Businesses should prepare now for new tax filing deadlines.
Beginning with the filing of 2016 returns in the 2017 filing season, the due dates for calendar year partnership and C corporations have effectively changed places; the new deadline for partnership returns is March 15th (formerly April 15th) and April 15th for C corporations, instead of March 15th. The filing deadline for S corporations remains unchanged at March 15th.
Amongst additional legislative changes resulting from the enactment of the PATH Act is the new requirement, beginning with the 2017 tax filing season for the 2016 tax year, that employer W-2 submissions and payers of nonemployee compensation reporting amounts in Box 7 of Form 1099-MISC, will now have one filing deadline – January 31st, thus requiring simultaneous submissions of copies of tax payment documents to the SSA/IRS and recipients.
The filing deadline remains February 28th for paper filings or March 31st for electronic submissions if you are reporting amounts on 1099-MISC in any boxes other than Box 7 (such as rents in Box 1 or royalties in Box 2).
This compression in filing due dates for many businesses that file as partnerships and, or pay subcontractors on a 1099 basis, means that they should start preparing now to avoid the tax season crunch.
When it comes to serving your accounting needs, no one has more experience than our team at DSJ. Call us today at 516.541.6549 or email us at to set up an appointment. We look forward to working with you!