Regulatory Analysis


 
Posted April 4, 2022 by Jesse Rooney
IRS Releases Continual Use Form 1099-K

The IRS has revised Form 1099-K.  The form has been changed to be a continual use form, minimizing changes for subsequent years. There is a substantial change to filing direction.  For tax year 2022, third-party network transactions reporting a sum of at least $600 must be reported to the IRS, regardless of number of transactions.  […]

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Posted April 4, 2022 by Robert Beck
IRS Releases 2022 Forms 5498 and 5498-ESA

The IRS has released its 2022 Form 5498, which is used for reporting IRA contributions and Form 5498-ESA which is used for reporting Coverdell ESA contributions. Few changes were made to either form for this year other than the form year and dates across the form being updated for the 2022 tax year. Notably, the […]

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Posted April 1, 2022 by Robert Beck
IRS Converts Form 1099-S To Continuous Use Format For Tax Year 2022 And Forward

The IRS has released a continuous use format version of Form 1099-S for use beginning in Tax Year 2022. The 1099-S is used for repotting the proceeds from real estate transactions to the IRS. The only notable changes to the form were those made to change the format to continuous use, including removing the form […]

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Posted April 1, 2022 by Jesse Rooney
IRS Revises Form 1099-DIV, Converts to Continual Use

The IRS has revised Form 1099-DIV. The revised form has been moved to continual use, a change intended to reduce the necessity for annual revisions. There are no changes to the filing directions for the form. The revised form removed reference to specific years as a means to enable continual use.  It also changes the […]

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Posted April 1, 2022 by Robert Beck
IRS Releases 2022 Form 1099-PATR

The IRS has released its 2022 Form 1099-PATR which is used for reporting taxable distributions received from cooperatives. Few changes have been made this year to the form. Most notably, the form has been updated with dates for the 2022 tax year, the Free File notice has been changed to the Free File Program, and […]

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Posted April 1, 2022 by Robert Beck
IRS Extends Continuous Use Format For 1099-LS, 1099-Q, 1099-SA, and 1099-BTC

The IRS has chosen to extend the continuous use format for several forms including Form 1099-LS, 1099-Q, 1099-SA, and 1097-BTC. These forms were converted to a continuous usage format in 2019 and have remained unchanged since. The forms are respectively used for the reporting of reportable life insurance sales, payments made from qualified education programs […]

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Posted April 1, 2022 by Robert Beck
IRS Releases Continuous Use Format Form 1099-NEC For Tax Year 2022 And Forward

The IRS has released a Continuous Use Format version of Form 1099-NEC to be used beginning in Tax Year 2022 and forward. This form is used for reporting nonemployment compensation paid to payees.  Few changes were made other than those necessary to convert the form to continuous use format. Some minor wording changes were made […]

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Posted March 28, 2022 by Robert Beck
IRS Releases Continuous Use Format Form 1099-MISC

The IRS has released a continuous use format version of Form 1099-MISC for use beginning in Tax Year 2022. This form is used for reporting various non-employment income including fishing boat proceeds, medical and health payments, substitute payments in lieu of dividends or interest, crop insurance proceeds, gross proceeds paid to an attorney, fish purchased […]

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Posted March 28, 2022 by Jesse Rooney
IRS Releases 2022 941

The IRS has released its 2022 Form 941.  Form 941 is the employer’s quarterly federal tax return.  There are a number of changes to the form. Most notably, the 2022 form now requires the reporting of qualified medical and family leave paid in 2022 for the period of time from April to October, 2021, setting […]

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Posted March 28, 2022 by Jesse Rooney
IRS Releases Revised Form 1099-C

The IRS has released a revised Form 1099-C and instructions.  The revision is to a continual use form, designed to minimize future revisions by removing year-specific text on the form. There are no changes to the form nor the instructions that affect filing directions. The revised form removes the reference to specific years in the […]

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Posted March 28, 2022 by Jesse Rooney
IRS Releases Revised 1099-A

The Internal Revenue Service has released a revision to Form 1099-A. The form in question reports acquisition or abandonment of secured property. The revised form moves to a continual use format designed to minimize future modifications to the form. There are no changes to the filing requirements for the form. The revised Form 1099-A has […]

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Posted March 23, 2022 by Freda Pepper
Wisconsin Unclaimed Property VDA Program

Entering into a Voluntary Disclosure Agreement (VDA) allows holders to come forward with past due properties in order to come into compliance with a state’s unclaimed property law, but with a waiver of interest or, in some states, incurring a reduced interest assessment. Many states offer ongoing VDA programs for unclaimed property compliance. However, in […]

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Posted March 22, 2022 by Jesse Rooney
IRS Releases 2022 1099-B

The IRS has released its 2022 version of Form 1099-B.  The form in question reports proceeds from broker and barter exchange transactions. Of note, the 1099-B has not been converted to a continual use form; the form remains specific to the year. The revised 2022 form makes changes to various year references. The instructions included […]

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Posted March 18, 2022 by Paul Ogawa
Minnesota Releases Further Updates to Fact Sheet 19

Minnesota recently released additional updates to the Income Tax Fact Sheet 19, Municipal Bond Payment Reporting Information. This fact sheet explains the law and responsibilities for payers and transmitters required to report interest dividend and interest payment information to Minnesota using a modified version of federal Form 1099-B. These are further revisions to the sheet […]

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Posted March 16, 2022 by Jesse Rooney
IRS Releases Continual Use Form 1099-G

The IRS has revised its Form 1099-G and instructions.  The form reports certain government payments made to recipients, most notably unemployment compensation. The revised form moves from a per-year form to a continual use form designed to have little or no modifications for subsequent years. There are no fundamental changes to the form nor its […]

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Posted March 8, 2022 by Robert Beck
New York Releases Updates to Withholding Tables, IT-2104, IT-2104-E, and NYS-50

New York recently updated several of its publications and documents including NYS-50-T-NYS, the New York State Withholding Tax Tables and Methods, Form IT-2104, the Employee’s Withholding Allowance Certificate, IT-2104-E, the Certificate of Exemption from Withholding, and NYS-50, the Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax. None of the documents was significantly updated, […]

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Posted March 8, 2022 by Paul Ogawa
Mississippi Released Publication 89 145 for Tax Year 2021

Mississippi released Publication 89 145 Procedures and Specifications for Filing Wage and Tax Information Electronically. Along with formatting and grammar updates, the Mississippi state specific filing instructions for 1099-NEC have been removed. The Department of Revenue will follow IRS specifications for the current year and prior two years with certain specifications. To review the full […]

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Posted March 8, 2022 by Paul Ogawa
Virginia Recently Updated Forms VA-5 Monthly and Quarterly, V-6, V-6H, VA-15, and VA-16

Virginia recently updated a number of forms. Form VA-5 Monthly & Quarterly is the Employers Return of Virginia Income Tax Withheld for Monthly and Seasonal Filers. Form V-6 Employers Annual or Final Summary of Virginia Income Tax Withheld Return and Form V-6H Household Employers Annual Summary of Virginia Income Tax Withheld Instructions. Form VA-15 is […]

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