Regulatory Analysis

Posted February 29, 2024 by Jesse Rooney
IRS Waives Electronic Filing Requirement for Form 1042

Under the recently published Notice 2024-26, “Administrative Exemption from Requirement to Electronically File Form 1042”, the IRS has effectively waived the electronic filing requirement via administrative exemption for Form 1042 for calendar year 2024, and for withholding agents that are foreign persons continuing into calendar year 2025.   Notice 2024-26 cites a number of reasons for […]

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Posted February 29, 2024 by Jesse Rooney
IRS Releases 2024 1099-R and 5498 Instructions

The IRS has released its 2024 instructions for form 1099-R and 5498.  The revised instructions incorporate a variety of changes, including the following. The age for required minimum distributions (RMDs) has raised to 73 for tax year 2024 and the automatic rollover amount has increased from $5,000 to $7,000..  Thie is incorporated in the instructions. Direction […]

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Posted February 20, 2024 by Jesse Rooney
IRS Releases 2024 1099-R Form

The IRS has released its 1099-R form for tax year 2024. Form 1099-R reports payments from pensions and annuities. For 2024, the revised form now notes that parties filing ten or more tax-information records must do so electronically; removes recipient instruction to include for Copy B with their own tax returns; makes reference to form […]

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Posted February 19, 2024 by Robert Beck
IRS Updates Continuous Use Form 1099-DIV for Tax Year 2024

The IRS recently updated its continuous use Form 1099-DIV. The 1099-DIV is the IRS’s form for reporting dividends and distributions as income. This year the IRS has updated the form following the same pattern of updates that most of the continuous use format forms have followed. A notice regarding the 10-or-more-form electronic filing requirement has […]

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Posted January 30, 2024 by Robert Beck
IRS Releases Updated Instructions For Forms 1099-INT and 1099-OID

The IRS recently released an update to its continuous use instructions for forms 1099-INT and 1099-OID. This instruction booklet covers the instructions for filers of both forms respectively. This instruction booklet is designed in the continuous use format that the IRS has instituted over the past few years. This year the instructions for both forms […]

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Posted January 29, 2024 by Kellianne Munichiello
New York Updates NYS-50

New York recently updated the NYS-50 (Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax). Most notably, the Department of Labor is rolling out a new unemployment insurance system in 2024. The new system will include new self-service features that will enhance the taxpayer experience. To review this publication in its entirety, click here.

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Posted January 29, 2024 by Kellianne Munichiello
Minnesota Publishes 2024 W-4MN and W-4MNP

Minnesota recently published its 2024 W-4MN (Minnesota Withholding Allowance/Exemption Certificate) and W-4MNP (Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments). Tax year and dollar amounts have been updated throughout both forms. On the W-4MNP, numerous notes have been added to remind payers not to change the withholding arrangement on distributions unless instructed […]

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Posted January 29, 2024 by Robert Beck
IRS Releases Update to Form 1099-OID

The IRS recently released an update to Continuous Use Form 1099-OID. This form is used for reporting Original Issue Discount to the IRS. Aside from the revision date of January 2024, changes to the form itself are minimal. The Attention page at the beginning of the online document has been updated with the 10-form threshold […]

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Posted January 29, 2024 by Robert Beck
IRS Releases Update to Form 1099-INT

The IRS recently released an update to Continuous Use Form 1099-INT. This form is used for reporting Interest Income to the IRS. Similar to other continuous use forms that have been updated recently, the 1099-INT has few changes to the form itself. The Attention page at the beginning of the document has been updated with […]

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Posted January 29, 2024 by Robert Beck
IRS Releases 2024 Form 1042-S

The IRS recently released its 2024 Form 1042-S which is used for reporting Foreign Persons’ U.S. Source Income Subject to Withholding. For the 2024 form update, aside from the form and revision year update to 2024, the only notable change is that Copy E, the Withholding Agent copy has been removed from the online form. […]

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Posted January 29, 2024 by Kellianne Munichiello
Arkansas Begins Accepting 1099 Through TAP

In January 2024, the Arkansas Taxpayer Access Point (TAP) portal began accepting 1099 bulk filing in IRS Publication 1220 format. Previously, Arkansas required 1099 filing by CD or the CFS program. As of today, Arkansas 1099 guidance does not reflect the availability of TAP bulk filing and says filers must use CD or CFS, but an Arkansas agent confirmed 1099 […]

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Posted January 29, 2024 by Kellianne Munichiello
New York Releases 2024 IT-2104 and IT-2104-E

New York recently released the 2024 IT-2104 (Employee’s Withholding Allowance Certificate) and IT-2104-E (Certificate of Exemption from Withholding). A QR code has been added to the bottom of the IT-2104. There is also now a clarification on the IT-2104 that residents of New York City includes residents of the Bronx, Brooklyn, Manhattan, Queens, and Staten […]

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Posted January 11, 2024 by Robert Beck
IRS Releases 2024 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments

The IRS recently released its tax year 2024 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. Aside from being updated for the 2024 calendar year, several references to the new W-4P estimator tool have been added throughout the form regarding when to use it and how. Additionally, the form is updated with the […]

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Posted January 11, 2024 by Jesse Rooney
Vermont Releases 2023 W-2 and 1099 Specifications

Vermont recently released it’s Electronic Filing Specifications for EFW-2 and 1099 filing with the state. Except for some editorial changes, there were no changes to either set of specifications. Vermont follows the IRS Publication 1220 format for 1099 filing and generally follows the SSA’s EFW-2 specifications for filing of W-2s. To view the W-2 specifications, […]

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Posted January 11, 2024 by Jesse Rooney
Idaho Releases W-2 and 1099 E-Filing Direction

Idaho has released its electronic W-2 and 1099 filing specifications. There are no changes to the electronic specifications themselves. There are some filing direction changes.  Firstly, Idaho has adopted the federal e-filing threshold: if a party is reporting 10 or more information returns, it must file those returns (W-2s and 1099s) electronically.  Second, Idaho now […]

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Posted January 11, 2024 by Jesse Rooney
Arkansas Releases 2023 W-2 and 1099 Electronic Reporting Specifications

Arkansas has released its electronic filing specifications for W-2 and 1099 forms submitted to the state for tax year 2023. There are no changes to the electronic specifications themselves. There are some important changes to filing direction.  First, Arkansas has lowered it electronic filing threshold for form W-2 from 250 to 125, meaning those filing […]

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Posted December 14, 2023 by Robert Beck
IRS Releases Late-Season Update for Form 1099-MISC

The IRS recently released an update to Form 1099-MISC and its corresponding instructions. The most notable change is the decrease of the threshold for electronic filing from 250 or more forms to 10 or more forms. This change is pursuant to TD 9972, published February 23, 2023, and is in effect for information returns filed […]

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Posted December 14, 2023 by Jesse Rooney
Virginia Releases W-2 and 1099 Electronic Filing Specifications

Virginia has released its annual revision of the document “Web Upload Guide for W-2s, W-2Cs, and 1099s.”  As the title implies, the document provides directions and specifications for remitting the documents via the state’s web upload system. The revised document has numerous editorial and stylistic but no material changes to the direction provided nor the […]

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