- January 17 – Due date for the fourth and final installment of 2016 estimated tax for individuals (unless you file your 2016 return and pay any balance due by January 31).
- January 31 – Employers must furnish 2016 W-2 statements to employees, and send copies to the Social Security Administration (both paper and electronic).
- January 31 – Payers must file all copies of 2016 Forms 1099-MISC with non-employee compensation in Box 7. For these forms, the January 31 due date applies to both paper and electronic filing.
- January 31 – Employers must generally file 2016 federal unemployment tax returns and pay any tax due.
- February 28 – Payers must file information returns (except Forms 1099-MISC with non-employee compensation in Box 7) with the IRS. (Except for Forms 1099-MISC with non-employee compensation in Box 7, March 31 is the deadline if filing electronically.)
- March 1 – Farmers and fishermen who did not make 2016 estimated tax payments must file 2016 tax returns and pay taxes in full.
- March 2 – Large employers must furnish Form 1095-B and Form 1095-C to employees.
Tax return filing season has arrived, which means it's time to mark your calendar for these 2017 tax deadlines.
Did you spot the new due dates on the tax calendar? As you begin your January payroll preparation, take into account earlier due dates for two common information reporting forms.
Forms W-2 for 2016 are due January 31 for all copies. In the past, you had to provide Forms W-2 to your employees by January 31. Now the January 31 deadline also applies to copies submitted to the Social Security Administration.
The due date for filing all copies of 2016 Forms 1099-MISC with non-employee compensation in Box 7 is January 31, 2017. For these forms, the January 31 due date also applies to both paper and electronic filing.
When you're an applicable large employer (generally, when you employ 50 or more full-time workers and equivalents), you're required to provide information about health coverage to the IRS and to your employees. The IRS extended the date on which two of these forms are due to your employees. Instead of being due January 31, Form 1095-B, Health Coverage, and Form 1095-C, Employer Provided Health Insurance Offer and Coverage, are now due March 2, 2017. There is no change to the February 28, 2017, due date for filing paper forms with the IRS, nor the March 31, 2017, due date for filing electronically.
Shaping up your finances in 2017 may seem like a big goal, perhaps even too daunting. But if you take one small step at a time, these small steps will add up. Here are suggestions.
Big goal: Reduce total expenses and increase savings.
Big goal: An emergency fund with enough cash to cover six months of expenses.
Big goal: Eliminate finance charges by being able to pay off your balance each month.
Big goal: Maximize your retirement contributions.
Small steps can lead to big improvements in your financial well-being. Contact us for more tips.
Have you noticed the price of gas? So has the IRS – and the reimbursement rate for business mileage has gone down as a result. The new rate for 2017 is 53.5¢ per mile, down from the 2016 rate of 54¢ per mile.
The rate for medical and moving mileage also decreased. Effective January 1, the standard rate is 17¢ per mile, down from last year’s 19¢. The charitable mileage rate remains 14¢.
In general, you can expect your federal refund to be issued approximately 21 days after your electronically filed tax return has been accepted. However, identity theft is still a major problem, and the IRS continues to implement new strategies to protect taxpayer data. For example, if you claim the Earned Income Tax Credit or Additional Child Tax Credit on your 2016 individual federal income tax return, your refund will be held until February 15.
RLH publishes a separate bi-monthly e-newsletter that addresses many of the issues that business owners face when considering how they will exit their businesses. The following is a recent article from that e-newsletter. If you would like to receive all of the bi-monthly content, please click here to subscribe.
We understand that business owners are so busy addressing today’s economic challenges that they can overlook the critical task of Exit Planning. We also understand that, at some point, all owners exit their businesses. When that day arrives, owners want to exit on their terms, the most important of which are financial independence and choosing the person or entity that will receive or buy the business. Read more
RLH is happy to announce the promotion of Eric Dallavalle to Tax Supervisor and Collins Lethbridge to Senior Assistant.
Eric Dallavalle has been a member of the RLH team since 2015 and has over thirteen years of experience in public accounting. His focus is on tax planning, preparation, review, and filing compliance. As a Tax Supervisor, Eric will be responsible for providing proactive tax services including client communications, coordinating tax planning and compliance work, reviewing tax returns, preparing complex tax returns, and supporting the development of team members in the firm’s tax department. Eric's favorite part of his job is working directly with clients, interacting with them and helping them. Eric lives in Frederick with his wife, Angie and three daughters, Kira, Mia and Nora. In his free time, Eric enjoys being outside, working in the yard, hiking, biking, and golfing.
Collins has been a member of the RLH team since 2015. He recently passed the exams to become a Certified Public Accountant and is in the process of completing the education requirements to obtain his license. He works on a variety of services for our clients including audits, reviews, and compilations of financial statements as well as tax preparation. Collins is also using his background in agriculture to help our agribusiness clients with their tax and accounting needs. He enjoys learning from and working with the RLH team to provide the best services and expertise to our clients. In his spare time, Collins enjoys helping on his family's dairy farm and is active in his church.
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