Regulatory Analysis
The IRS recently released a draft version of the long and highly anticipated Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The form will be used for reporting proceeds from (and in some cases, basis for) digital asset dispositions to the IRS and recipients. The form treats digital assets such as cryptocurrency, similarly to stocks, […]
On January 1, 2024, Oregon law began requiring reporting of newly hired or reengaged independent contractors. From January to March 2024, the Oregon Child Support Program rolled out a ‘Soft Launch’ of the reporting requirements. In April 2024, the Oregon Child Support Program ended the soft launch and officially began requiring employers and payers who engage or reengage independent contractors […]
The IRS recently updated the Instructions for Form 1098-Q. The updated instructions include a note to use them with the December 2019 revision of the form. There have been several significant updates. First, the dollar limitation on premiums increased to $200,000 and is no longer limited to 25% of the individual’s retirement account balance. The dollar […]
The IRS recently released its 2024 Instructions for Forms 1099-SA and 5498-SA. These instructions cover reporting of distributions from an HSA, Archer MSA, or Medicare Advantage MSA, and HSA, Archer MSA, or Medicare Advantage MSA Information. Both forms and the instructions are part of the IRS Continuous Use set, which means that these forms and […]
The IRS recently released its 2024 Instructions for Form 1099-B, the form for reporting proceeds from broker and barter exchange transactions. The updates to the instructions were primarily editorial in nature, including removing references to the yearly General Instructions for Certain Information Returns and replacing them with references to the “current” year, and replacing some […]
Beginning January 1, 2024, Oregon requires individuals to report the hiring of independent contractors. Although the law is effective January 1, 2024, reporting is not required until Oregon releases additional guidance. Oregon plans to release additional guidance in Spring 2024. Until then, Oregon is conducting a soft launch of the independent contractor reporting requirements. Employers and payers who wish to […]
The IRS recently released its 2024 Form 1099-B. The 1099-B is for the reporting of proceeds from broker and broker exchange transactions to the IRS. Brokers or barter exchanges must file Form 1099-B for a variety of transactions including sale of stocks and commodities, receipt of stock or property from a corporation that the broker […]
The IRS recently published an updated version of Form 15397, Application for Extension of Time to Furnish Recipient Statements. This form replaces the previous process for requesting an extension of time to furnish recipient statements as outlined in the General Instructions for Certain Information Returns, and was recently introduced with little fanfare for tax year […]
The IRS recently released its 2024 update to Form 1098-E, the form used to report student loan interest to the IRS. Year to year, this form changes very little generally. This year, the changes follow much the same pattern that most updates for 2024 have seen. For the copies of the Form itself, the only […]
The IRS recently published Form 15397, Application for Extension of Time to Furnish Recipient Statements. This is the first iteration of the form and is meant to replace the previous procedure for requesting an extension of time to furnish recipient statements. That process is detailed in the General Instructions for Certain Information Returns and involves […]
The IRS recently released an updated version of Form 1099-K, the form used to report payment card and third-party network transactions, and its accompanying instructions. Changes to the form itself were minimal, falling in line with changes made to several other forms in the 1099 series. These include adding a notice about the 10 form […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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 […]