NEW IRS FILING DEADLINES FOR 2017

   new-irs-deadlinesW-2/1099 forms and Partnership/Limited Liability Company  have NEW FILING DUE DATES

Beginning in 2017, the IRS has changed the deadlines for government filings.

W-2 & 1099 forms are DUE  January 31.

This means that you will not only be required to provide W-2 forms to your employees by January 31st, PLUS you MUST also file W-2 forms and their W-3 transmittal with the Social Security Administration on that same January 31 deadline. If you file electronically, the due date is also January 31, 2017.

You also must issue your 1099-Misc forms to your contractors, and file 1099-Misc forms and form 1096 transmittal, to the IRS, by January 31 as well.

AFTER JANUARY 31st  PENALTY FEES:  Waiting until February 28th to file the government copies is No Longer An Option. The IRS can assess a penalty of $30 per W-2/ 1099  for filing within 30 days of the January 31 due date.  If you file between 30 days of the due date and August 1, the fine increases to $60 per form, with a maximum fine of $500, or $200 if you operate a small business.

As a result of this shortened deadline period between year-end and the filing date, it is EXTREMELY IMPORTANT that you implement practices to insure you are obtaining all the necessary information, and tracking all the appropriate expenditures.

January – November Accounting Must Be Up To Date by early DECEMBER allowing only for December Accounting to be completed in January 2017.

Make certain that all of your W-2 employee and 1099-Misc contractors have completed and signed form W-4 / W-9 respectively with their current identification and filing information. Verify your employees filing status, and confirm their mailing addresses prior to the end of the year.

 


 

 **NEW FILING DATES FOR 2016 TAX RETURNS** 

(2017 filing season) and beyond.

March 15 (Extensions Until Sept. 15)

  • Form 1065, U.S. Return of Partnership Income (Limited Liability Company)
  • Form 1120S, U.S. Income Tax Return for an S Corporation.

Note: This is the due date for the tax return and also for the Schedules K-1 that the entity must provide to its owners.

April 15 (Extensions Until Oct. 15, Unless Noted Below)

  • Form 1040, U.S. Individual Income Tax Return;
  • Form 1041, U.S. Income Tax Return for Estates and Trusts (extensions until Sept. 30);
  • Form 1120, U.S. Corporation Income Tax Return
  • FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)

 

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