Payrolltax News LISTSERV
Oct 2011
Please share
this information with anyone who may benefit from it.
I.
IMPORTANT REMINDER: Workers Benefit Fund Assessment:
When calculating
the Workers Benefit Fund (WBF) assessment, you must include hours worked
by ALL paid workers each quarter, including hours worked by workers paid
on a basis other than by the hour. This includes salaried or commission employees,
as well as those paid by the piece or by the mile.
To
calculate the number of hours worked by workers paid on a basis other than by
the hour, employers need to determine "reasonable hours" for
each, and include these amounts in the total number of
hours subject to the WBF assessment each quarter. Information on
how to determine reasonable hours can be found on the WBF website at http://www.oregon.gov/DCBS/FABS/docs/assessment.pdf, or by
calling 503 378-2372.
II.
iWire Reminder:
This
is a reminder that all employers will be required to submit W2 Information
electronically effective for calendar year 2011 (due March 31, 2012). The
Department of Revenue will follow the same file specifications for the W2
information as the Social Security Administration.
Effective
for calendar year 2011, businesses with 250 or more of any one type of
information return (1099*) are required to report this information
electronically. This information is also due March 31, 2012 for the following:
forms 1099-MISC, 1099-G, 1099-R and W2G.
For
more information on electronic W2 and 1099 reporting, please go to our website
at http://www.oregon.gov/DOR/BUS/iwire-income-wage-information-return-eservices.shtml
NOTE: Be sure to review all information including the sections on “Trouble
Shooting: and Frequently Asked Questions”
III.
IMPORTANT! Updating address/phone numbers:
New
forms and tax rate information will soon be sent out to the most current
business address on file. It is very important that if you had a change of
address and/or telephone number in the past year that you complete a “Business
Contact Change Form” located on our website at http://www.oregon.gov/DOR/forms/business/business_contact_change_form_150-211-159.pdf
This
new form allows you to update all contact information, including any
information regarding the addition or deletion of an offsite payroll service. This
will be especially important if you use either OTTER (Oregon Tax Employer
Reporting) or SETRON (Secured Employer Tax Reporting Online)
tax reporting systems to submit your quarterly tax reports. Updating your
contact information will ensure that you are kept informed as to when the new system
(the Oregon Payroll Reporting System) goes online.
Failure to update your contact information prevents you from receiving the
proper forms and important tax information sent to you by mail. This includes
next year’s Employment tax rates and any tax updates. It is also
very important to update your account to take off any person or payroll
provider, accountant or CPA who is no longer authorized to be given tax
information or to submit information on your behalf.
IV.
Power of Attorney Forms:
In
response to the recent passage of SB 867 (aka: CPA Mobility Bill), the
Power of Attorney form has been updated to include a line requiring out
of state CPA’s to sign “attesting that they meet the
requirements to practice in Oregon”. It is important to be sure that this
line is signed if the form has been filled out giving the out of state CPA
“authorization to represent” the taxpayer. If the POA
is completed indicating “authorization to disclose”
information only, this line does not need to be signed by the CPA.
NOTE: This
new policy applies only to out of state CPA’s and attorneys. It
does not apply to any other tax professionals including enrolled agents.
V. Outreach /Education:
Upcoming
Educational Event: “LLC’s and S-Corps”
Chemeketa
Community College SBDC
626 High St NE (corner of High and Union)
Salem OR
Date/Time: Weds, Nov 9th 2:00-4:00
Cost: Free
S-Corps and LLC’s can be very confusing. What exactly
is an LLC? What makes the S-Corp different from a standard corporation? Learn
more about these particular entities and the common misconceptions people
have, plus why these structures have become so popular.
“ Taxes Made Easy”
Chemeketa
Community College SBDC
626 High St NE (corner of High and Union)
Salem OR
Date/Time: Weds, Nov 16th 10:00-12:00
Cost: Free
Get a better understanding of payroll and business tax obligations.
What do I need to file if I am a sole proprietor? What happens when I change
entities?
Additional
Information:
If
you wish to hear about specific Tax and topics would like to have a
representative speak to your group or organization, please feel free to contact
us.
***For Payroll and Withholding Tax topics and issues contact: Contact
Cathy Tavares,-LISTSERV owner,(contact information below). For personal Income
tax issues, contact the LISTSERV owner as well for further contact.
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Questions about list content and subscription problems should be directed to
the list owner:
Cathy Tavares
Oregon Dept of Revenue
Cathleen.M.Tavares@state.or.us
503-945-8762