Now that 2015 is coming to a close it is time to start thinking about 2016 and all that comes with the new year. Below is a summary of housekeeping items to keep in mind for the upcoming year.
Filing Requirements for 2015 forms in 2016
- Form 1099s – Be sure to review your records from 2015 to identify any Form 1099 reporting requirements. Generally business are required to file a Form 1099-MISC if a business pays $600 or more for services from an unincorporated business (S-corps, LLCs, sole proprietors, etc.). Form 1099s are required to send a Form 1099 to the recipient by February 1, 2016 and with the IRS and Oregon by February 29, 2016 for manual filers and March 31st 2016 for electronic filers. Generally Form 1099s are required to be filed electronically with the IRS and the state of Oregon. However, if the business is required to file fewer than 11 Form 1099s then the business is not required to file any Form 1099s with the state of Oregon. Taxpayers will want to be sure to review their Form 1099 filing requirements because if a Form 1099 is not filed for a payment of $600 or more, the IRS and the Oregon Department of Revenue could disallow the deduction associated with the expense. (Just as a note, Isler CPA is an unincorporated business therefore please be sure to send Isler CPA a Form 1099).
- W-2 To Employees – W-2s for 2015 are required to be sent to employees by February 1, 2016 and filed with the Social Security Administration by February 29th 2016 for manual filers and March 31st for electronic filers. If you have a nanny or household employee be sure to review the requirements for having to issue a W-2 to the nanny or household employee. If you paid your household employee more than $1,900 or more in cash wages you will be required to file a Form W-2 and W-3. Be sure to review your records to confirm if you need to file these forms. Federal tax payments go in with your personal return, whereas Oregon does require separate payroll reports be filed.
- W-3 – W-3 are required to be filed with the Social Security Administration and Oregon by February 29thth for papers filers and March 31st for electronic filers.
- Personal Property Tax Reports – Lane County personal property tax reports are due March 1st 2016. Unlike in prior years, for this year there is no extension available for filing your personal property tax returns. Therefore, be sure to file these on time. In addition, during the last year Lane County has made a concerted effort to identify those business which have not filed personal property tax returns in the past but are required to so. Therefore, even if your business has personal property below the $16,000 threshold, you are still required to file the tax reports, even though you won’t owe any taxes. We recommend filing your personal property tax reports, even if you are below the $16,000 threshold in order to avoid letters from Lane County later.
Please see the attachment below for Annual Payroll and Business Rates and Limits Updates – 2016.
If you have any questions regarding any of the information above please don’t hesitate to contact Eric Bell at Isler CPA or at firstname.lastname@example.org.