As it gets closer and closer to a new tax year, it is important for you to know that there has been changes to tax form deadlines. Many may be accustomed and familiar with the same process, year in and year out, but this year will be slightly different. The IRS has made several changes to due dates for the tax year 2016, and it is very important to be aware of these changes.
There were laws passed in 2015 and 2016 that revised the filing deadlines for Form W-2 and certain types of Form 1099. For W-2s, starting with 2016 forms, employers will have just one filing deadline for all Federal W-2s, January 31. This January 31 deadline also applies to Form 1099-Misc.
If you report amounts in Box 7: Non-employee Compensation, then the deadline applies to you, but if you do not report amounts in Box 7, your deadline is still February 28 for paper filing or March 31 for electronic filings.
Some business tax return deadlines have changed as well. Partnership returns which file form 1065 are now due March 15 instead of April 15 assuming a tax year ending December 31. The official due date is the 15 day of the 3 month after the end of their tax year. This essentially flipped with the due dates for Form 1120 for C-Corporations. C-Corporations are now due April 15 assuming a tax year end of December 31. The deadlines for S-Corporations form 1120S are still March 15 and Individuals form 1040 are still April 15.
It is very important to make notes of these changes, especially if you are now required to file earlier than you have in previous years. It’s also important to keep extension dates in mind, if an extension is necessary for your return. As we approach another tax season, it is a good idea to plan for these changes so you do not incur unnecessary penalties.
The Wassman CPA Services website and blog is meant to offer general information to our readers. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service. You should contact Wassman CPA Services for advice concerning specific matters prior to making any decisions.