In December, the Republican led Congress enacted the most wide ranging tax reform legislation since 1986. Provisions will impact both personal and business tax liabilities beginning in 2018. The legislation contains changes that can both help and hurt a contractor’s bottom line. Significant provisions include: (more…)
Recent legislation has made changes to due dates for some tax and information returns that will be filed for the 2016 and following tax years. These changes will require modifying the timing of the preparation work in many cases.
Payroll and information reporting returns (Forms W-2 and 1099)
These forms historically were sent to the recipients by January 31st of each year, and government reporting copies of these forms were transmitted by either February 28th or March 31st , depending on whether they were mailed or electronically filed. For 2016 returns filed in 2017, all copies of the forms must be sent to recipients and filed by January 31st. This change was made to combat identity theft by allowing the IRS to match withholding information when tax returns are filed and reject fraudulent refund claims. The due dates for filing all other information reporting returns remain unchanged. See the table below for specific details: (more…)