Vrakas CPAs, Here Are Your Articles for Wednesday, November 09, 2016
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The IRS has put into place numerous deadline changes that will go into effect beginning in 2017. Please review the list to see how you might be affected.

A)    Payroll

  1. W-2’s and W-3 need to be electronically filed (or mailed  for qualifying taxpayers) with the Social Security Administration by January 31st, 2017
  2. 1099-Misc with an amount in box 7 for non-employee compensation and the related form 1096 now need to be electronically filed (or mailed for qualifying taxpayers) by January 31st, 2017 to the Internal Revenue Service.

B)    Business Returns

  1. Calendar year Partnership returns Form 1065 are now due March 15th
  2. Calendar year Corporation returns Form 1120 are now due April 15th 
  3. Foreign Bank and Financial Accounts Reports Form FINCEN are now due April 15th

C)    Extensions

  1. Estates and Trust returns Form 1041 can request a 5 ½ month extension to September 30th.
  2. Exempt Organizations Form 990 can request a 6 month extension.
  3. Form FINCEN can request a 6 month extension to October 15th.
  4. Employee Benefit Plans Form 5500 can request a 3 ½ month extension.  
  5. Partnership returns Form 1065 can request a 6 month extension to September 15th.
  6. Corporate extension due dates will vary based on the year end of the corporation.


*The due dates for filing the income tax returns for Individual returns Form 1040 and S Corporation returns Form 1120S stay the same.


If you have any questions on the changes, feel free to contact us at (262) 797- 0400. We will provide you with the answers you need and, as always, are here to help. 



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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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