Here are the steps and points to remember. 1) First you should contact the business or individual who sent you the 1099 and explain why you think it is incorrect. 2) The IRS says if you cannot get this form corrected, attach an explanation to your tax return and report your income correctly. 3) If the amount is less than …

<p “=””>The new due date for filing Forms W-2, W-3, and 1099-MISC with data in box 7 for non-employee compensation is January 31st. The new due date is effective for tax year 2016, filed in 2017, and applies to paper and electronically filed returns. <p “=””>An extension of time to file is available by filing Form 8809 Application for Extension …

The Internal Revenue Service wants taxpayers with disabilities and parents of children with disabilities to be aware of the Earned Income Tax Credit (EITC) and correctly claim it if they qualify. The EITC is a federal income tax credit for workers who don’t earn a high income ($53,505 or less for 2016) and meet other eligibility requirements. Because it’s a refundable …

We’re here today to let everyone know about some important changes for the upcoming tax filing season, which begins in just a couple of weeks. We also want to take this opportunity to remind taxpayers of what they need to do to protect themselves from identity theft as they get ready to file their return. As part of the Security …

Many tax professionals will be accepting tax returns before Jan. 23 and then will submit the returns when IRS systems open. The IRS will begin processing paper tax returns at the same time. There is no advantage to filing tax returns on paper in early January instead of waiting for the IRS to begin accepting e-filed returns. The IRS reminds …

Form 1040, 1040a and 1040ez the dates have not changed although the due date is April 18th,2017 because April 15th falls on a Saturday and the Washington DC holiday Emancipation Day is on Monday. Partnership returns (Form 1065) are due on March 15th, 2017 while in previous years they were due on April 15th. C-Corporation returns (Form 1120) are due …

The Internal Revenue Service has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, …

The traditional rules of postponing income and accelerating expenses could be even more important for some taxpayers than in previous years. President elect Trump has proposed lowering the top tax rate from 39.6% to 33% and replacing the current brackets which range from 10 percent to 39.6 percent, with three brackets of 12 percent, 25 percent and 33 percent. A …

In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review. Beginning in 2017, a new law approved by Congress requires the IRS to hold refunds on tax returns claiming the EITC or the ACTC until mid-February. The IRS must hold the entire …

Employer benefits, opportunities and requirements are dependent upon your organization’s size and the applicable rules. If you have at least 50 full-time employees, including full-time equivalent employees, on average during the prior year, you are an ALE for the current calendar year. However, there is an exception for seasonal workers. If you have at least 50 full-time employees, including full-time equivalent …