JPS Shareholder & Vice-President of Taxation Services Mickey Dale and JPS Shareholder Rollin Groseclose presented on 2016 tax changes and upcoming possibilities during UNCA Family Business Forum’s ‘Closing The Legal & Tax Gap’ held at UNCA on December 1, 2016.
Approximately 35 local business owners with family-held interest attended the meeting to learn about updated tax laws and gain a perspective on Congress and President-Elect Donald Trump’s current tax proposals, as well as hear from two local attorneys regarding branding and DOL overtime pay rules.
Topics discussed included new filing dates such as:
~ W-2 and 1099 now due January 31, 2017
~ calendar year partnership returns due March 15, 2017
~ calendar year C corp returns due April 15, 2017
~ FinCEN Form 114 (FBAR) due April 15 with a 6 month extension available.
They also discussed new tax laws on service contracts and RMI services. Some laws are effective March 1, 2016 while others begin January 1, 2017. In light of Trump and Congress’ tax proposals and depending on one’s personal financials, there was discussion that one may consider deferring income to 2017 and accelerating deductions to 2016. As always, JPS recommends talking with an accountant to ensure the best steps to take for your needs.
If you’d like to learn more about upcoming tax change effects’ upon you & your business, contact JPS.
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