As tax filing season approaches, the Internal Revenue Service is reminding taxpayers about steps they can take now to ensure smooth processing of their 2016 tax return and avoid a delay in getting their tax refund next year. The IRS reminds taxpayers to be sure they have all the documents they need, such as W-2s and 1099s, before filing a tax return. You may also need a copy of your 2015 tax return to make it easier to fill out a 2016 tax return. Beginning in 2017, taxpayers
If you’re a business owner, be sure to draw a big red circle around the date January 31, 2017, on your calendar: that’s the new due date for filing forms W-2. Under a new law, the Protecting Americans from Tax Hikes (PATH) Act, enacted last December, the new filing deadline for employers to submit forms W-2 to the Social Security Administration, is January 31. The new January 31 filing deadline also applies to certain forms 1099-MISC reporting non-employee compensation such a
One of the biggest changes for taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) on federal tax returns for tax year 2016, is that any credit or refund will not be released until on or after February 15. This is just one of many changes made under the Protecting Americans from Tax Hikes (PATH) Act of 2015, enacted December 18.
Individual taxpayers claiming EITC or ACTC need to know: Section 201 of the PATH Act mandates that, “[n]o