Bob Dylan sang, “The line it is drawn, the curse it is cast, the slowest now, will later be fast”. Whether the new tax filing deadlines will be a curse or not will depend on how prepared you are.

The due date for filing W-3 and W-2’s, and Form 1099-MISC (when there are employee compensation payments in box 7) is January 31, 2017 regardless of whether you are paper or electronically filing.  In addition, the IRS is no longer allowing an automatic 30 day extension.  Extensions will only be granted if there are extraordinary circumstances or catastrophe.  By moving up the due date, the IRS is hoping to be able to verify wages and earnings on tax returns that are filed early in the year to help thwart identity theft.  Now, you have less than a month after year end to make sure everything, including bonuses and Box 14 information, are being properly reported on the W-2’s.  

S corporation tax return due date is still March 15th for calendar year taxpayers (the 15th day of the 3rd month after year end for fiscal year taxpayers).  Partnership tax return due date has been moved up a month to March 15th  for calendar year taxpayers (the 15th day of the 3rd month after year end for fiscal year taxpayers).  Partners will now be able to receive their K-1’s in order to prepare their personal tax returns.  Unfortunately, this means you will have less time to wrap up your tax year and provide us with your tax information.  Management should decide by the end of the year, or early in 2017, if they will be extending their tax returns.

On the other hand, C corporations will now have an extra month before their returns need to be filed. The C corporation tax return deadline is now April 15th for calendar  year taxpayers (the 15th day of the 4th month after year end for fiscal year taxpayers).  Even though the deadline has been extended, timely submission to us of your tax information is always appreciated.  

If you have any questions, please give us a call.