New Filing Deadlines for 2016 Tax Returns

Smith Dickson would like our clients to know of some changes in tax return deadlines.  In particular, partnerships (including LLCs) now have an earlier tax deadline.
Some background: The AICPA has long advocated for more sensible due dates for tax returns to provide relief from problems caused by the existing filing deadlines.  The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, although primarily aimed at infrastructure funding, included provisions for new tax filing deadlines, particularly for business returns.

The Act changes deadlines for some business entities, starting with 2016 federal tax returns filed in 2017.  See our February newsletter for details.

Forms 1099 due January 31st

Orange County Business Journal article by Smith Dickson “Fraud in the Workplace”

Most employers never would expect that a trusted employee might commit fraud, yet every year numerous businesses are forced into bankruptcy due to fraud. Even when it isn’t that extreme, the Association of Certified Fraud Examiners’ 2014 Global Fraud Study revealed that the typical organization loses a median of 5% of revenues each year due to fraud. Employers can utilize the “fraud triangle” to monitor and identify factors in the lives of key personnel that can lead to fraud. The fraud triangle is … (read full article)