Tax Hints & Tips
New Due Dates for Some Forms
W-2 and 1099-MISC reporting non-employee compensation
Employers are now required to file forms W-2 and any 1099-MISC having amounts in box 7 (non-employee compensation) with the federal government by January 31, the same day the forms are due to the recipients.
Partnership returns are now due 2 1/2 months after year end (March 15 for calendar years).
The due date for regular corporations is now 3 1/2 months after year end (April 15 for calendar years) while the due date for S corporations remains 2 1/2 months after year end (March 15 for calendar years).
FinCEN Form 114
The filing due date for owners of foreign accounts, with a value that exceeded $10,000 at any time during the prior year, has been moved up to April 15. Additionally, taxpayers can now request a six month extension to file FinCEN Form 114.
Affordable Care Act
Individual Mandate Provisions
The Affordable Care Act requires that all members of your “household” have health insurance coverage for every month of the year beginning January 2014. Household is defined as anyone for which an exemption is claimed on your individual income tax return.
If you do not meet these requirements you will be subject to a penalty. For 2016 the penalty is the greater of:
$695 per person, up to a maximum of three persons ($2,085)
2.5% of the amount your household income exceeds your filing threshold requirement.