Andy Manz

New Tax Return Due Dates

The following return due date changes apply to 2016 tax returns that will be filed in 2017 as well as any subsequent returns. Any item in bold below has changed: Tax Filing New Due Date Old Due Date Notes Form 1065 (Partnership) March 15 April 15 Extended return is due September 15 Form 1120 (C-Corp) April …

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2017 Standard Mileage Rates

Beginning on 1/1/17, the standard mileage rates for cars, vans, pickups, and panel trucks will be 53.5 cents per mile for business miles, 17 cents per mile for medical or moving purposes, and 14 cents per mile for charitable purposes. The business expense rate is down half a cent per mile from 2016, and the …

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New Overtime Rule Blocked by Federal Judge

November 23, 2016: The new overtime rule was blocked by a federal judge in Texas. The December 1 implementation date will not be enforced until a final decision has been reached at the end of the judicial process. This process might take months. We will keep you informed of developments as they occur. https://www.washingtonpost.com/news/get-there/wp/2016/11/22/judge-halts-federal-rule-that-would-have-expanded-overtime-pay-to-millions-of-workers/ http://thehill.com/policy/finance/307295-judge-blocks-obama-overtime-rule

Extended Due Dates for Employer ACA Information Reporting

The IRS has announced extended due dates and penalty relief for 2016 information reporting mandated by the Affordable Care Act (ACA). The ACA requires detailed information reporting for insurers, self-insured employers, certain other providers of minimum essential coverage under IRC Sec. 6055 , as well as employers with 50 or more full-time employees. Employers will …

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IRS increases de minimis safe harbor from $500 to $2,500

In Notice 2015-82 the IRS has announced an increase, from $500 to $2,500, in the de minimis safe harbor limit for taxpayers that do not maintain an applicable financial statement (AFS). This is a positive change for taxpayers and will simply the paperwork and record-keeping requirements for small business and other taxpayers. Please contact us …

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