The instructions for the 2016 version of Form 7004 have been released, and they provide an automatic 5½ month extension for both trusts and estates of decedents filing Form 1041. In prior years, the available extension period was only 5 months. This represents an administrative grace extended by the IRS, since the Surface Transportation and Veterans Health Care Choice Improvement Act of 201...
The due date for the 2016 Form NYC-204, Unincorporated Business Tax Return for Partnerships (Including Limited Liability Companies), is the 15th day of the third month, which is March 15, 2017 for calendar year entities. This is one month earlier than it was in prior years, and it matches the due date for federal and New York State partnership tax returns. However, estimated tax payments fo...
Practitioners need to be ready to answer questions designed to authenticate the e-file for entity tax returns (such as Forms 1120S and 1065). Beginning with returns for the 2016 tax year, practitioners must now enter the Social Security number of the officer who signs the e-file authorization form. Practitioners must also enter information about the entity’s total income from the entity’...
Reminder: Forms W3/W2 are due to Social Security Administration by Jan 31. Forms 1096/1099 are due to the IRS by this Jan 31 if they have nonemployee compensation reported in box 7.
Treasury giving an automatic 6-month extension for FBAR. No form required. Read more here: https://www.fincen.gov/news/news-releases/new-due-date-fbars-0 Immediate Release December 16, 2016 The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. This date change was mandated by the Surface Transportation and...
2016 FBAR is due on 4/18/17 - same due date as 1040: Read more here: https://www.fincen.gov/news/news-releases/new-due-date-fbars-0 Immediate Release: December 16, 2016 The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. This date change was mandated by the Surface Transportation and Veterans Health Care Choi...
The IRS says it will start accepting e-filed returns for the 2016 tax year on January 23, 2017. But, refunds on early returns with additional child or earned income credits will be delayed until after Feb 15. Practitioners can remind their clients to use the “Where’s My Refund” link at http://www.irs.gov to track their refunds....
The IRS has released its standard mileage allowance for 2017. IRS Notice 2016-79 says that for the 2017 tax year, the standard mileage rate is 53.5 cents per mile; the medical travel rate is 17 cents per mile; the rate for charitable-related travel remains 14 cents per mile. https://www.irs.gov/pub/irs-drop/n-16-79.pdf Notice 2016-79 The standard mileage rate for transportation or trave...
