January 12, 2017
This is a reminder to all employers who issue W-2s and businesses and rentals that issue Forms 1099-MISC for non-employee compensation (Box 7), that the PATH Act of 2015 permanently changed the filing deadlines for these forms.
The forms have always been required to be provided to recipients by January 31st of each year, but the PATH Act accelerated the date these forms need to be filed with the appropriate Federal agency (IRS for 1099-MISC, Social Security Administration for W-2s) to January 31st as well. Again, the accelerated deadline only applies to W-2s and Forms 1099-MISC that include non-employee compensation on line 7.
Penalties for failing to file these returns have also been increased in recent years, to a maximum of $500 per form that is not filed timely.
If SGA prepares these forms for you, it is necessary for us to receive this information as soon as possible from you to ensure sufficient time for preparation. Please call us at your earliest convenience.
With 2019 officially here, it is time to remind you that January 15th is the due date for the fourth quarter estimated tax payments. If you are required to make estimated tax payments, use the payment vouchers that you received after filing your 2017 returns.
Remember, if you do not pay enough tax by the due date of each payment period, you may be charged a penalty when you file your...
The holiday season is already in full swing, and as much as it can be a welcome distraction can be from our everyday lives, that distraction can cause its own issues as well.
We’ve noticed, here at SGA, an increased number of instances of scam emails and voicemail schemes lately. The scammers are trying to catch you off guard and get you to react in a way that you might...
The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: