Regulatory Analysis

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Posted 4 days ago by Paul Ogawa
West Virginia Releases W-2 and 1099 Electronic Specifications for TY 2019

The West Virginia State Tax Department recently released Publications IT-105 and IT 105.1, Electronic Media Specifications for Forms W-2 and 1099/W-2G, respectively. These specifications are published and provided to taxpayers in order to format and transmit electronic reports for these form types to West Virginia. There are a few updates to each publication, as outlined […]

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Posted 4 days ago by Tom Hospod
Kentucky Publishes 2019 Specifications for Electronic Submission of Annual Wage and Tax Information

Kentucky has published its Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2019. Kentucky follows the IRS EFW2 format; however, there are some state-specific instructions contained herein that should be followed. This publication has not changed from the previous year’s version.

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Posted 4 days ago by Tom Hospod
Kansas Publishes Tax Year 2019 Electronic Specifications

Kansas has released the following publications for tax year 2019/reporting year 2020: Form K-2MT (Kansas W-2 Specifications for Electronic Filing – EFW2 Format) Form K-99CSV (Kansas 1099 Specifications for Electronic Filing – CSV Format) Form K-99MT (Kansas 1099 specifications for Electronic Filing – Pub. 1220 Format) Form KW-2CSV (Kansas W-2 Specifications for Electronic Filing – CSV Format) […]

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Posted 4 days ago by Tom Hospod
Arizona Releases 2019 Optical Media Reporting Publication

Arizona has released its 2019 Publication 701, Optical Media Reporting. This publication contains information about reporting by optical media of Arizona withholding on federal Forms W-2, W-2c, W2-G and 1099-R (or any other Form 1099 equivalent), if reporting Arizona withholding. There are some revisions to this publication of which filers should take note: The publication now […]

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Posted 4 days ago by Paul Ogawa
IRS Releases Final Regulations Regarding Information Reporting of Certain Life Insurance Contract Transactions and Modifications to the Transfer for Valuable Consideration Rules

The IRS is set to officially release final regulations related to information reporting obligations under Section 6050Y related to reportable policy sales of life insurance contracts and payments of reportable death benefits. The rules codified in these new final regulations will affect the filing responsibilities of those affected with regard to Forms 1099-LS and 1099-SB, […]

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Posted 4 days ago by Tom Hospod
Kentucky Publishes 2019 1099 and W-2G Specifications for Electronic Submission

Kentucky has released its 2019 electronic specifications for submitting Forms W-2G, 1099-B, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-MISC, 1099-OID, and 1099-R. There are some changes to this publication and the specifications of which filers should take note: • The Amount Type for Code 5 for Reporting Payments on Form 1099-DIV changed from “REIT Dividends” to “Section 199A […]

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Posted 4 days ago by Tom Hospod
Maine Revises Application for Tax Registration

Maine has issued a revised version of its Application for Tax Registration, used to establish a new tax account for income tax withholding, among other tax types, or for Electronic Funds Transfer. The application is largely the same as the previous version, with some minor changes: • The Maine Revenue Services Central Registration Section is now […]

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Posted 2 weeks ago by Tom Hospod
Kansas Revises Publication 1216

Kansas has published a revision of its Publication 1216, Business Tax Application. It is the same as the original version, published in August 2019, except the Electronic Services email address has been changed to kdor_BusinessTaxEservices@ks.gov.

