January 6, 2017
Happy New Year! Now we need to get to work filing certain IRS information returns. There are many IRS forms and this year, many of the 1099’s and W-2’s that are filed will be due by January 31, 2017. Here is a snippet from the IRS website:
“New filing date. Public Law 114-113, Division Q, section 201, requires Form 1099-MISC to be filed on or before January 31, 2017, when you are reporting nonemployee compensation payments in box 7. Otherwise, file by February 28, 2017, if you file on paper, or March 31, 2017, if you file electronically. The due dates for furnishing payee statements remain the same.”
The bottom line is that starting with the 2017 tax filing season, the deadline for submitting government copies of W-2’s, 1099-R forms, and 1099-MISC forms will be January 31st. You will no longer have the option to wait until February 28th to file these form sets with the government. In other words, not only will you be required to provide employees with their W-2 forms and your contractors with their 1099 forms by January 31st, but you will need to file your Federal Copy A (Forms W-2, 1099-R, and/or 1099-MISC as appropriate) with the Social Security Administration (SSA) or the IRS by January 31st as well.
Keep in mind that with the new filing requirements come a new and improved penalty structure. These penalties are designed to severely punish the taxpayer for not timely filing the forms to the individual or to the IRS/ Social Security Administration. The link below will show the potential for penalties if the returns are not timely filed. It is important, perhaps more so now than ever, to get your accounting records in good order immediately after the year end. You can learn more here: IRS Penalty Increase
With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams.
Taxpayers should watch for new versions of two tax-related scams. One involves Social Security numbers related to tax issues. The other threatens taxpayers with a tax bill from a fictional government agency. Here are some details about these scams to...
As the month “Marches” on, and we at LBF are in full tax season mode, we want to remind those of you whose returns we have finished to please get us your 8879 electronic filing form ASAP so we can file your return (which we will not do without this form), and assure your filing is timely. Also, remember that even if you owe taxes (we hope you don’t), the IRS will not be...
Many people receive tax refunds from the IRS and wonder how long it will take to receive your refund. You wait by the mailbox or look at your bank account hoping that your refund is there. We will fill you in on the tax refund schedule and how long it takes for the IRS to issue refunds.
When Are Taxes Due?
The deadline to submit your 2018 tax return and pay...