On May 20, 2025, Governor Ferguson signed SSB 5314, comprehensive legislation modifying the state’s capital gains tax under RCW 82.87.020. The bill addresses various aspects of the state’s relatively new capital gains tax. Among its provisions, Section 15 establishes new 1099-B reporting requirements for brokers and barter exchanges, effective January 1, 2026. This marks a […]
Connecticut has temporarily suspended its mandatory withholding requirement for lump sum retirement distributions from July 1, 2025, through December 31, 2026. Under HB 7287, which passed on June 23, withholding on lump sum distributions will be voluntary during this period, consistent with other retirement distributions. The legislation maintains Connecticut’s existing definition of lump sum distributions […]
Georgia recently revised its 2025 Employer’s Withholding Tax Guide, introducing several significant changes to withholding obligations. Key updates include a reduced income tax withholding rate and an extended appeal period. Employers should also review the guide for revised due dates and mailing addresses. Beginning July 1, 2025, employers and the Georgia Lottery Commission must withhold at […]
On 8 July, the Council of the European Union adopted the final legal acts paving the way for Bulgaria to join the euro area on 1 January 2026. This decision follows Bulgaria’s successful fulfilment of all economic and legal convergence criteria set out in the Maastricht Treaty. With this decision, Bulgaria is set to become […]
On 19 June 2025, amendments to certain tax legislation were published in the Hungarian National Gazette. These amendments, passed by the Hungarian Parliament a week earlier, extend the application of the so-called windfall taxes, including the Extra Profit Tax or Supplemental Insurance Premium Tax (EPTIPT), for an additional year. Originally introduced as a temporary measure […]
On June 16, 2025, Illinois enacted Public Act 104-0006, introducing a series of tax amnesty programs designed to help taxpayers resolve outstanding liabilities while avoiding penalties and interest. A general tax amnesty program will take place from October 1, 2025, through November 15, 2025. This initiative allows taxpayers to settle outstanding tax liabilities for periods […]
Alabama has established new income tax exemptions for qualifying nonresident workers under House Bill 379, signed by Governor Ivey on May 13. Under the new Section 40-18-2.2, nonresidents working 30 or fewer days in Alabama annually may qualify for exemption if they work in multiple states and their home state provides similar reciprocal tax treatment. […]
Alabama’s 2025 legislative session ended without extending the overtime exemption from income tax. The overtime exemption expires on June 30, 2025. Overtime compensation paid on or after July 1, 2025 will be subject to Alabama income tax. The Alabama Department of Revenue released a Notice on June 4, 2025, detailing the expiration’s impact on employers. […]
On March 25, 2025, Governor Spencer Cox signed Utah House Bill 60 (HB 60) into law, significantly expanding the state’s 1099-K reporting requirements. HB 60 adds sections 59-1-1801 and 59-1-1802 to the Utah Code, mandating that payment settlement entities file Form 1099-K with the Utah State Tax Commission when two criteria are met: (1) the […]
The IRS recently updated Instructions for Form 1099-R/5498 for tax year 2025. Form 1099-R is used to report distributions of $10 or more from retirement plans, IRAs, annuities, pensions, insurance contracts, disability payments, and charitable gift annuities. Form 5498 is used to report information about Individual Retirement Arrangements (IRAs) maintained for a person, including contributions, […]
New York recently released the new and improved version of NYS-45 (Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return). The updated form must be used for all quarterly starting on or after March 1, 2025. The updated form reflects significant changes to New York’s withholding requirements that were implemented in March 2025. Under the […]
The Kentucky Department of Revenue recently updated its withholding resources to reflect several notable changes for 2025. Most significantly, a new online system has been introduced: the MyTaxes portal. This portal will replace the outdated WRAPS system. Furthermore, MyTaxes portal now accepts electronic submissions of both original and corrected Forms W-2G and 1099 whereas previously […]
The IRS recently released an updated version of Form 1099-MISC, which is used to report a multitude of payment types including rents, royalties, attorney payments, and other income payment types. Beginning with tax year 2025, the excess golden parachute payments will no longer be reported in Box 14 of Form 1099-MISC, but instead in Box […]
On April 10, 2025, President Donald Trump signed House Joint Resolution 25 (H.J. Res. 25) into law, officially nullifying an IRS rule that sought to impose stringent tax reporting requirements on decentralized finance (DeFi) platforms. DeFi platforms are platforms and services that facilitate digital asset transactions without taking custody of assets. The IRS DeFi regulations, “Gross […]
The IRS recently released an updated version of Form 1099-Q (Payments from Qualified Education Programs). This form is used to report distributions from qualified tuition programs (QTPs) under section 529 and Coverdell education savings accounts (CESAs) under section 530. Most notably, a new checkbox has been added to Box 4 and labeled 4b for reporting […]
Today the Spanish Government approved a Royal Decree and made official the new date from which taxpayers, that are not using SII, will be required to issue all their invoices (paper or electronic) using a compliant billing system (also known as SIF/Verifactu). The new date, as expected, is 1 January 2026 The previous date for […]
The Greek authorities have published Decision 1045/2025, implementing regulations under the Greek Tax Procedure Code regarding pre-filled income tax returns. Particularly, the decision regulates the completion and submission of the Statement of Financial Data from Business Activity (Form E3) and the determination of taxable business results based on taxpayer data transmitted to the myDATA platform. […]
On March 11, 2025, the United States House of Representatives passed H.J.Res. 25, which provides for congressional disapproval of the DeFi crypto regulations published on December 30, 2024 (89 Fed. Reg. 106928). On March 4, 2025, the United States Senate passed an identical bill, S.J.Res 3, disapproving of the regulations. Titled “Gross Proceeds Reporting by […]