A recent article, 5 Changes to Information Returns — Coming in January by Barbara Weltman says that 2017 filing season for businesses is just around the corner, so the earlier you prepare yourself for tax responsibility, the easier your filing responsibilities will be.
Here are some important changes to Information Returns in 2017.
The new deadline for filing of copies (whether you file in paper forms or electronically) together with Form W-3 to the Social Security Administration is January 31, 2017. The change was made so that the IRS can match the information readily to prevent fraudulent tax refund claims. See instructions to the W-2 and W-3.
If you complete Box 7 (for non-employee compensation) on Form 1099-MISC, the new deadline for submission is also January 31, 2017. However, if you don’t have amounts in Box 7, then the deadline remains the same, February 28 for paper filings or March 31 for electronic filings. See instructions to Form 1099-MISC.
Forms 1095-B and 1095-C
- For applicable large employer (ALE) with fifty or more full-time and full-time equivalent employees, you must furnish employees with Form 1095-C by January 31, 2017 even if your company had opted not to offer health coverage and pay the tax penalty under the Affordable Care Act’s employer mandate.
- If you are not an ALE, you must complete Form 1095-B if you have a self-insured plan, such as a health reimbursement arrangement.
The new transmittal dates for copies of the 1095s, along with Form 1094-B or Form 1094-C, are February 28, 2017 in paper forms and March 31, 2017 electronically.Find more details here for: the instructions to these forms and transmittals.
Be ready for the 2017 filing season and make sure your accountant or a CPA will guide you with these tasks. Likewise, if you are looking for a better workspace solution in Ballantyne as your business thrives, YourOffice Ballantyne has come alongside dozens of business looking for everything from office space Ballantyne to meeting space Ballantyne. We know your business is unique, and your office space shouldn’t be any different. Let us match the perfect space or service to fit your business needs.