Mike Blanski 1-18-17

Mike talked about some changes in tax law for 2017. Many due dates are changing for businesses. C Corp returns are now due April 15th instead of March 15 and Partnerships & LLCs are moving back a month to March 15th.Fincen 114 are due April 15th instead of June 30 and W2 and 1099-MISC statements are due Jan 31st instead of February 28th.

The IRS is having trouble with Identity theft and fradulent returns and is implementing a system where you will have to validate your identity with a PIN number. Refunds are expected to be delayed due to this. Remember that the IRS will not call you for audits. These are scam organizations.

More scrutiny is being placed on Schedule C filers for evidence that they are not just a hobby as well as cash and non-cash donations so make sure you have the proper documentation.

Give Mike a call if you have IRS trouble because they can now revoke your passport if you owe money.

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