Normally, January is a nearly-impossibly busy time for bookkeepers, and the upcoming January is unfortunately going to have a newly-added twist.
New Due Dates for W2's and some 1099's -- In an effort to thwart identity theft and false refunds by receiving the information earlier, the due dates to submit these year-end reporting forms has been moved up one month to January 31 2017 for 2016 reporting.
W2's are now not only due to be sent to the recipients by the end of January, but also sent to the government as well.
1099's that have non-employee compensation in Box 7 must also be sent to the government by the end of January. Otherwise, file them by February 28 2017 if filing on paper, or by March 31 2017 if you file electronically.
So, my request and recommendation here is this. Since January is quite full as it is, I will be contacting all of my customers shortly to discuss plans to ensure we are ready before the end of 2016 to be able to meet the deadlines. This means having all information up-to-date, accounts reconciled to current, checking all employee and subcontractor/1099-recipient information is complete and accurate and up-to-date. I believe this would best be completed before the Holidays arrive, but after the up-coming quarterly payroll reports are completed. I encourage beginning the reviews on your own in the meantime to expedite the process.
QuickBooks 2017 Release Date is September 19, 2016
If you are due for an upgrade, this new version has some nifty new features. More news to come when it is officially released. In the meantime, if you have any questions please feel free to give me a call and I will be happy to answer them.
New Due Dates for W2's and some 1099's -- In an effort to thwart identity theft and false refunds by receiving the information earlier, the due dates to submit these year-end reporting forms has been moved up one month to January 31 2017 for 2016 reporting.
W2's are now not only due to be sent to the recipients by the end of January, but also sent to the government as well.
1099's that have non-employee compensation in Box 7 must also be sent to the government by the end of January. Otherwise, file them by February 28 2017 if filing on paper, or by March 31 2017 if you file electronically.
So, my request and recommendation here is this. Since January is quite full as it is, I will be contacting all of my customers shortly to discuss plans to ensure we are ready before the end of 2016 to be able to meet the deadlines. This means having all information up-to-date, accounts reconciled to current, checking all employee and subcontractor/1099-recipient information is complete and accurate and up-to-date. I believe this would best be completed before the Holidays arrive, but after the up-coming quarterly payroll reports are completed. I encourage beginning the reviews on your own in the meantime to expedite the process.
QuickBooks 2017 Release Date is September 19, 2016
If you are due for an upgrade, this new version has some nifty new features. More news to come when it is officially released. In the meantime, if you have any questions please feel free to give me a call and I will be happy to answer them.
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