State Chart Question AND 1099-INT Question

Hello virtual friends,
I have two questions. If you know the answer to either, I'd be grateful.

1) State Chart Question - Is there a state chart somewhere on the internet OR in one of the great tax research platforms that will provide a state summary of estimated tax rules AND underpayment penalty rules? With clients hopping here and there, I worry that we will misunderstand safe harbor rules in a certain state and get hit with a penalty. For instance, I recently saw something about CA not allowing a prior year safe harbor method for upper-income folks. What about NY? What the various states say about a first-time filer in their state for purposes of penalty calculations is important and it's a pain to look up each one.

2) 1099-INT Question - client personally loaned money to his son's partnership (his son is a 50% partner). Client is asking if he needs to issue a 1099 to his son's business for the interest collected on the loan. I thought I read that there was an exception when the note is issued by an individual, but I'm not sure.

Thanks to anyone who wants to respond

For #1, CCH AnswerConnect has a State Tax SmartCharts feature (it's a paid add-on) that will give you exactly what you want. I tend to use it as a jumping off point and not rely on it without confirming with form instructions, etc.

#2, the payor of the interest issues a 1099-INT if necessary, not the payee. It comes down to whether or not the interest was paid in the course of trade or business (sole prop or regarded tax entity, it doesn't matter), and whether the $600 threshold was met.

It's $10 for interest for a 1099-INT.

It's $10 for interest for a 1099-INT.

It is if the payor is a bank, financial institution or acting as such.

Otherwise it's $600.

Oh. I didn't know that.
I stand corrected.

Happy 4000th post.

Woo Hoo!

For #1, CCH AnswerConnect has a State Tax SmartCharts feature (it's a paid add-on) that will give you exactly what you want. I tend to use it as a jumping off point and not rely on it without confirming with form instructions, etc.

#2, the payor of the interest issues a 1099-INT if necessary, not the payee. It comes down to whether or not the interest was paid in the course of trade or business (sole prop or regarded tax entity, it doesn't matter), and whether the $600 threshold was met.

Thank you for your responses. That is helpful. My next question is, do you have CCH AnswerConnect account that could generate such a chart? I'd gladly pay for your time to generate it. We only have a Checkpoint subscription and it is seriously lacking in the state information arena.