The New Year of 2017 has only just begun, and we are already in the depths of tax season. The tax filing season officially began on January 23rd. Where on earth did all the time go? The year of 2016 quickly passed us by, and here we are once again.
We are looking forward to seeing all your familiar faces here in the office.
Here are some changes that you should be aware of this tax season:
- The filing deadline to submit your 2016 Individual Tax Returns is Tuesday, April 18th. This is because the traditional date, April 15th lands on a Saturday, and Emancipation Day will be observed the Monday after.
- The filing deadline for Partnerships (Form 1065) and S-Corporations (Form 1120-S) will have a filing deadline of March 15, 2017. The filing deadline for Corporations (Form 1120) will continue to have a filing deadline of April 18, 2017.
- The FinCEN 114 deadline is now April 15th of each tax year. There’s a 6-month extension available only to those who also file an extension for their federal income tax return.
- The IRS has added to various W-2s a new 16-digit verification code. This code is a way to validate the wage and tax withholding information. Taking a moment to add this code when filling out your taxes will help the IRS authenticate your information. This in turn helps protect against identity theft and unnecessary refund delays.
- The IRS reminds taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax Credit to expect a longer wait for refunds due to a new law that requires the IRS to hold refunds until February 15th.
We want to thank you for your trust in our firm, and we look forward to seeing you all once again this year!