web

New laws and regulations could have an impact on how you manage your business or your tax planning. Below is a summary of important developments you should be aware of:

• In a change from past rules, businesses must file all Forms W-2 and W-3 and some Forms 1099-MISC with the IRS and the Social Security Administration no later than Jan. 31 in the year following the one to which the forms relate. As a result, forms for 2016 activities must be filed by Jan. 31, 2017. Employees and vendors or independent consultants must still receive their forms by Jan. 31.
• There are new due dates for returns for partnerships, C corporations and several other business returns. For calendar-year partnerships, the new filing date is March 15 and for C corporations, it’s April 15. The date for fiscal year C corporations is the 15th of the fourth month following the end of the corporation’s calendar year, which is good news. The CPA profession has long advocated for these changes because they’ll minimize tax season complications and delays and make it easier to ensure that tax returns are accurate and on time. Among other benefits, […]