The Kentucky Department of Revenue recently released updated Electronic Specifications for the Submission of W-2 and 1099 Reports. These specifications are used by taxpayers to transmit W-2 and 1099 information to the Kentucky DOR in a certain format.
While the changes to the W-2 Specifications were minor, the 1099 & W-2G specifications experienced several updates from the previous version that do impact reporting. Most notably, the Amount Codes for Form 1099-OID were updated: Code 5 (Bond Premium) and Code C (Tax-Exempt OID) were added for 2017, and Code 6 allows for positive and negative amounts to be reported.
About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa