So last week we talked about how this is a great time to get your books together if they’re not in order already. This is important is because now you can plan and strategize before the March corporate tax deadline.
Speaking of taxes and deadlines, small business owners and individuals listen up, there are going to be a lot of changes in 2017 when it comes to filing your taxes. Next year some of the deadlines you’re used to are going to be change. Here’s what you need to know:
- W-2- Starting next year, the deadline for filing Form W-2 with the Social Security Administration (SSA) will be January 31st. That means you have to have your form or forms submitted to the agency by January 31st, either in hard copy or via electronic filing. In the past, business owners were required to provide W-2’s to their recipients by January 31, but not required to submit them to federal agencies until about a month later.
- 1099-MISC – Anyone who files 1099-MISC needs to submit it by January 31st, either electronically or in paper format. Previously, this form could be submitted to the IRS by February 28th in hard copy form or by March 31st via e-file.
- NO AUTOMATIC EXTENSION/FORM 8809 – In the past, filers submitting W-2 forms could automatically get a 30 day extension to file the accompanying information returns by sending Form 8809 to the IRS on or before January 31st. Automatic extensions are no longer available.
So what does this all mean? If you’re a small business owner, you need to get your books in order now. File W-2’s and 1099-MISC forms to either the Social Security Administration or the IRS by January 31st. You or your accountant or bookkeeper can no longer wait to learn if changers are needed before filing with the federal agencies. Now, the forms your accountant or bookkeeper could do over a 3 month period must be completed in only one month.
You know what that means. If your bookkeeper or accountant hasn’t brought any of this up to you, then you should forward them this email or even better, let my Brigade Bookkeeping team take a look at the shape your books are in.
Healthy books are like a healthy life; stay fit and you’ll feel fit. But if you don’t take care of your books, you may have to pay for it with Uncle Sam or the IRS coming for you.
