Regulatory Analysis
Effective June 1, 2025, Republic Act No. 12023 amends the Philippine Tax Code so that nonresident digital service providers (DSP) will be liable for 12% VAT on digital services consumed in the Philippines. The law defines digital services broadly and may include any service that is supplied over the internet or other electronic network including […]
In Maryland, the purchase price of precious metal bullion or coins were exempt from sales tax if the taxable amount exceeded $1,000. On May 20, 2025, House Bill 352 was signed into law. The legislation provides, effective July 1, 2025, that for the exemption to apply, precious metals bullion or coins must also be purchased […]
The Ohio Department of Taxation recently announced the 2025 dates for Ohio’s All-Inclusive Sales Tax Holiday. The holiday period for the 2025 season will occur August 1-14, 2025. Further information concerning the holiday may be found here.
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, […]
The tax authority established that as of September 1st, 2025, sales made to end consumers for amounts greater than CLP$5,186,253.15 must be identified in the electronic receipt issued to the purchaser of such goods and services. For such purposes, the name and surname, RUT, form of payment, in addition to clearly informing the goods and […]
On May 13, 2025, Arizona Governor Katie Hobbs signed Senate Bill 1274, known as the “Tax Corrections Act of 2025,” into law. One of the key provisions of this legislation is a significant change to the Arizona income tax withholding rate for gambling winnings. Previously, Arizona required income tax withholding on gambling winnings at 20% […]
The Puerto Rico Internal Revenue Code provides for a periodic sales tax holiday for certain hurricane preparedness items. Historically, the holiday occurs during the last Friday, Saturday and Sunday in May. However, for 2025 those dates were initially revised via Circular Letter No. 25-09 issued on April 29. For the second time, Puerto Rico is revising the […]
Arkansas has reduced its W-2 electronic filing threshold from 125 to 75 employees, effective for tax year 2025 returns filed in 2026. Under Senate Bill 503, signed by Governor Sanders on April 14, employers with 75 or more employees will be required to file W-2 forms electronically. Additionally, beginning with tax year 2026, there will […]
Indiana recently enacted HB 1001, increasing the rate of the Electronic Cigarette Tax from 15% to 30%, effective July 1, 2025. The tax is imposed on the retail sale of certain consumable material and vapor products.
Virginia recently enacted budget bill HB 1600. The legislation includes an extension of the Virginia sales tax exemption for certain bullion and legal tender coins to July 1, 2026.
Indiana recently enacted HB 1601, the legislation exempts the sale of qualified data center equipment, quantum computing research tools, advanced computing devices, and defense infrastructure equipment from sales tax which meet certain qualifying criteria. More information concerning the legislation may be found here.
North Dakota recently enacted HB 1139, which provides a sales tax exemption for gross receipts from sales made to fire departments. The legislation is effective beginning July 1, 2025.
At the close of 2024, New Jersey unveiled a plan to modernize its electronic tax systems through a multi-phased implementation of the new NJ Tax Portal. The NJ Tax Portal will serve as a comprehensive, stand-alone application encompassing all tax types once fully rolled out. The state recently provided key details and deadlines for Phase […]
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 […]
Arkansas recently passed HB 1685 which removes the state sales tax on food and food ingredients effective January 1, 2026. Local level sales tax will continue to apply in Arkansas. More information on this upcoming change can be found here.
The Washington legislature is considering major changes to its sales tax laws. Senate Bill 5814, which passed the Senate on April 19th, is currently under consideration in the House of Representatives. The bill would expand the scope of services and software that are subject to sales tax. If passed, both sales tax and B&O tax […]
Beginning on July 1, 2025, Utah will modify its economic nexus laws by removing the transaction threshold for remote sellers and marketplace facilitators. Currently, remote sellers and marketplace facilitators are required to collect and remit Utah sales tax if they have more than $100,000 in gross revenue from sales into Utah or made 200 or […]
Beginning on July 1, 2025, Utah will modify its economic nexus laws by removing the transaction threshold for remote sellers and marketplace facilitators. Currently, remote sellers and marketplace facilitators are required to collect and remit Utah sales tax if they have more than $100,000 in gross revenue from sales into Utah or made 200 or […]