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Posted 2 weeks ago by Paul Ogawa
Massachusetts Publishes Interest Rates for Q4 2019

The Massachusetts Department of Revenue issued Technical Information Release (TIR) 19-12, publishing the interest rate for overpayments and underpayments of taxes. This page is continually updated, most recently with the fourth quarter rates for 2019. These rates remain unchanged from the third quarter of 2019, at 4% for overpayments and 6% for underpayments. To review […]

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Posted 2 weeks ago by Paul Ogawa
Virginia Publishes Interest Rates for Q4 2019

The Virginia Department of Taxation recently published Tax Bulletin 19-6, which includes state interest rates for the fourth quarter of 2019. Virginia Code §58.1-15 provides that overpayment and underpayment rates will be 2% higher than the corresponding federal rates. For the fourth quarter of 2019, these rates will remain unchanged from the prior quarter: 7% […]

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Posted 1 month ago by Paul Ogawa
Federal E-Filing Thresholds Reduced For Upcoming Calendar Years

As a part of the Taxpayers First Act of 2019, the thresholds for filing information returns electronically will see a reduction in the years approaching and after 2021. Per Section 2301 of the Act, electronic filing will be required for filers submitting 250 or more forms prior to calendar year 2021. That threshold will be […]

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Posted 1 month ago by Tom Hospod
Nebraska Publishes Electronic Reporting Information Guide for W-2 and W-2G

Nebraska has released a guide – Nebraska Computer Reporting Procedure for 1099’s, 21EFW2 – which covers state electronic reporting specifications for Forms W-2 and W-2G. Any filer with more than 50 Nebraska Forms W-2, 1099-MISC, 1099-R, and W-2G must e-file them, using DOR’s NebFile for Business program on DOR’s website, on or before January 31. Nebraska follows […]

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Posted 1 month ago by Jesse Rooney
2020 Draft 1099-MISC and NEC Instructions Released

The IRS has released 2020 draft joint 1099-MISC and NEC instructions.  Changes to instructions are highlighted below: 1099-NEC due January 31, 1099-MISC due March 31 (electronic); Specified changes to the 1099-MISC as noted in the instructions’ preamble: There is a checkbox in box 7 to indicate direct sales of $5,000 or more; Crop insurance proceeds […]

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Posted 1 month ago by Tom Hospod
New Jersey Releases New Business Registration Application Forms and Information

New Jersey has published a 2019 version of its Form NJ-REG, Business Registration Application, as well as the Business Registration Forms and Information publication. NJ-REG is used to apply for a new business, move a previously registered business to a new location, amend an application for an existing business, apply for an additional location of an existing […]

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Posted 1 month ago by Jesse Rooney
Iowa Revises W-2, 1099, and W-2G Filing Requirements

Iowa recently revised its regulations for the annual filing of W-2s, 1099s, and W-2Gs with the Department of Revenue.  Per recently codified Iowa Administrative Code r.701.46.3(3)(g), W-2s, 1099s, and W-2Gs containing Iowa withholding for the prior tax year must be electronically filed with the Department by February 15. For tax year 2018, Iowa required all […]

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Posted 1 month ago by Paul Ogawa
Colorado Publishes Updated Claim for Refund Form

The Colorado Department of Revenue recently published an updated version of Form DR-0137, Claim for Refund. This form is used by taxpayers to request a refund from a variety of tax account types, including Withholding Tax. The most significant change to the form is the addition of comprehensive instructions for use of the form with […]

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Posted 1 month ago by Tom Hospod
Nebraska Publishes Electronic Reporting Information Guide

Nebraska has released a guide – Nebraska Computer Reporting Procedure for 1099’s, 21CM – which covers state electronic reporting specifications for Forms 1099-MISC, 1099-R, and W-2G. Any filer with more than 50 Nebraska Forms 1099-MISC, 1099-R, and W-2G must e-file them using DOR’s NebFile for Business program on DOR’s website on or before January 31. Nebraska follows […]

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Posted 1 month ago by Tom Hospod
Hawaii Announces Electronic Filing Mandate

Hawaii has published an Announcement regarding its electronic filing mandate for withholding tax returns. For taxable periods beginning on or after January 1, 2020, employers whose withholding tax liability exceeds $40,000 annually will be required to file returns electronically. Forms HW-3, HW-14, and HW-26 are all available on Hawaii Tax Online for electronic filing. Filers will be […]

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