Year-End Tax Planning

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Upcoming Changes to Filing Deadlines and New Overtime Provisions

Beginning January 1, 2017, several new filing deadlines will go into effect. The IRS’s goal of these new deadlines is to create a more logical flow of information and help you file more accurate and timely returns. Avoid missing deadlines by making a note of the dates that are relevant to you!


Form W-2/W-3:

You must file Copy A (federal copy) of Form W-2 with Form W-3 by January 31, 2017. Penalties may be assessed for each Form W-2 that you file after the deadline. Recipient copies must be delivered by January 31, 2017.

Old Provisions New Provisions
February 29 (paper)

March 31 (e-file)

January 31 (paper)

January 31 (e-file)


Form 1099/1096:

Form 1099-MISC that report non-employee compensation (Box 7) are due to IRS and recipients by January 31, 2017. Forms 1097, 1098, other 1099s, 3921, 3922, or W-2G filed are due as outlined below.

Type Old Provision New Provision
To Recipients To IRS To Recipients To IRS
Form 1099-MISC:        
If no amounts in Box 7 January 31 February 28 January 31 February 28
If any amounts in Box 7 January 31 February 28 January 31 January 31
Forms W-2G, 1097, 1098, 1099 (other), 3932, 3922 January 31 February 28 January 31 February 28 (paper)

March 31 (e-file)

Forms 1099B, 1099S,

1099-MISC (Box 8 or 14)

February 28 February 28 February 15 February 28 (paper)

March 31 (e-file)


Form FinCEN 114:

Report of Foreign Bank and Financial Accounts (Form FinCEN Form 114) is due on April 15, 2017, with an extension deadline of October 15, 2017.

Old Provisions New Provisions
June 30 April 15

October 15 (extension)


Partnership and C-Corporation Tax Returns: (December 31 Year End)

Partnership tax returns (Form 1065) are due March 15, 2017, with extended returns due on September 15, 2017. C-corporation tax returns are due April 15, 2017, with extended returns due on September 15, 2017.

Type Old Provisions New Provisions
Partnerships

Form 1065

April 15

September 15 (extension)

March 15

September 15 (extension)

C-Corporations

Form 1120

March 15

September 15 (extension)

April 15

September 15 (extension)


New Rules regarding Earnings Thresholds for Overtime Pay:

The Department of Labor has issued a new ruling, effective December 1, 2016, which makes executive, administrative, and professional (EAP) employees earning up to $913 per week ($47,476 annually) subject to requirements to pay overtime pay for hours worked in excess of 40 hours per week.  This threshold will be adjusted every three years.

The DOL rules regarding who is subject to overtime pay are very complex.  If you have questions, we encourage you to contact us or your employment attorney for further guidance.

Old Provisions New Provisions
$455/week ; $23,660/year (full-time worker) $913/week ; $47,476/year (full-time worker)

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