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|Posted on January 3, 2018 at 9:20 PM||comments (1)|
The PATH Act includes a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by January 31. This deadline also applies to certain Forms 1099-MISC filed with the IRS to report non-employee compensation to independent contractors. Such payments are reported in box 7 of this form.
This deadline makes it easier for the IRS to verify income that individuals report on their tax returns and helps prevent fraud. Failure to file these forms correctly and timely may result in penalties. As always, the IRS urges employers and other businesses to take advantage of the accuracy, speed and convenience of filing these forms electronically.
|Posted on January 3, 2018 at 9:10 PM||comments (0)|
Not extended for 2017:
A few provisions expired at the end of 2016 and were not extended for 2017. They include:
Tuition and Fees Deduction – the deduction that was previously on line 34 is no longer available. A portion of qualified education expenses are still allowed as a credit through the American Opportunity Credit and the Lifetime Learning Credit.
Cancellation of Debt Home Mortgage Exclusion – originally for acquisition indebtedness of up to $2,000,000, cancellation of debt income was excluded from gross income. Unless it is excluded for another reason (such as bankruptcy or insolvency), cancellation of debt related to foreclosures on a home is included in income.