Your 2016 Income Taxes
01-15-2017, 08:18 PM
#21
Thread Starter
The IRS has passed new regulations this year concerning due dates.
If you are a business with employees, W-2s must be issued and received by the employee by January 31 (this hasn't changed) but if you have to issue form 1099 (independent contractor, interest, legal and etc.) these forms must now be received by January 31st as well. The big brokerage houses are not all on board for this, but for the small business it makes sense to comply with the IRS regulations.
Business due dates have changed as well.
All partnership returns (form 1065) are now due on March 15. They were formally due April 15. Form 1120S (S-Corp) is due March 15 and form 1041 is due March 15. C-Corporations filing form 1120 which in the past was due March 15 is now due April 15. The rule of thumb to follow is that if the entity sends out K-1s to members, shareholders or beneficiaries, the return is due March 15, 30 days before the individual tax return is due.
A very big change is that the FBAR (report of foreign assets) is now due on April 15 (as opposed to June 30 in the past). The penalty for late filing is quite severe, but this form can now be extended to September (previously there was no extension available).
These are actually very big changes.
As always, please consult with your CPA, financial advisor or tax preparer.
If you are a business with employees, W-2s must be issued and received by the employee by January 31 (this hasn't changed) but if you have to issue form 1099 (independent contractor, interest, legal and etc.) these forms must now be received by January 31st as well. The big brokerage houses are not all on board for this, but for the small business it makes sense to comply with the IRS regulations.
Business due dates have changed as well.
All partnership returns (form 1065) are now due on March 15. They were formally due April 15. Form 1120S (S-Corp) is due March 15 and form 1041 is due March 15. C-Corporations filing form 1120 which in the past was due March 15 is now due April 15. The rule of thumb to follow is that if the entity sends out K-1s to members, shareholders or beneficiaries, the return is due March 15, 30 days before the individual tax return is due.
A very big change is that the FBAR (report of foreign assets) is now due on April 15 (as opposed to June 30 in the past). The penalty for late filing is quite severe, but this form can now be extended to September (previously there was no extension available).
These are actually very big changes.
As always, please consult with your CPA, financial advisor or tax preparer.
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