Cincinnati Ohio Form 945-V 2017-2025

Cincinnati Ohio Form 945-V: What You Should Know

The Payee uses Form 945-X to report the income taxes withheld from non-payroll payments. If necessary, the payee uses Form 945-C, Supplemental Tax Statement, to report the additional tax amounts if the payee is required to prepare and file a supplemental tax assessment. Form 945-X can be used by both the payer and the payee, even if neither is required to prepare and file the Form 945. Form 945—Backup Withholding and Other Nonage Instructions for Form 945—Backup Withholding and Other Nonage When Form 945 becomes due, both the payer and the payee must use Form 945—Backup Withholding and Other Nonage to report the federal income taxes withheld from non-payroll payments. The payer will use Form 945-X, if the payer is required to prepare and file a supplemental tax assessment as described below. Payee's may use either Form 945X, if they are required to prepare and file a supplemental tax assessment, or Form 945 (without Form 945-X), if they do not need to prepare and file a supplemental assessment. The Payee also may use Form 945, if it is required to prepare and file a supplemental tax assessment, or Form 945 (without Form 945-X), if it does not need to prepare and file a supplemental assessment. A payer that is required to prepare and file a supplemental tax assessment that is not filed by March 31 at the latest is considered to have a period (known as the “period of limitations”) to correct the situation, and the payer can deduct these taxes, under Section 6033 of the Internal Revenue Code. The period of limitations will be a different number for the payee and the payer, depending on which payee is required to prepare and file a supplemental tax assessment. If the payee is required to prepare and file a supplemental assessment, the period of limitations is the period that starts when the payee is notified or must prepare and file the assessment. The “period of limitations,” for the Payee, starts on March 31st, regardless of the “period of limitations,” for the payer.

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