Regulatory Analysis
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 […]
The IRS updated the 2025 Instructions for Form 1099-DA to include a new section, “De minimis rules for certain sales.” The new section provides information on de minimis reporting rules for PDAP (Processor of digital asset payment) sales and optional reporting methods. These rules are not new; the previous version of the instructions omitted them. […]
The New Mexico Taxation and Revenue Department has released new Form TRD-41431 (Workers’ Compensation Fee Return and Employees’ Quarterly Wage and Withholding Report). Effective for reporting periods beginning January 1, 2026, all taxpayers who withhold New Mexico tax from wages, pensions, and annuities are required to file Form TRD-41431. Previously, only employers with more than […]
The Canada Revenue Agency (CRA) has released the 2025 edition of Guide T4061(E), NR4 – Non-Resident Tax Withholding, Remitting, and Reporting. The primary change for tax year 2025 is the launch of the Non-Resident Withholding Tax online portal services. In October 2025, the CRA expanded its secure portal services to include online access to non-resident […]
The New Mexico Taxation and Revenue Department has released FYI-330, updating guidance on income and withholding information returns and filing methods. Beginning January 1, 2026, all employers must submit annual income and withholding statements (Forms W-2, W-2G, and 1099-R) electronically, regardless of employee count. Filers should note that the Department no longer requires notification that a […]
The IRS has updated Form 8809, used to request filing extensions for information returns including Forms W-2, 1099, 1042-S, and 1095. The most notable update is the addition of the Information Return Intake System (IRIS) as a filing option for automatic 30-day extensions. IRIS will fully replace the FIRE system in January 2027. The IRS […]
The IRS has released Publication 4163 (Rev. 12-2025) for Modernized e-File (MeF) business returns processed in 2026. This publication outlines electronic filing requirements and guidance for returns filed through the IRS Modernized e-File (MeF) platform. There were several key changes in this recent update to the publication, which include the following: Puerto Rico form discontinuation: […]
The Hawaii Department of Taxation has released the 2026 edition of Booklet A, Employer’s Tax Guide, with income tax withholding rates, methods, and tax tables effective as of December 5, 2025 for withholding on wages paid January 1, 2026 and thereafter. Effective January 1, 2026, Hawaii will adopt the 10 or more electronic filing threshold […]