Tuesday, November 15, 2016

Are You Prepared for the 2017 Filing Changes?

Whether you’re ready for it or not, there are some big changes coming in 2017. And with the way 2016 has been moving, they’ll be here before we know it.

Now, as you know, the information return filing you do to report things like your employees’ salaries and their healthcare benefits or your independent contractors’ earnings is done at the beginning of each year. That’s not changing: you still need to prepare to file W-2s, 1099s, and ACA Forms starting in just a month and a half.

So just what is different about this year? We’re glad you asked:

New Deadlines
  • ACA Forms
    • The deadline to have copies of Form 1095-B/C to your employees/recipients, which was March 31 last year, will be January 31, 2017.
    • The deadline to paper file Form 1094 and 1095 with the IRS, which was May 31 last year, will be February 28, 2017.
    • The deadline to e-file Form 1094 and 1095 with the IRS, which was June 30 last year, will be March 31, 2017.
  • W-2 Forms
    • The deadline to have employee copies of Form W-2 furnished and to have SSA copies filed (e-filed or by paper) will be January 31, 2017.
    • In previous years, copies of Form W-2 were due to employees by January 31, to the SSA if paper filing by February 28/29, and to to the SSA if e-filing by March 31. For 2016 filing, all W-2 Forms must be delivered to the appropriate recipient by January 31.
    • Also, note that extensions for Form W-2 are no longer automatic. You can still apply for a 30-day extension, however, by filing Form 8809.
  • 1099 Forms
    • If you’re reporting nonemployee compensation payments in box 7 on Form 1099-MISC, that form must be filed with the IRS, as well as mailed to the recipient, by January 31, 2017.
    • This new deadline only applies for the Form 1099-MISC in the 1099 Form Series and only if box 7 is completed. Otherwise, the form may be filed with the IRS by February 28 (if paper filing) or by March 31 (if e-filing).

New Codes and Costs
  • ACA Forms
    • On Line 14 of Form 1095, where the code for the corresponding offer of coverage is entered, the IRS has gotten rid of code 1I (Qualifying Offer Transition Relief 2015) and added code 1J (MEC offered to employee and spouse) and code IK (MEC offered to employee, spouse, and dependents). 
    • On Line 16 of Form 1095, where the code for applicable safe harbor relief is entered, the IRS has gotten rid of code 2I (non-calendar year transition relief).
  • W-2 Forms
    • Before, the most you stood to pay for late, incorrect, or missing W-2s was at most $3 million ($1 million for small businesses). For the 2016 tax year and future years, late or incorrect W-2 Forms will be charged $50, $100, or $260 per form.
    • The fee is determined based on when the complete, correct Form W-2 is filed and cannot exceed $3,193,000 ($1,064,000 for small businesses) per calendar year.

Same Reliable ExpressIRSForms
ExpressIRSForms can keep you prepped and ready for all these new changes! We’re already busy updating and perfecting our software for the new codes and deadlines coming in 2017. And you’ll find that all your favorite features to keep your filing fast and easy are still here, like bulk upload and postal mailing (where we mail your recipient copies for you!).

And, as always, if you have any questions, our support team is here to help! We’re available Monday through Friday, 9:00 a.m. to 6:00 p.m. EST, by phone (704-684-4751) or live chat; we’re also available 24/7 at support@ExpressIRSForms.com.

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