Plan Now for New Due Dates

Dec 5, 2019 | Tax, Uncategorized

While due dates for individual income tax returns, Form 1040, and estimated tax payments will remain the same, there are new requirements that affect individuals. One of the most important new deadlines for individuals is the April 15 deadline to file the FinCen 114, used by taxpayers with a financial interest in or signature authority over certain financial accounts.

 

The IRS has imposed a number of changes to the due dates and extended due dates for various business tax returns. Many of these changes will impact the tax returns being filed in the upcoming months.   For example, partnerships will now have to file their 2016 tax returns by the fifteenth day of the third month after the end of the tax year, for calendar year taxpayers March 15. Form 1120S is due the same date. Form 1120, however, is now due the fifteenth day of the forth month of the year or April 18 this year. The extended due date for all calendar year partnership and corporate returns is September 15. At this time, New Jersey has not announced any revised due dates.

The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, includes a new requirement for employers. They are now required to file their copies of Form W-2, submitted to the Social Security Administration, by Jan. 31st. The new Jan. 31st filing deadline also applies to certain Forms 1099-MISC. The 1099-MISC reports non-employee compensation such as payments to independent contractors. In the past, employers typically had until the end of February, if filing on paper, or the end of March, if filing electronically, to submit their copies of these forms to the government. If you are requesting our assistance with the preparation of 2016 Forms 1099 and/or W-2 that are due by January 31st, we would recommend that the necessary information be provided to us no later than January 15, 2017.

Subscribe to our Accounting, Tax and Business Insights Newsletter

Email Address:
Name(Required)
Privacy(Required)
This field is for validation purposes and should be left unchanged.
Navigating State Tax Nexus

Navigating State Tax Nexus

Introduction The Supreme Court's landmark decision in South Dakota v. Wayfair, Inc. in 2018 transformed the landscape of sales tax compliance across the United States. Prior to this ruling, businesses were required to collect and remit sales taxes only if they had a...

read more
Congratulations Jennifer Wallace

Congratulations Jennifer Wallace

Congratulations to Jennifer Wallace, who is stepping into the role of President of the Atlantic-Cape May Chapter of the NJCPA.  Jennifer has been involved in the leadership of the chapter for many years, and she looks forward to giving back to the profession, the...

read more
Pleasantville Music Shoppe

Pleasantville Music Shoppe

Pleasantville Music Shoppe is one of the oldest mom and pop music stores in South Jersey. My dad, Gaston Ragno, at 20 years old, purchased the business on a handshake and a promise to pay when he could from his boss who wanted to retire. Over the years there were a...

read more
Good News from Social Security

Good News from Social Security

President Biden signed the Social Security Fairness Act into law in January of 2025.  This law will have the effect of increasing the entitlement to Social Security benefits to as many as 3.2 million people who receive public pensions based on employment when Social...

read more
I’ve Been Scammed

I’ve Been Scammed

With luck, those words will never leave our mouths.  The sad truth, though, is that crooks are getting smarter and it’s really hard to know what nefarious scheme they will come up with next.  If you find yourself a victim, can you claim any kind of tax deduction for...

read more