Regulatory Analysis

Posted December 24, 2024 by Oliver Mavor-Parker
Louisiana Sales and Use Tax Reform for January

Louisiana has passed HB8 and HB10. Key changes in HB8 are an expansion of the types of digital products subject to sales and use tax, and elimination of the 1% rate reduction for certain prepaid wireless products. HB10 most notably increases the state sales and use tax rate to 5.0%, as mentioned in our prior […]

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Posted December 18, 2024 by Daniel Kostrzewa
Illinois Will Require Out-of-State Retailers to Collect Retailers Occupation Tax

Beginning January 1, 2025, Illinois will require retailers with a physical presence in Illinois to collect destination-based retailers’ occupation tax on sales from out-of-state locations to Illinois customers. Previously, these retailers were obligated to collect only Illinois use tax on these sales. More information can be found here.

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Posted December 18, 2024 by Daniel Kostrzewa
Illinois Imposes its Sales Tax on the Rental of Tangible Personal Property

Pursuant to P.A. 103-592, beginning January 1, 2025, rentals or leases of tangible personal property are subject to Illinois’ Sales and Use Tax laws. This change does not apply to motor vehicles, watercraft, or aircraft that are required to be titled or registered with an agency of the State of Illinois. More information can be […]

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Posted December 18, 2024 by Daniel Kostrzewa
Oregon Mattress Stewardship Assessment

Beginning January 1, 2025, mattress retailers must collect a $22.50 stewardship assessment on each mattress or box spring sold to customers in Oregon. The stewardship assessment will be used to fund a statewide mattress recycling program. More information on the assessment can be found here. Activity

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Posted December 18, 2024 by Kelly Muniz
Poland: MoF Postpones JPK_ST_KR (SAF-T) Submission

The Polish Minister of Finance (MoF) has officially postponed the obligation to submit the JPK_ST_KR (known as the Polish Standard Audit File – SAF-T). This exemption applies to the tax year starting after 31 December 2024 and ending before 1 January 2026. The JPK_ST_KR is a file containing data from the register of fixed and […]

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Posted December 17, 2024 by Ryan Brady
Connecticut Increases Mattress Recycling Fee

Effective January 1, 2025, the mattress recycling fee collected on the sale of all mattresses and foundations sold to Connecticut residents will increase to $16.00 per unit sold. Additional information can be found here.

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Posted December 16, 2024 by Bradley Feimer
CO Releases Local Sales & Use Tax Changes Effective January 1, 2025

The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2025. Such changes include rate increases for specific state and self administered locals. Elimination of of the state exemption for certain medium and heavy-duty vehicles, engines, or motors. As well as, certain locals adjusting to state or self administration for […]

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Posted December 16, 2024 by Bradley Feimer
Monument, Colorado Approves Ordinance for Self-Admin of Sales Tax Collection

Effective January 1, 2025, Monument, Colorado has approved Ordinance No. 22-2024,providing for self-administered collection for sales and use tax, as well as adopting certain exemptions. Previously, the home-rule local tax collection was administered by the state with limited optional exemptions adopted. Further information may be found here.

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Posted December 16, 2024 by Kellianne Munichiello
Canada Releases 2024 NR4 Publication (Non-Resident Tax Withholding, Remitting, and Reporting)

The Canada Revenue Agency (CRA) recently released the 2024 NR4 Publication (T4061 Non-Resident Tax Withholding, Remitting, and Reporting). There are several changes of note. When using income code 75 or 76 for First Home Savings Account (FHSA) payments to a beneficiary, report the deceased holder FHSA contract number in the payer or agent identification number […]

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Posted December 16, 2024 by Kellianne Munichiello
Canada Releases 2024 T5008 Publication (Return of Securities Transactions)

The Canada Revenue Agency (CRA) recently released the 2024 T5008 Publication (T4091: Return of Securities Transactions). There is one notable change for filers who use aggregate reporting. Previously, aggregate reporters filed one T5008 slip per payee per calendar year using code ‘1231’ in Box 14 for transactions involving identical securities. For 2024, filers that use […]

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Posted December 16, 2024 by Kellianne Munichiello
Canada Revenue Agency Releases 2024 T5 (Statement of Investment Income)

Canada Revenue Agency (CRA) recently released the 2024 T5 (Statement of Investment Income). There are several important changes related to the mid-year capital gains inclusion rate increase. For 2024, Box 34 has been added under ‘Other Information’ to report capital gains dividends realized from January 1, 2024 to June 24, 2024 (Period 1). The instructions […]

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Posted December 16, 2024 by Kellianne Munichiello
Canada Releases 2024 T4A Publication (Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary)

Canada Revenue Agency (CRA) recently released its 2024 T4A Publication (RC 4157 Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary). There are several updates of note: ·         The CRA will waive the requirement to file T4A for payers who are individuals and who contract the payee in a […]

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Posted December 16, 2024 by Kellianne Munichiello
Rhode Island Rereleases 2024 Withholding Filing Requirements

Rhode Island has released a second version of its 2024 Withholding Filing Requirements guide. Rhode Island houses its W-2 and 1099 electronic specifications in the guide. There are several changes of note: ·         The W-2 electronic specifications have been updated. Rhode Island will now require the RW Employee Wage Record. ·         Electronic 1099 and W-2 […]

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Posted December 11, 2024 by Bradley Feimer
Colorado State-Administered Local Rate Changes Effective January 1, 2025

The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2025. The following state-administered local jurisdictions will be changing their tax rates: Canon City Holly Superior San Miguel Authority for Regional Transportation Southwest Plaza MDT Ute Pass Regional HSD Further information may be found here.

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Posted December 11, 2024 by Bradley Feimer
Colorado Self-Administered Local Rate Changes Effective January 1, 2025

The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2025. The following self-administered locals will be changing their tax rates: Castle Rock Denver Glenwood Springs Further information may be found here.

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Posted December 11, 2024 by Bradley Feimer
Aspen, Colorado Change to State-Administered for Sales Tax

The city of Aspen, Colorado changes from self-administered to state-administered for sales tax effective January 1, 2025. the city will continue to self-administer use tax. Further information may be found here.

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Posted December 11, 2024 by Bradley Feimer
Lafayette, Colorado Exempts Bullion from Sales Tax Effective January 1, 2025

Lafayette, Colorado approved Ordinance No. 22, Series 2024 which amends the Lafayette Municipal code to exempt sales of bullion beginning January 1, 2025. Further information concerning the ordinance may be found in the City Council Agenda for December 3, 2024 here.

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Posted December 11, 2024 by Bradley Feimer
Vail, Colorado Exempts Essential Hygiene Products

Effective January 1, 2025, by approval of Ordinance No. 22, Series 2024, essential hygiene products such as feminine hygiene and incontinence products will be exempt from sales and use tax in the city of Vail, Colorado. Further information concerning the ordinance may be found here.

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