Regulatory Analysis
Chile’s tax authority has delayed the implementation of new requirements for dispatch guides and invoices used in the transfer of goods. On April 10, the Servicio de Impuestos Internos (SII) published Exempt Resolution No. 52, officially postponing the effective date of these additional requirements. Originally expected to take effect earlier, the new compliance deadline is […]
Indiana Senate Bill 243 (SB 0243), signed into law on March 5, 2026, amends several sections of the Indiana Code concerning taxation. Key provisions include new penny rounding rules, new adjusted gross income deductions, and increased gambling withholding thresholds. The bill introduces a penny phaseout rounding framework under two new code provisions. IC 5-36.5, effective […]
The IRS has released its revised Publication 1099 (General Instructions for Certain Information Returns). This publication provides comprehensive guidance for filing Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G with the IRS and furnishing statements to recipients. Most notably, the IRS has retired the Filing Information Returns Electronically (FIRE) system. Beginning tax year […]
ProductCare, the recycling organization in charge of processing environmental handling fees (EHFs) on household waste products in several Canadian provinces, issued a notice recently that there will be a temporary pause on collecting EHFs in the provinces of Manitoba and Saskatchewan. Members are required to continue reporting, but as a $0 fee. See notice here. […]
The Mexican tax authority has published the technical documentation for the Complement Concept for Hydrocarbons and Petroleum Products, which must accompany the CFDI issued by taxpayers engaged in the sale of gasoline and diesel. The supplement incorporates the permit numbers issued by the energy authority, as well as information on the type of fuel sold. […]
The IRS released Notice 2026-20, allowing eligible taxpayers to use alternative methods of adequate identification under Treas. Reg. § 1.1012-1(j)(3)(ii) for digital asset units held in broker custody through December 31, 2026. This extends the temporary relief first provided in Notice 2025-7 for an additional year. For digital assets held in the custody of a […]
On 24 March 2026, Spain’s Council of Ministers adopted the Royal Decree mandating electronic invoicing for domestic B2B transactions between companies and professionals. The decree develops Article 12 of the Ley Crea y Crece (Law 18/2022) and aligns with the EU’s ViDA initiative. The primary policy objective is combating late payments — Spain’s average payment […]
The Rhode Island Division of Taxation recently released Advisory 2026-05, providing updated guidance on Form 1099 filing requirements for Tax Year 2025. The most significant change is an expanded filing threshold. Beginning with Tax Year 2025, issuers must file Form 1099 with the Division of Taxation whenever income greater than $100 is reported, regardless of […]
Colorado has revised its non-wage withholding regulations, specifically for gambling payments, real estate withholding, and optional non-wage withholding. For gambling withholding, rule 39-22-604-2 has been added. The rule relies on statutory requirements for gambling withholding. The regulations make it clear the gambling withholding rate is 4%, that payors of winnings must register to open a […]
The Internal Revenue Service has released Form 5498-ESA (Rev. December 2026), Coverdell ESA Contribution Information. The revised form converts to a continuous use format and is for use with 2026 information filed in early 2027. The form now includes a Calendar Year field requiring filers to specify the tax year. All references to specific tax […]
The IRS recently released a late-breaking update to Publication 5718, the IRIS A2A Electronic Filing Specifications for Processing Year 2026. This publication provides technical specifications for electronically filing information returns through the Information Returns Intake System (IRIS). The most critical change involves XML Schema Validation Errors. The publication now clarifies that transmissions rejected due to […]
The IRS recently released its 2026 General Instructions for Forms W-2 and W-3, the comprehensive guide for wage and tax statement reporting. This publication is generally updated annually, with this year’s version dated January 29, 2026. The most significant changes stem from Public Law 119-21, enacted July 4, 2025, which introduced three new reporting requirements […]
The Internal Revenue Service has released Form 4547 (Trump Account Election(s)), along with accompanying instructions. This new form enables authorized individuals to establish initial Trump accounts for eligible children and elect pilot program contributions of $1,000 from the U.S. Treasury. Established under the One Big Beautiful Bill Act (OBBBA), Trump accounts are a new type […]
The Internal Revenue Service has released a second version of Publication 5717 (Information Returns Intake System (IRIS) Taxpayer Portal User Guide) for Processing Year 2026. This update applies to information returns filed in 2026. The maximum number of records per CSV file upload has been increased from 100 to 250, which provides filers with greater […]
The Internal Revenue Service has released Instructions for Form 1098 (Rev. December 2026). These instructions apply to tax year 2026 information returns filed in early 2027. The instructions reflect legislative changes from the One Big Beautiful Bill Act (OBBBA), signed July 4, 2025. The notice that the $750,000 acquisition indebtedness limit was “set to expire” […]
Maryland recently released a tax alert detailing how the federal One Big Beautiful Bill Act (PL 119-21), affects tax in the state. On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (PL 119-21) into law. Maryland has automatically decoupled from several business provisions of the Act and clarified that certain individual […]
The IRS has released form W-2 for tax year 2026, which is used for employment-related payments including income, and withholding. A new box has been added to the form. Box 14b is for reporting the “Treasury Tipped Occupation Code,” used to indicate tips and occupation codes qualifying for tax exemption on tips. New box 12 […]
The IRS added a new webpage explaining that 1099-DA will be excluded from the Combined Federal/State Filing Program for Tax Year 2025. The IRS previously announced this in various other communications, like IRIS working group meetings. The IRS explicitly notes: filers are responsible for meeting state 1099-DA reporting obligations outside of the CF/SF program. See […]