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Toledo Ohio Form 1099-OID: What You Should Know

See “Form 1099-DIV.”)  See also the Form 1099-OID for a single business that files Form 1099-DIV.  The form will be mailed within 30 days of filing Form 1099-DIV. A copy of the letter/form  from the Ohio Department of Revenue with the IRS will be sent to the business for use by employees. An electronic copy of these forms will be available to the business in paper or electronic format, or both, at the address indicated in the letter/form. The Ohio Department of Taxation will send the information to the IRS or other agencies. See OID-1.02 (1) and OID-1.04 (2) for the list of agencies. The forms are in this file. Note that the “OID-1.02” and “OID-1.04” instructions state “Notify the Ohio Department of Revenue (FOR) of the change to the business's name by using the new business name on IRS Form 2255(B) (Revenue Form). You will not see the Form 2255(B) (Revenue Form) in the Ohio Dept. of Taxation's business records.” However, the Ohio Department of Taxation has records of its own which indicate that the state has made this change to the business's name; the same record the IRS (federal tax authority) uses. The Ohio Department of Taxation apparently still calls its form N.O.×. (Ohio original issue discount) even though it is not being issued; this is how I am identifying it. The state also requires the Ohio Department of Taxation to issue a form N.E.W.O.×. (Ohio employer's original issue or employee issue) even though no such form is being issued; it has not been in use since the start of FY2004. The fact that the Ohio Dept. of Taxation requires an employee's original issue discount or original issue discount for all wages paid to an Ohio-based employee but only requires a separate employee's original issue discount (N.O.×.) for wages paid by an Ohio-based business to an Ohio-based employee is, in my view, a clear conflict of interest.  In this case the Ohio Dept. of Taxation appears to have failed to follow the instructions for both forms — for the most obvious reason they cannot be issued. The Ohio Dept.

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