Ohio updates magnetic media reporting guidance

he Ohio Department of Taxation (DOT) has updated its magnetic media reporting guidance to remind taxpayers that the DOT follows the EFW2 layout required by the Social Security Administration for forms W-2 and the specifications outlined in IRS Publication 1220 for form 1099-R. Therefore, employers that issue 250 or more W-2 forms and issuers of 250 or more 1099-R forms are required to use magnetic media to send this information to the DOT. Employers that issue fewer than 250 W-2 forms and issuers of fewer than 250 1099-R forms are encouraged to take advantage of the available magnetic media options.

The Ohio DOT reminds taxpayers that it accepts this data on the following media types: CD-ROM (the department no longer accepts 3½ inch diskettes, nor 3490 or 3590 tape cartridges). Additionally, a fully completed Ohio IT 3 must accompany all magnetic media, and must be filed no later than the last day of February unless that day falls on a weekend, then the due date is extended to the next business day. Taxpayers are required to maintain tax records, including W-2 and/or 1099-R information, for at least four years from the due date of Ohio IT 3.

If the information is not submitted to the department on magnetic media, the Ohio DOT may request W-2 or 1099-R information periodically when conducting compliance programs. Finally, taxpayers are reminded to be sure to file their Ohio IT 3 by Monday, February 29, 2016. (Magnetic Media Reporting, Ohio Department. Tax, November 23, 2015.)

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