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New Due Dates for Information Returns

11/17/2016  |  By: John Bailes, CPA, Shareholder, Tax and Accounting Services

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Beginning for tax year 2016, the IRS has revised the due dates for series W-2 and W-3 returns as well as some 1099-MISC returns.

W-2 Series & W-3 Returns

Beginning for the tax year 2016, series W-2 and W-3 returns have a due date of January 31, 2017 for both paper and electronically filed returns. The due dates to furnish employees with their statement remains unchanged as January 31, 2017.

For more information, the 2016 General Instructions for Form W-2 and W-3 are available at https://www.irs.gov/pub/irs-pdf/iw2w3.pdf.

1099-MISC Returns

Beginning for the tax year 2016, Forms 1099-MISC Miscellaneous Income, reporting box 7 non-employee compensation have a due date of January 31, 2017 for both paper and electronically filed returns. All other Forms 1099-MISC, reporting all other miscellaneous income are still due to be filed on paper by February 28, 2017 or electronically by March 31, 2017. The due dates to furnish all payees with their statement remains unchanged as January 31, 2017.

For more information, the 2016 General Instructions for Certain Information Returns are available at https://www.irs.gov/pub/irs-pdf/i1099gi.pdf

Year End Processes

To begin preparation for your year-end processes, we encourage you to confirm your employee’s addresses and Social Security Numbers with your payroll system or payroll provider. In addition, confirm your acquisition of Form W-9 from applicable 1099 vendors and input information into your accounting system. Taking these early preparation steps will help ensure a less stressful year end process for these information returns.

If you have questions or concerns about your taxes, please contact any of our tax professionals across the state. Click here for a full directory.

John W. Bailes, CPA is a Shareholder in the LBMC Tax practice of the Knoxville office where he works on a wide variety of business and individual engagements. He is also the leader of Knoxville’s Accounting and Assurance Services practice, which provides a wide range of accounting, data processing, financial statement and payroll services for small to medium-sized companies that desire to out-source some or all of their accounting functions.

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