Regulatory Analysis


 
Posted November 16, 2021 by Robert Beck
Wisconsin Releases 2021 W-2 and 1099 Specifications

Wisconsin recently released the 2021 version of its Publication 172, the Annual W-2, 1099-R, 1099-MISC, 1099-NEC, and W-2G Electronic Reporting. Few changes were made to the document itself and no changes were made to the actual specifications portion of the publication. The most notable changes are detailed below: • Updated revision from 11/20 to 10/21 […]

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Posted November 16, 2021 by Robert Beck
Hawaii Releases 2021 Bulk Filing System Reporting Agents and Transmitters Handbook

Hawaii recently released its 2021 revision of Publication EF-9, the State of Hawaii Bulk Filing System Reporting Agents and Transmitters Handbook. Some very notable changes have been made this year, the most important of which center around submission of bulk withholding payments and W-2/.W-2C submissions. The most notable changes are detailed below: • Section 9, […]

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Posted November 16, 2021 by Robert Beck
Hawaii Releases 2021 W-2 and W-2C Specifications

Hawaii recently released its 2021 Publication EF-10, W-2 and W-2C specifications. This year, no substantive changes were made to the specifications, and only a few minor updates were made to the document. These changes are detailed below: • Revision date updated to October 2021 • W-2 due date updated from February 28 to January 31 […]

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Posted November 16, 2021 by Jesse Rooney
IRS Releases Publication 1187. Electronic Specifications for Reporting Form 1042-S

The IRS recently released Publication 1187 which outlines Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. These specifications are used to file 1042-S reports electronically through the IRS FIRE system. The most notable changes are as follows: The due date for forms reporting late distributions made in 2022 […]

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Posted November 16, 2021 by Robert Beck
IRS Releases 2021 Forms 1094-B and 1095-B

The IRS recently released it’s 2021 Forms 1094-B and 1095-B, the Transmittal of Health Coverage Information Returns and the Health Coverage Form required by the Affordable Care Act. There were no major changes to either form this year, excepting the form year was changed on both forms and a couple of minor grammatical changes were […]

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Posted November 16, 2021 by Robert Beck
IRS Releases 2021 Forms 1094-C and 1095-C

The IRS recently released its 2021 Forms 1094-C and 1095-C, the Transmittal of Employer-Provided Health Insurance Officer and Coverage Information Returns and the Employer-Provided Health Insurance Offer and Coverage respectively. The only notable changes to the 1094-C were the update of the year to 2021. There were several grammatical updates to the 1095-C along with […]

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Posted November 16, 2021 by Robert Beck
IRS Releases October Update to 2021 Publication 1220

The IRS recently released a new update to Publication 1220, the specifications for 1099 series forms and other related forms. The primary updates were in response to several errors that had been noted in the September release. A detailed list of changes found in the most recent version follows: • Form 1099-H: Health Coverage Tax […]

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Posted November 16, 2021 by Paul Ogawa
IRS Publishes New Draft W-4P and W-4R Forms, Pushes Effective Date to 2023

The IRS recently released updated draft versions of the new versions of Forms W-4R and W-4P. Originally released in March 2021, this third draft release for the W-4R and fourth draft release for the W-4P remain largely the same as their respective predecessors. The only substantial difference is a revised worksheet for computing withholding based […]

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Posted November 16, 2021 by Robert Beck
Indiana Releases W-2 and WH-3 Specifications for Tax Year 2021

Indiana recently released its W-2 and Electronic Filing Requirements document for the 2021 tax year. This publication includes all W-2 and specifications. Few changes were made to the document this year, the most notable of which is the removal of all references to the RV record, which Indiana no longer uses. Additionally, supporting documents may […]

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Posted November 16, 2021 by Robert Beck
Florida Requiring Independent Contractor Reporting Beginning October 2021

As of October 1, 2021, Florida now requires Independent Contractor Reporting (ICR) by businesses. Signed into law earlier this year, Florida Statute 409.2576 now requires that employers report new hire information for independent contractors to the Florida Child Support Program. The statute requires that such reports be made within 20 days of hire for new […]

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Posted November 16, 2021 by Robert Beck
IRS Releases Update to Publication 1220 for Tax Year 2021

The IRS recently released its 2021 Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G. This year, the IRS has made several small but notable changes that could impact taxpayers. The most notable of these changes are detailed in the bullets below. • The application for new and […]

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Posted October 25, 2021 by Erik Wallin
Massachusetts Filing Extensions Set to Expire

Earlier this year, sales and use tax (including meals tax) payments and returns due from March 20, 2020 through June 1, 2021 were extended to October 30, 2021. The extension applied to qualifying businesses with cumulative liability under $150,000 in the 12-month period ending February 29, 2020. The state is asking vendors to take steps […]

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Posted September 24, 2021 by Paul Ogawa
Wisconsin Publishes Updated Guide to Wage Statements and Information Returns

The Wisconsin Department of Revenue recently published an updated version of Publication 117, Guide to Wisconsin Wage Statements and Information Returns. This publication provides guidance and instructions for filing W-2 and 1099 returns with the Department of Revenue. There were a few updates to the publication, which are as follows: The applicable years in the […]

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Posted September 24, 2021 by Paul Ogawa
Indiana Publishes Updated Electronic Filing Specifications for 1099 and W-2G Reports

The Indiana Department of Revenue recently published an updated version of their W-2G and 1099 Filing Requirements. This publication provides instructions and electronic filing specifications for information return reporting, specifically 1099 and W-2G records. There are two significant changes to the most recent version of this publication, which are as follows: The “B” records have […]

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Posted September 24, 2021 by Robert Beck
South Carolina Announces Interest Rate Remains Unchanged for Q4 2021

South Carolina recently released Information Letter #21-23, which gives the interest rates for over and underpayment of tax for the state. For Q4 of 2021, the interest rate remains unchanged at 3% for both over and underpayment of tax. The rate has been set at 3% since July 1 of 2020. To view the interest […]

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Posted September 24, 2021 by Robert Beck
New Mexico Interest Rate Unchanged For Fourth Quarter of 2021

New Mexico recently released an update to its 400.04 Bulletin which contains the Effective Interest Rates for Late Payment of Tax Due. The interest rate will remain at 3% for the 4th Quarter of 2021. The rate has been at 3% since July 1, 2020. To view the complete bulletin, click here.  

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Posted September 20, 2021 by Paul Ogawa
Hawaii Publishes Updated Employer’s Tax Guide

The Hawaii Department of Taxation recently published an updated version of Booklet A, Employer’s Tax Guide. This publication provides guidance, filing instructions, and filing requirements for withholding tax reporting and payment obligations in Hawaii. There were several updates to the publication that will bear an effect on taxpayers with reporting and payment obligations in Hawaii, […]

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Posted September 20, 2021 by Paul Ogawa
Hawaii Publishes Updated Instructions for Forms HW-14 and HW-30

The Hawaii Department of Taxation recently published an updated version of the instructions for submitting Forms HW-14 (Withholding Tax Return) and HW-30 (Employer’s Annual Transmittal of Income Tax Withheld from Wages). These instructions provide relevant information and guidance for withholding tax generally, and these forms specifically. These instructions were updated with new information regarding filing […]

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