Information Reporting Alerts for 2013 & 2014

We’ve done our annual round up of the filings the IRS & Oregon want from you in addition to your annual income tax return and put them in one handy place.

In particular, we’d like to draw your attention to three points covered in this publication:

  • Oregon has instituted e-filing requirements for 1099-MISCs and other information returns phasing in for 2013, and mandatory for all filers in 2014. Oregon has not previously required 1099-MISC reporting, so this is a big change!
  • On November 26, the IRS finally issued regulations on how to calculate the additional 0.9% Medicare surtax on earned income over $200,000/$250,000 for single/married filers that took effect January 1, 2013. If this applies to you or your employees, you may need to take action before year end.
  • Are you working in the cloud with people or service-providers outside the US? You may need to get a W-9 or W-8 from them to verify their US tax status, and you might be required to withhold US tax from payments you make to them.

As always, please let us know how we can help you understand and meet these compliance requirements!

 

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