Looming tax deadlines for employers and businesses.....

March 6, 2017

In an effort to get Form K-1s to individual taxpayers more quickly, the IRS changed the due date for calendar-year Form 1065 (filed by most Partnerships and LLCs) to March 15th instead of April 15th.  The due date for Form 1120S filed by S Corporations is unchanged from prior years and remains March 15th.  The change to Form 1065 was made so that all pass-through entities are due a month before the individual tax return due date of April 15.The IRS has also changed the due dates for calendar-year Form 1120 filed by C Corporations.  Historically these returns were due March 15th but are now due on April 15th.  Since there are no pass-through reports related to C Corporations there was no need for them to be filed in advance of individual tax returns.
Form                                                     Due
Partnership/LLC (1065)                  3/15/2017
S Corporations (1120S)                  3/15/2017
Corporations (1120)                        4/18/2017 (due to Federal holidays)

Some Business Tax Return Due Dates Have Changed For 2016 Filings (And They Are Due Soon!)

Things you should know.....

Check in here with us for the latest updates on tax and accounting issues that you need to know.

January 13, 2017

A reminder that form W-2 and Form 1099-MISC filings for tax year 2016 are due January 31, 2017.  Take note as this is a change from prior years when they were due by February 28th.  The new deadline is for all W-2s and 1099s, both electronic and paper filed.  The employee copies of both of those forms are also due by January 31st which is unchanged from prior years.

As a reminder, 1099-MISC are required to be issued to vendors providing business services to your business when the payments for the year are at least $600.  Payments for tangible goods or products do not get reported on a 1099.  You also do not need to issue a 1099-MISC to vendors that are S or C Corporations in most cases (one notable exception is that 1099s are required for all payments to attorneys for legal services regardless of entity type).