Accelerated filing deadlines will take effect in January for many 2016 federal forms. The most immediate changes are:
- Forms W-2, W-3, and 1099: due January 31 (to taxpayer and IRS)
- Form 1065 (partnership): due March 15
- Form 114 Foreign Bank and Financial Accounts Report: due April 15
Due dates for S-corporations with fiscal years ending December 31 remain the same, as they do for individuals and trusts. With partnership returns due first,
K-1's should be distributed in time to file C-corporation, individual, and trust returns.
Another important change is an
increased de minimis threshold, meaning that returns filed with errors of up to $100 in income and $25 of withholding will be considered as correct. This will address the problem of waiting on Forms 1099 filed late and/or amended for small amounts.
We are certainly hopeful that both of these changes will have some effect on easing the workload compression that public accountants must endure each year!
Extension deadlines have also been changed for some returns -
click here for a complete listing.
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