Regulatory Analysis

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Posted May 29, 2020 by Paul Ogawa
IRS Extends Due Date for Form 5498 Series to August 31

Through Notice 2020-35, the IRS further extended the due date for Form 5498 series records including Form 5498 (IRA Contribution Information), 5498-ESA (Coverdell ESA Contribution Information) and 5498-SA (HAS, Archer MSA, or Medicare Advantage MSA Information). The due date for filing these forms with the IRS and furnishing these forms to recipients has been extended to […]

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Posted May 21, 2020 by Robert Beck
SSA Releases 2020 W-2C Specifications

The SSA recently released its 2020 W-2C Specifications. There were no changes to the specifications though there were updates to the total amounts applicable to Social Security Wage Base, Social Security Withheld, and the Maximum Social Security Wage base for 2020. To view the full specifications release, click here.

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Posted May 21, 2020 by Robert Beck
SSA Releases 2020 W-2 Specifications

The SSA recently released its 2020 W-2 Specifications. There were no changes to the specifications though there were updates to the total amounts applicable to Social Security Wage Base, Social Security Withheld, and the Maximum Social Security Wage base for 2020. To view the full specifications release, click here.

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Posted May 14, 2020 by Robert Beck
Maryland Changes Reporting Obligations for Third-Party Settlement Organizations

The Maryland legislature recently passed the Budget Reconciliation and Financing Act of 2020 (SB 192) which in part significantly changes the information return reporting obligations of third-party settlement organizations (TPSOs). SB 192 requires TPSOs who must issue Form 1099-K to report payments made to their payees if the amount of the reportable payment meets or […]

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Posted May 1, 2020 by Paul Ogawa
Maryland Issues Extensions for Withholding Taxes, Provides Teleworking Guidance Update

The Maryland Comptroller’s Office recently issued a number of extensions for tax payments and reporting due to the COVID-19 pandemic, including employer withholding tax. For payments and tax returns due between February 2020 and May 2020, these reports and payments will now be due on July 15, 2020. Separate reports must be filed for each […]

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Posted April 22, 2020 by Paul Ogawa
Iowa Announces Small Business Relief Program for COVID-19

Iowa Governor Kim Reynolds announced an Iowa Small Business Relief Program to assist the state’s small businesses impacted by the COVID-19 pandemic. This program offers small businesses relief grants and tax deferral of sales and/or withholding taxes due along with waiver of penalty and interest for retail sales and/or withholding taxes due on or after […]

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Posted April 22, 2020 by Paul Ogawa
California Issues Extensions for Tax Payments and Reporting due to COVID-19

In light of the COVID-19 pandemic the California Franchise Tax Board (“FTB”) has issued extensions for reporting and payment of certain tax types, which include withholding tax. For non-resident/non-wage withholding payments and reporting for the first two pay periods, the new due date for reporting and payment is now July 15, 2020. The third pay […]

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Posted April 22, 2020 by Paul Ogawa
New Mexico Issues Withholding Tax Extensions Due to COVID-19

New Mexico Taxation & Revenue recently published a bulletin describing withholding tax relief due to the COVID-19 pandemic. For withholding taxes due to be reported and paid between March 25, 2020 and July 25, 2020, taxpayers may report or pay without penalty no later than July 25, 2020. This includes those withholding payments and reports […]

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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 26, 2020 by Paul Ogawa
New Jersey Passes Extension for Health Coverage Filings

The New Jersey Department of Treasury recently issued updated guidance for health coverage filings, extending the due date for coverage providers to file their 1095 health coverage forms for tax year 2019 with the Department of Taxation. Health coverage providers will now have until May 15, 2020 to provide the necessary 1095 forms to the Department of […]

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Posted March 26, 2020 by Paul Ogawa
Iowa Extends Income Tax Withholding Deposit Due Date

The Iowa Department of Revenue announced that the due date for certain withholding payment deposits will be extended in light of the evolving situation surrounding the COVID-19 pandemic. Specifically, Iowa residents or other taxpayers doing business in Iowa assigned to the semi-monthly deposit cycle will see an extension: for the period ending on March 15, […]

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Posted March 26, 2020 by Paul Ogawa
IRS Releases Updated Publication 1281

The IRS recently published an updated version of Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). This publication provides guidance and procedures for issuing and receiving Notice CP2100 and CP2100A, backup withholding relating to incorrect names/TINs, and sample forms for soliciting TINs from information return recipients. There is only one change to the publication, […]

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Posted March 26, 2020 by Paul Ogawa
Virginia Changes Reporting Obligations for Third-Party Settlement Organizations

The Virginia legislature recently passed legislation which makes significant changes to the reporting obligations of gig economy participants and specifically third-party settlement organizations. SB 211 makes changes to tax information reporting for gig economy participants, specifically third-party settlement organizations (TPSOs) who must issue Form 1099-K to report payments made to their payees. Under the new […]

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Posted March 25, 2020 by Paul Ogawa
New Jersey Passes Extension for Health Coverage Filings

The New Jersey Department of Treasury recently issued updated guidance for health coverage filings, extending the due date for coverage providers to file their 1095 health coverage forms for tax year 2019 with the Department of Taxation. Health coverage providers will now have until May 15, 2020 to provide the necessary 1095 forms to the Department of […]

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Posted March 23, 2020 by Daniel Kostrzewa
Saskatchewan aims to collect provincial sales tax from out-of-province e-commerce platforms

As part of its 2020-2021 Budget Estimates, released on March 18, Saskatchewan revealed that it intends to pass the Provincial Sales Tax Amendment Act, 2020. This bill will enact initiatives to ensure out-of-province e-commerce platforms collect and remit Saskatchewan’s provincial sales tax (PST). Sovos is closely tracking Saskatchewan’s plans as they become available. To view Saskatchewan’s budget […]

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Posted February 10, 2020 by Jesse Rooney
Puerto Rico Extends 2019 Informative Due Dates

Puerto Rico’s revenue department, la Hacienda, has announced that its SURI system for electronic payment and filing of taxes will undergo a system upgrade from February 20 to February 24.  The system will be unavailable at that time.  As a consideration for this upgrade, la Hacienda is extending the due dates for 2019 informatives due […]

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