For years that begin after December 31, 2015, taxpayers will have new filing deadlines for many tax returns.  The most significant changes are as follows:

2017 Tax Deadlines

2017 Tax Deadlines

There are penalties for Form 1099 for incorrect filings, late filings and failure to file.  If Form 1099 is filed within 30 days of the due date the penalty remains at $50 per form.  If Form 1099 is filed after 30 days of the due date but by August 1st, the penalty is $100 per Form 1099.  If Form 1099 is filed after August 1st, the penalty is $360 per 1099.  Intentional disregard of filing requirements is subject to a penalty of $530 per Form 1099.

Please note that W-2 Wage and Tax Statements and Forms 1099-Misc are both due by January 31st.  Clients should begin reviewing records to make sure that they have all the necessary information (correct names and Federal ID Numbers) to complete these returns by the new due date of January 31st.

If you have any questions regarding the new tax return deadlines, please consult your JMF professional.