Things to know for 2012

No more Federal Deposit Coupons

  As of January 1, 2011 federal tax deposits must be made through EFTPS (Electronic Federal Tax Payment System), the paper coupons can no longer be used.  All payroll tax deposits must be made using this intenet-based system which debits your business bank account.

To enroll in EFTPS go to www.eftps.gov

Oregon Payroll Tax payments

  Oregon's rule is, "if you are required to pay your federal tax liabiltiy

electronically, your must also pay your Oregon combined payroll taxes

electronically".

If you haven't already, you should also enroll in OTPS (Oregon Tax Payment System) at www.oregon.gov/DOR/BUS.  Search for Form 150-206-029, Combined Payroll Tax and Assessment ACH Debit EFT Program Guide.

Health Insurance Reporting

  The Patient Protection and Affordable Care Act requires employers

to report the cost of coverage under an employer-sponsored group

health plan on employees' Form W-2.

  For 2011:  reporting is optional for all employers

  For 2012:  reporting is optional for small employers (those who filed

                    fewer than 250 Forms W-2 for 2011

IRS TIN Matching Program

  New IRS TIN matching program; it's free and it lets you verity TIN's online.  See IRS Publication 2108A, On-line Taxpayer Identification Number Matching Program.  Type "2108A" in the search box at www.irs.gov. 

2012 Mileage Rates

  Starting January 1, 2012 the standard mileage rates will be

$.555 per mile for business

$.23   per mile for medical or moving

$.14   per mile for charitable deduction

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