 1 month ago by Paul Ogawa
Social Security Administration Releases EFW-2 and EFW-2C Specifications for TY 2019

The Social Security Administration recently released the EFW-2 and EFW-2C publications, which contains the electronic filing specifications for filing Form W-2 and W-2 corrections. While the publications indicate there are no record layout changes for tax year 2019, there are several updates that filers should be aware of for the upcoming tax year. The Social […]

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Posted 1 month ago by Paul Ogawa
Oregon Releases Updated Combined Payroll Tax Report

The Oregon Department of Revenue recently released an updated version of the 2019 Combined Payroll Tax Report, Publication 150-211-155. This publication provides information to Oregon businesses relating to payroll tax payment and reporting, and includes certain forms and instructions related to registering a business with the Department for tax purposes. There are a number of […]

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Posted 1 month ago by Gerry Nelligan
North Carolina Issues Automatic Waiver for Tax Year 2019 Electronic Filing Requirements

North Carolina provided notice that it will grant a general, automatic waiver for the electronic filing requirement of annual forms NC-3, W-2, and 1099 with the Department of Revenue.  Note that the waiver does not affect the deadline to file; annual tax information filings must be completed by January 31, 2020. In addition, the notice […]

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Posted 1 month ago by Paul Ogawa
IRS Publishes General Rules and Specifications for Substitute Forms

The IRS recently released Publication 1179 for Tax Year 2019. This publication contains the general rules and specifications for substitute information return forms, including Forms 1099 and 5498. There were several updates made to the publication for the upcoming tax year 2019, which include the addition of Forms 1098-F, 1099-LS, and 1099-SB to the numerous […]

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Posted 1 month ago by Paul Ogawa
Iowa Proposes Changes to W-2 and 1099 Filing

The Iowa Department of Revenue has issued proposed amendments to existing regulations aimed at providing solutions to difficulties encountered when filing information returns in prior tax years. Specifically addressing the filing of forms W-2 and 1099, the proposed amendments aim to change the filing requirements for these forms. These proposed changes include: Amending the existing […]

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Posted 1 month ago by Paul Ogawa
New Mexico Publishes Effective Interest Rates for Late Payment of Tax Due

The New Mexico Department of Taxation and Revenue recently released Bulletin B-400.4, publishing the effective interest rates for late payment of tax due. This bulletin is released on a periodic basis during the course of the year to announce interest rates applicable for specific time frames. The interest rate for the period between July 1, […]

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Posted 1 month ago by Tom Hospod
Pennsylvania Releases Publication Revisions

Pennsylvania has revised REV-415, Employer Withholding Information Guide. The only update is to the mailing addresses for sending paper information returns to the DOR. Paper 1099-Rs or 1099-MISC showing PA tax withheld must be accompanied by the (REV-1667) Annual Withholding Reconciliation Statement. Forms should be mailed to:   PA Department of Revenue Bureau of Business […]

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Posted 1 month ago by Tom Hospod
California Governor Enacts Health Insurance Individual Mandate

The Governor of California has signed a bill that will institute a health insurance individual mandate – requiring California residents to maintain minimum essential coverage (MEC), as was construed under Affordable Care Act, for themselves and their dependents.  Failure to do so will result in the imposition of a penalty, to be determined by the California Health […]

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Posted 2 months ago by Paul Ogawa
Oregon Passes Paid Family Leave Law

Oregon recently passed a sweeping paid family leave law which would give paid time off to those responsible for the care of sick family members or themselves. House Bill 2005 was signed into law on July 1, 2019, and would provide paid leave benefits to new parents, victims of domestic violence, and those charged with […]

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Posted 2 months ago by Tom Hospod
Treasury Finalizes Regulations that Allow for TIN Masking on W-2s Beginning in Tax Year 2020

The IRS has finalized regulations, pursuant to Internal Revenue Code §§ 6051 and 6052, that allow for TIN masking on W-2s beginning in tax year 2020 (for forms to be filed in 2021). The Tax Cuts and Jobs Act, passed in 2017, allowed for the IRS to implement this regulation for purposes of identity theft protection […]

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Posted 2 months ago by Paul Ogawa
Virginia Changes Interest Rates for the Third Quarter of 2019

The Virginia Department of Taxation is making a change to state interest rates relating to the overpayment and underpayments of tax for the third quarter of 2019. Virginia Code §58.1-15 provides for a rate that is 2% higher than the federal rate: since federal rates for the third quarter of 2019 are at 5%, Virginia […]

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