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VTax Connect Newsletter

December 2017

In this Issue

 

Important Announcements 

Tax Season

2018 Withholding placeholder

Withholding Forms 

Health Care Fund Contribution Assessment

Correct 1099-MISC Reporting

New 1099-K Reporting Law

Fraud Prevention

ACH Credit Bank Transition

Nonprofit Guidance

New Fact Sheets

Sales and Use Guidance for Photographers

Sales and Use Guidance for Linen Services

Where's My Vermont Income Tax Refund?

New Infographic

Where's My Vermont Income Tax Refund?

 Be on Guard! Identity Theft & Tax Refund Fraud Threatens Vermonters

Landlord Certificate Reminder

What's New in myVTax

See us on Social Media

Share This Newsletter with Your Colleagues

Contact Us

 

 

Important AnnouncementsImportantAnnouncements

 

 

 

IRS waiting to set date for tax season 

The Internal Revenue Service has not officially announced an opening date for the 2018 tax season. as soon as the IRS announces the date, we will post it on our website.

 

2018 Withholding Tables

Like everyone else, the Vermont Department of Taxes is waiting to see what will happen with federal tax reform. This will delay withholding tables for 2018 until late January. In the meantime, employers should continue to use 2017 withholding tables. 

 

Employers must file WHT-434 by Jan. 31

Employers must file Form WT-434, Annual Withholding Reconciliation (January through December 2017) by the last day of January 2018. This form serves as the transmittal of Forms W-2 and 1099 to the Department of Taxes and reconciles the amount of Vermont income tax withholding. Employers who delay filing Form WHT-434 may hold up their employees' personal income tax refunds.

 

e-Filing WHT-343 through myVTax is fast and efficient--- and mandatory for employers submitting 25 or more W-2s and 1099s. See our Guide to Submitting W-2s, 1099s, and WHT-434.

 

Pay Health Care Fund Contribution Assessment (HCFCA) to the Vermont Department of Taxes

Beginning Jan. 2, 2018, employers must pay their HCFCA to the Vermont Department of Taxes. The Vermont Department of Labor is no longer administering the HCFCA. Employers must file and pay HCFCA quarterly on the WHT-436, Quarterly Withholding Reconciliation. Learn more here.

 

Correct reporting for Form 1099-MISC

Contractors working for other businesses should receive a Form 1099-MISC to report business income for their work. If you are a contractor filing a business income tax return that will include information from the 1099-MISC, be sure to provide the employer with your correct business identification number, not a Social Security Number.

 

New law lowers threshold for 1099-K information reporting

The Vermont Department of Taxes reminds third party settlement organizations that Act 73 of 2017 changed Vermont's 1099-K information reporting law under 32 V.S.A. § 5862d. These changes took effect retroactively on Jan. 1, 2017, and apply starting in tax year 2017.

 

The new law requires third party settlement organizations to report payments that equal or exceed $600 per person. This reporting threshold replaces the previous threshold of $20,000 and 200 or more transactions per person, which was based on federal law. Learn more here.

 

Watch for identity thieves during tax season

Identity thieves and scam artists are clever and work full-time to steal your money. Learn how to protect yourself. Follow us on Facebook and Twitter for timely fraud alerts.

 

  


 

TransitionBank

Transition from TDBank to People's United Bank

 

 

Attention, Taxpayers Using ACH Credit

 

The Vermont Department of Taxes is moving its accounts to People's United Bank, N.A. in January 2018. If you pay your taxes through ACH Credit, you must notify your financial institution of the new account and routing numbers for People's Bank before your next tax payment is due.  Visit our website on Jan. 2 for more information.

 

 

 

NonprofitGuidance

New Nonprofit Guidance

 

 

Guidance for nonprofits and businesses that work with them

 

There is a lot of misinformation and misunderstanding about which Vermont taxes apply to federally designated tax-exempt nonprofit organizations. If you are a nonprofit or a business that works with nonprofits, you should know which taxes-- and exemptions-- apply. See our guidance.

 

 

 

FactSheets

Fact sheets and infographics

 

 

See these documents online

 

The Department of Taxes has issued new or updated the following fact sheets:

Also see new or updated infographics: 

More fact sheets and infographics

 

 

Landlords

Landlords

 

 

Complete your Landlord Certificate online. It's easy!

 

Landlords, complete Form LC-142, Landlord Certificate online through myVTax. Be sure to provide your tenant(s) with a copy of the certificate so the tenant can file the Renter Rebate Claim.

 

 

 

myVTax

What's New in myVTax? 

 

 

New tax forms in myVTax

The following tax forms can now be completed in myVTax, our secure, online tax filing system.

  • Cigarette & Tobacco Tax
  • Estate Tax Extension
  • Health Care Fund Contribution Assessment
  • Land Use Change Tax
  • Malt & Vinous Beverage Tax
  • Railroad Company Tax
  • Solar Capacity Tax
  • Solid Waste Tax
  • Surplus Lines Tax
  • Telephone Gross Receipts Tax
  • Telephone Property Tax
  • Wind Electric Generation Facility Tax 

See our website for a complete list of myVTax features.

 

 

SocialMedia

We use Social Media 

 

 

Follow our posts and tweets for the latest Vermont tax information!

 

The Vermont Department of Taxes has Facebook and Twitter accounts and uses them to distribute timely information, such as tax due dates and fraud alerts. Follow us on Facebook and Twitter.

 

 

ContactUs

When You Have a Question 

 

 

Tax professionals with questions can reach the Department of Taxes at the 802-828-6815, or by emailing tax.preparer@vermont.gov. This special phone number for professional preparers is answered Monday-Friday 7:45AM-4:30PM.

 

 

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