Are you a business owner that payed compensation to employees or contract workers? The IRS has just shortened the time in which you have to file your W-2's, W-3's, and 1099-MISC returns with them! Let us help keep you in compliance!

Beginning with the tax year 2016, the due dates for filing forms W-2 and W-3 with SSA will no longer be February 28th of the following year for paper filed returns or March 31st for E-filed returns! Whether you file using paper forms or electronically the new due date is January 31st of the following year! The same January 31st of the following year deadline will also be applicable to form 1099-MISC and 1096. 

Fortunately, it is not too late to have our offices prepare these information returns for you. Our staff accountants will work with you to gather all information needed in order to file these forms and keep your business out of trouble with the IRS.

In order to assure that your returns are filed on time, please have the required information and payment to our offices no later than Wednesday January 25th, 2017. Our fees for this service are $10 per W-2 and $10 per 1099 (minimum of $100 fee). This includes the filing of form W-3 and 1096.*

PLEASE NOTE: The penalties for failure to file correct information returns and/or to furnish correct payee statements have increased and are now subject to inflationary adjustments. Also, THERE ARE NO LIMITATIONS ON THESE PENALTIES!! This means that the IRS can and will continue to charge penalties for the failure to file these information returns as long as they can!

Below are the penalty amounts for large and small businesses:

 

Large Businesses with Gross Receipts of More Than $5 Million and Governmental Entities

Time returns filed/furnished

Returns due 01-01-2011 thru 12-31-2015

Returns due 01-01-16 thru 12-31-2016

Returns due 01-01-17 thru 12-31-2017

Not more than 30 days late
(by March 30 if the due date is February 28)

$30 per return/
$250,000 maximum

$50 per return/
$529,500* maximum

$50 per return/
$532,000* maximum

31 days late – August 1

$60 per return/
$500,000 maximum

$100 per return/
$1,589,000* maximum

$100 per return/
$1,596,500* maximum

After August 1 or Not At All

$100 per return/
$1,500,000 maximum

$260* per return/
$3,178,500* maximum

$260 per return/
$3,193,000* maximum

Intentional Disregard

$250 per return/
No limitation

$520* per return/
No limitation

$530* per return/
No limitation

Small Businesses with Gross Receipts $5 Million or Less

Time returns filed/furnished

Returns due 01-01-2011 thru 12-31-2015

Returns due 01-01-16 thru 12-31-2016

Returns due 01-01-17 thru 12-31-2017

Not more than 30 days late
(by March 30 if the due date is February 28)

$30 per return/
$75,000 maximum

$50 per return/
$185,000* maximum

$50 per return/
$186,000* maximum

31 days late – August 1

$60 per return/
$200,000 maximum

$100 per return/
$529,500* maximum

$100 per return/
$532,000* maximum

After August 1 or Not At All

$100 per return/
$500,000 maximum

$260* per return/
$1,059,500* maximum

$260 per return/
$1,064,000* maximum

Intentional Disregard

$250 per return/
No limitation

$520* per return/
No limitation

$530* per return/
No limitation

 

As a business owner, your focus should be on making your business grow. Not on the never-ending burden of filing and paying all the correct taxes on time to keep your business out of trouble. So, call (405) 607-1192 and ask for Drew Parrish or e-mail him at [email protected]  today to get your focus back on growing your business!

* Additional fees will apply if not all information needed is readily available and needs to be constructed.