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2017 Tax Season News

Posted by Admin Posted on Jan 17 2017

 

The IRS will begin accepting electronically filed tax returns for the 2016 tax year on Monday, the 23rd of January.  This tax season the initial filing deadline for individual tax returns is 4/18/17, however all pass through entities (e.g. LLC’s and S Corporations) must file by 3/15/17 this year, which is a change from prior tax seasons.  Another change for this tax season is that tax returns generating refunds and reporting either EITC’s (earned income tax credits) &/or ACTC’s (additional child tax credits) will be delayed at least until 2/15/17.  A couple of reminders for business owners as we move rapidly into 2017; the first is that the State of WA’s minimum wage rate increased to $11 per hour effective the first of this year. Also, at the beginning of each calendar year it’s always a good idea to complete a new Form W-4, in order to update your income tax withholding for the coming year, especially if you’ve had a change in personal circumstances, such as marriage, children, additional itemized deductions, etc.  Also, if your company, no matter how small, has paid for services (e.g. professional services, subcontractors, etc.) please review the Form 1099 reporting requirements to find out if you should  issue Form 1099’s.  Also, keep in mind that a new requirement this year is that Form 1099’s must be issued by 1/31/17 to all qualifying recipients.  Please  contact us if we can be of assistance to you and/or your business over the tax season, and throughout the year!

 

 

 

 

 

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