The Protecting Americans from Tax Hikes (PATH) Act, includes a new requirement for employers. They are now required to file their copies of Form W-2, submitted to the Social Security Administration, by Jan. 31. The new Jan. 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors.
In the past, employers typically had until the end of February, if filing on paper, or the end of March, if filing electronically, to submit their copies of these forms. In addition, there are changes in requesting an extension to file the Form W-2. Only one 30-day extension to file Form W-2 is available and this extension is not automatic. If an extension is necessary, a Form 8809 Application for Extension of Time to File Information Returns must be completed as soon as you know an extension is necessary, but by January 31.
Source: Internal Revenue Services
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10/31/2016
- File Form 720 for the third quarter.
- File Form 730 and pay tax on wagers accepted during September.
- File Form 2290 and pay the tax for vehicles first used during
September.
- File Form 941 for the third quarter.
Deposit FUTA owed through Sep if more than $500.
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(858)247-1680
10/28/2016Deposit payroll tax for payments on Oct 22-25 if the semiweekly
deposit rule applies
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Taxpayers can deduct contributions to a traditional IRA if
they meet certain conditions. If during the year either the taxpayer or
their spouse was covered by a retirement plan at work, the deduction may be
reduced, or phased out, until it is eliminated, depending on filing status and
income. (If neither the taxpayer nor their spouse is covered by a retirement
plan at work, the phase-outs of the deduction do not apply.)
Here are the phase-out ranges for 2017:
- For single taxpayers covered by a workplace retirement
plan, the phase-out range is $62,000 to $72,000, up from $61,000 to
$71,000.
- For married couples filing jointly, where the spouse
making the IRA contribution is covered by a workplace retirement plan, the
phase-out range is $99,000 to $119,000, up from $98,000 to $118,000.
- For an IRA contributor who is not covered by a
workplace retirement plan and is married to someone who is covered, the
deduction is phased out if the couple’s income is between $186,000 and
$196,000, up from $184,000 and $194,000.
- For a married individual filing a separate return who
is covered by a workplace retirement plan, the phase-out range is not
subject to an annual cost-of-living adjustment and remains $0 to $10,000.
The income phase-out range for taxpayers making contributions to a Roth
IRA is $118,000 to $133,000 for singles and heads of household, up
from $117,000 to $132,000. For married couples filing jointly, the income
phase-out range is $186,000 to $196,000, up from $184,000 to $194,000.
The phase-out range for a married individual filing a separate return who makes
contributions to a Roth IRA is not subject to an annual cost-of-living
adjustment and remains $0 to $10,000.
Source: Internal Revenue Service.
contact@officetaxservices.com
(858)247-1680
