Upcoming Deadlines
Tuesday, January 17, 2017
Individuals - Pay 2016 4th quarter estimated tax
Tuesday, January 31, 2017
Paper or electronically file Forms W-3 and W-2 with the Social Security Administration (SSA)
File Forms 940, 941, 943, 944 and/or 945 if you did not deposit all taxes when due
File Form 1096 and 1099-MISC forms reporting nonemployee compensation with the tax authorities (all other 1099s are due February 28th by paper or April 2nd if filed electronically)
Furnish Forms 1098, 1099 and W-2 to recipients (employees, vendors, etc.)
Applicable Large Employers – provide Forms 1095-C to full-time employees; for all other providers, provide Forms 1095-B to responsible individuals
Friday, February 10, 2017
File Forms 940, 941, 943, 944 and/or 945 if you timely deposited all required payments
Tuesday, February 28, 2017
File Forms 1096 with accompanying 1099-MISC with tax authorities if filing paper; electronically filed forms due March 31 (except for nonemployee comp which is due January 31)
Applicable Large Employers – File paper Forms 1094-C and 1095-C; all other providers file paper Forms 1094-B and 1095-B with the IRS (electronically filed forms may be submitted by March 31)
Employers Must Have Form I-9 on All Employees
If you are a business owner and have employees, make sure you are keeping the correct paperwork on file for all of your employees working in the U.S.
The U.S. Citizenship and Immigration Services (USCIS) requires all employers to obtain a completed Form I-9, Employment Eligibility Verification, for each of its new hires that work in the U.S. Effective January 22, 2017, employers must begin using the newly revised Form I-9 dated 11/14/2016 N with an expiration date of 8/31/2019.
If you already have a completed Form I-9 for your existing employees, they do not need to complete the updated form. However, if you are hiring new employees or have employees that did not previously complete this Form, you should begin using the new version of the form and keep on file.
Employers who fail to comply with these government regulations, including completing and retaining Form I-9 correctly for all employees, are subject to potentially large fines. The base penalties for failure to comply range from $375 to $3,200 per form.
The updated Form I-9 and additional information can be found at the USCIS website: https://www.uscis.gov/i-9.
IRS Standard Mileage Rates
The IRS has issued the 2017 optional standard mileage rates for 2017.
Deduction Business Mileage Medical & Moving Mileage Charitable Service Miles
2016 Rates $0.54 $0.19 $0.14
2017 Rates $0.535 $0.17 $0.14
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. The charitable rate is set by statute and remains unchanged.
Check out our new website!
We have revamped our website with a fresh look!
The client portal button is still on the home page. It has a slightly different look and is called, "Client Portal Login". Also, a new feature to our website is the "Tools & Resources" page. You can go there to check on your tax return refund status, look for charities and much more!
Our web address is www.cornerstonecpas.com.
