Please be aware there are some new deadlines with the upcoming 2017 filing season:

January 31, 2017

W-2s & 1099-MISC (non-employee compensation - box 7)

These forms were always due to the recipient by January 31st each year, but now they are required to be summited to the IRS and Social Security Administration by January 31st as well. The government is mandating this in order to improve their efforts in combatting fraud.

March 15, 2017

1065 - Partnership Tax Returns

1120S - S Corporation Tax Returns

April 15, 2017

1040 - Individual Income Tax Returns

1041 - Estate & Trust Tax Returns

1120 - C Corporation Tax Returns

May 15, 2017

990 - Tax Exempt Organization Tax Returns

July 31, 2017

5500 - Employee Benefit Plan Tax Returns

Tax Alerts
Tax Briefing(s)

The House has approved two tax bills that are part of Republicans’ three-pronged "Tax Reform 2.0" package. The two measures, approved by the House on September 27, focus on retirement savings and business innovation.

The House has approved a tax bill that would make permanent tax reform’s individual and small business tax cuts enacted last December. The controversial bill is part of Republican’s three-bill "Tax Reform 2.0" package, two of which cleared the House on September 27 (see the previous story in this Issue).

Stakeholders are urging the IRS to clarify its guidance on tax reform’s new passthrough deduction. The IRS held an October 16 public hearing on proposed rules for the new Code Sec. 199Apassthrough deduction at its headquarters in Washington D.C. The IRS released the proposed regulations, REG-107892-18, on August 8.

Top Senate tax writers have introduced a bipartisan bill to prevent duplicative taxation on digital goods and services. The bill aims to establish a framework across multiple jurisdictions for taxation of digital goods and services, including electronic music, literature, and mobile apps, among other things.

The IRS has released Draft Instructions for the 2018 Form 1040. Additionally, the IRS has cautioned taxpayers that the draft instructions are subject to change. The IRS released a draft of the 2018 Form 1040 and six accompanying schedules last June.

The IRS’s new Commissioner was officially sworn in on October 1 by Treasury Secretary Steven Mnuchin. IRS Commissioner Charles "Chuck" P. Rettig will lead the implementation of tax reform enacted last December under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).

The Senate Small Business Committee held an October 3 hearing on expanding opportunities for small businesses through the tax code. Senate lawmakers examined tax reform’s effect on small businesses and discussed witnesses’ proposals to address ambiguity in the new tax code.