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Form 1099-K online Oregon: What You Should Know
For the purposes of this article, these payments include: • Cash payments; • Credit or debit card transactions; • Reimbursement of an affiliate for services (i.e., payment for product distribution, advertising, or other referral services); • Gifts to non-profit organizations (or, more broadly, to nonprofits to provide products and services directly to the public, e.g., food distribution); • Loans; and, • Payments to other related entities under a certain tax arrangement. Form 1099-K is used for payments and other transactions to which these types of transactions are related. Form 1099-K filing and Oregon State requirements vary, depending on the type of transaction for which Form 1099 is filed. Forms 1099 are tax forms filed by a business. A payment is any transfer that is made electronically (i.e., cash). The transaction cannot be a deposit (i.e., an amount which is held in trust but not put directly into a bank account) or a withdrawal (i.e., a sale of goods or services). It is also limited to certain types of cash. The payment must be made directly to the vendor in order to be taxed. In Oregon, Form 1099-K reports payments to: • A nonprofit charitable organization, which must report it on IRS Form 1099-MISC. OR • An affiliate of your business (for-profit/non-profit). For nonprofits, this tax-report is reported on Form 1099-K; for for-profit affiliates, it must be reported on Form 1099-G. Payments to affiliates are reported on Form 945-IT (Individual Payment Record) to determine the amount and type of tax imposed on you. Payments to non-profit organizations are reported on Schedule H (Net Profit and Wages, etc.) in Oregon. Taxpayers must report all payments on a timely manner to avoid penalties and interest for the return due. Payments can be made directly to vendors, vendors to affiliated companies, or affiliates to suppliers. Oregon's business filing requirements don't cover a variety of other forms where such payments may take place (e.g., payments by vendors through affiliates as well as through affiliates of vendors)—if you have a reporting relationship with any of these entities and payments occur, you should carefully review Oregon statute and rules.
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