News

IRS Tax Form Changes for 2016 Posted on 26 Jul 10:59

1099-MISC Filing Deadline Change

✔ If entering data in Box 7, the filing deadline is January 31, 2017, regardless of paper or electronic filing method

✔ If no data in Box 7, the paper filing deadline is February 28, 2017, and the electronic deadline is March 31, 2017

✔ No change to the January 31 due date for recipient copies

W-2 Filing Deadline Change

✔ 2016 forms must be filed with the SSA by January 31, 2017, regardless of using paper or filing online

✔ Previous e-file deadline was March 31

W-2 Extensions

✔ Extensions to file are no longer automatic and one 30-day extension may be requested

✔ Application Form 8809 must be used along with a detailed explanation on why additional time is needed

✔ IRS will only grant extensions for extraordinary circumstances or catastrophe

W-2 Penalties

✔ $50 per W-2 if the forms are filed within 30 days of the due date

✔ $100 per W-2 if the forms are filed more than 30 days after the due date but before August 1

✔ $260 per W-2 if the forms are filed after August 1, corrections are not filed or the W-2 is not filed at all

IRS Tax News for July, 2015 Posted on 21 Jul 10:33

IRS Tax News for July, 2015

IRS Tax News for July, 2015 includes webinars for the Affordable Care Act, the National Taxpayer Advocate Mid-Year Report, and Penalty Relief for Small Businesses.

1. IRS Offers Webinars on Affordable Care Act Provisions for Employers and Coverage Providers

The IRS has set up a series of webinars so that companies can learn more about the Affordable Care Act and how it affects companies. The webinars are designed for business owners, employee benefits managers, health coverage providers, and tax managers.

There are three webinars offered, and three dates are offered for each webinar (all times are Eastern Standard Time):

Employer Shared Responsibility and Information Reporting

July 28, 11 a.m. – 12: 30 p.m. – Click here to register

Aug. 20, 1 – 2:30 p.m. – Click here to register

Sept. 16, 1:30 – 3 p.m. – Click here to register

Employer-Sponsored Health Coverage Information Reporting Requirements for Applicable Large Employers

July 29, 1 – 2 p.m. – Click here to register

Aug. 11, 1 – 2 p.m. – Click here to register

Sept. 10, 11 a.m. – 12 p.m. – Click here to register

Information Reporting Requirements for Providers of Minimal Essential Coverage

July 30, 1 – 2 p.m. – Click here to register

Aug. 26, 1 – 2 p.m. – Click here to register

Sept. 22, 1 – 2 p.m. – Click here to register

2. National Taxpayer Advocate Reviews Filing Season and Identifies Priority Areas and Challenges in Mid-Year Report to Congress

IR-2015-97, July 15, 2015 — Nina E. Olson, a National Taxpayer Advocate has released her mid-year report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year. Issues include the IRS’s long-term strategic planning, tax-related identity theft, and administration of the Patient Protection and the Affordable Care Act (ACA). The report also presents highlights of the recently concluded filing season. For more information, click here.

3. Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns

IR-2015-96, July 14, 2015 —The IRS is encouraging eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program enabling them to quickly come back into compliance. For more information, click here.

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