Revenue Newsfeed for January 2019

Revenue Newsfeed for January 2019

Welcome to “Revenue Newsfeed,” the Wisconsin
Department of Revenue’s regular highlight of tax information for Wisconsin businesses. Here is a rundown of changes that may affect
your business. For detailed information on tax law changes,
search “Tax Bulletin 2018” on our website. This is the second year of lower thresholds
for electronically filing W-2s or 1099s. Electronically filing wage statements is required
if you file 10 or more of each type. The previous threshold was 50 or more. These forms are due to the Department of Revenue
by January thirty first. You could be fined if you do not file electronically. There is a new credit for Wisconsin employers
who contribute to an employee’s Wisconsin college savings account, like Edvest or Tomorrow’s
Scholar. This is an employee fringe benefit and employers
may deduct the expense. Use Schedule ES to claim the credit. The Federal Tax Cuts and Jobs Act of 2017
may affect how you file your 2018 tax return. Search “Jobs Act Comparison” on the IRS website
for more information about how the federal changes may affect you. Many provisions were adopted by the Wisconsin
legislature but some were not. Provisions not adopted include: Limitation on business losses
Business interest expense Meals and entertainment expense limitation
And a 20 percent deduction for domestic qualified business income To learn more about how the Tax Cuts and Jobs
Act affects Wisconsin businesses, search “Jobs Act” on our website. The Federal mileage rate for 2019 is up three
and a half cents per mile to 58 cents per mile. A significant sales tax law change may affect
out-of-state businesses. You may have a new requirement to collect
Wisconsin sales tax. Search “Wayfair” on our website for more information. We now offer a way to create sales tax exemption
certificates online. You can create your own customized certificate
as a PDF, which can be transmitted electronically to your vendor. A new exemption search feature allows you
to easily identify the exemption you are claiming. Search “Exemption Certificate” on our website
to access the form. It is important to be up to date with changes
to My Tax Account. For more information on this free tax management
system, register for our webinars at To avoid delays when filing W-2s and 1099s,
it is extremely important that you: First, make sure your legal name matches the name
you registered with the Department of Revenue, which is listed on your Business Tax Registration
Certificate. Second, enter the 15-digit Wisconsin withholding
number accurately, with no dashes. And finally, use the nine-digit federal employer
identification number associated with your legal name and Wisconsin withholding number. Failure to file correctly by the due date
could delay your employee’s or independent contractor’s tax refund. Search “Publication 117” on our website for
more information on wage statement filing. We have a new wage statement submission feature
that will simplify electronic filing for some businesses. If you are not filing Form WT-7 you may use
this feature to submit information returns electronically. If you are filing form WT-7, this feature
will allow you to add statements and correct errors after you have filed the form. This also gives businesses filing a small
number of wage statements a free option to submit electronically, without having to create
a withholding account. If you are required to file Form WT-6, make
sure the final WT-6 is submitted before filing your Form WT-7 End of Year Reconciliation. Your Form WT-7 may not be filed electronically
if the WT-6 has not been submitted. It does not have to be paid at this time – just
submitted. My Case Manager has been added to your My
Tax Account. This tool allows better communication in the
event your company is audited. Look for the My Case Manager link in your
“I Want To” menu. My Tax Account now requires you to have an
accurate business classification number called a NAICS code. Any business that has not already done so
in the last year must update its NAICS code through My Tax Account. You may be required to update your profile
email address. This email must be unique for each My Tax
Account user account. We’ve provided information on our website
about disaster relief efforts and disaster tax assistance. Search “disaster relief” on our website for
more information. At the Wisconsin Department of Revenue, we
strive to provide information you need concerning our state’s tax laws. Send us your input and questions by business
topic through our Contact Us page. To receive additional tax updates by email,
go to the Businesses section of our website.

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