Now that the extended due dates for 2015 business and individual returns are behind us, it\u2019s time to start preparing for the upcoming 2016 filing season.<\/p>\n
New Due Dates.<\/strong> When making preparations for the 2016 filing season, you and your clients will need to plan ahead for altered due dates for some key business returns. A new tax law enacted at the end of 2015 revises the due dates for filing W-2 wage and tax statements, certain information returns, and C corporation and partnership income tax returns.<\/p>\n W-2s and 1099s.<\/strong> In prior years, W-2 forms were due to employees by Jan. 31 following the calendar year to which the forms relate, but were not required to be filed with the Social Security Administration (SSA) until Feb. 28. Moreover, the filing due date was extended to March 31 for employers that filed the forms electronically.<\/p>\n Effective for calendar years beginning after 2015, Form W-2 wage and tax statements and Form W-3 transmittal forms must be filed with the SSA on Jan. 31 of the following calendar year. Thus, W-2 forms for the 2016 calendar year will be due to the SSA by Jan. 31, 2017, the same day that W-2 forms must be provided to employees. The extended due date for electronic filers is eliminated.<\/p>\n The accelerated due date also applies to Forms 1099-MISC reporting non-employee compensation. Under prior law, those forms were due to payees by Jan. 31 and to IRS by the last day of February following the reporting year or by March 31 if filing electronically. The accelerated filing date does not apply to other information returns.<\/p>\n Related change.<\/em><\/strong> The accelerated due dates for these income-reporting forms are intended to enhance the ability of the IRS to match the income reported on an individual\u2019s tax return with the amounts reported on Forms W-2 and 1099-MISC before issuing a tax refund. To that same end, the new law provides for deferred refunds for returns claiming either the refundable earned income tax credit or refundable child tax credit. Under the new rule, no refund will be made before Feb. 15 of the year following the calendar year to which the return relates.<\/p>\n Partnership returns.<\/strong> In prior years, partnership returns on Form 1065 were due on the fifteenth day of the fourth<\/em> month <\/em>following the close of the partnership\u2019s tax year. As a result, returns for calendar-year partnerships were due on April 15th\u2014the same due date as individual income tax returns.<\/p>\n