In an effort to assist individual taxpayers in getting timely information to help them prepare their tax returns, Congress has enacted legislation which accelerates the due dates of certain tax forms. Starting this year, businesses which file Form 1099-MISC to report nonemployee compensation will need to send those 1099s to both the recipients AND the IRS by January 31, 2017. Late filers could face penalties ranging from $50 to $530 per 1099.
In another significant change, partnerships which formerly were required to file tax returns by April 15 have had their filing due date moved up to March 15. The change is intended to allow partners a full month to have their K-1s to file their individual tax returns by April 15.
Bowman is prepared to help our business clients meet these accelerated due dates! Our client service teams are working hard to ensure that all of our clients meet their obligations without filing extensions except when absolutely necessary. If you need help in meeting your filing obligations, please contact us for assistance.