PayrollTax News LISTSERV
May 2010
Edition
Important
Information:
I. Withholding on
Deferred Compensation/Annuities:
Administrative Rule 150-316.189 states
withholding on distributions from a commercial annuity, individual retirement
plans and other deferred compensation plan is mandatory in the state of
Withholding is done just
as if these payments were wages using the withholding tax formula and tables
furnished by the Department and using the exemptions as claimed on
the IRS form
W4P. State
withholding requirements are similar to federal. However, withholding is not required for
a roll-over from one qualifying plan to another and
Reporting:
Employers making periodic
distributions for pensions and annuities need to obtain a different Business
Identification Number (BIN) from the BIN for their payroll
account by submitting the Registration form, “Registration Report: Withholding on IRA’s
Annuities and Compensation Plans” located on our website at http://www.oregon.gov/DOR/BUS/forms-payroll.shtml
. The same reporting forms and
coupons are used as you would for your payroll tax reporting.
(
If
submitting withholding on any periodic payment using your Payroll BIN prior to obtaining your new number, you
MUST add in the amount of this withholding to your payroll withholding for that
particular quarter. For example, if you are reporting payroll withholding of $1750.00 for the 1st
quarter of 2010, but you also sent in a withholding payment of $57.50 for a deferred compensation distribution, your total withholding for the
quarter is $1807.50 instead of $1750.00. You also will need to include this amount on the form
WR (Oregon Withholding Annual Reconciliation Report) for that
account.
For a more detailed
discussion on how Oregon applies withholding rules to this special situation, please go to our website at http://www.oregon.gov/DOR/adminrules.shtml and review Oregon
Administrative Rule 150 316.189, or see
the “Combined Payroll Tax Booklet”
for 2010, page 18.
II. Educational
Opportunities:
A. Webinars:
May
20th: Navigating the
Learn to find important
information on both sites with less “clicks” saving valuable time and reducing
frustration. This webinar is free…Register TODAY by going to https://cc.readytalk.com/cc/schedule/display.do?udc=y7y8tiux7qht
1099 MISC. Filing
Requirements for State and Local Governments:
See link: http://www.tax.gov/sbv_1099webinar/index.htm
Learn who is required to
file, what entities received the 1099MISC, what types of payment are subject to
1099MISC reporting and other useful information
B.
Events:
Thurs. May
13th: 21st
Time:
Network and make contacts
with over 120 businesses, state and government agencies helping minority, women
and emerging small business. This show is free. Go to www.oame.org for
complete information
Saturday May
15th,
Locations:
Thurs June
3rd,
Class: “Are You Really an
Independent Contractor”
Times:
Location:
Learn what it really means to be an Independent contractor in
Contact the
Weds,
June 16th ,
Location:
Please contact Gerri
Raisanen at the SBDC by calling
503-491-7658 or emailing Gerri at Gerri.Raisanen@mhcc.edu for further information.
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