**UPDATE: This post has been updated as of 12/22/16** As we approach year-end, there are a few important updates to filing deadlines and rate changes to keep in mind. Shirley Wu, CPA explains:

 

New filing deadline for forms W-2 and 1099:

Beginning with the 2016 forms (e.g. those filed in 2017), Form W-2 and Form 1099-Misc, for payments reported in box 7, must be filed with the Social Security Administration or IRS, respectively, by January 31, 2017 rather than the prior Read More >>

Kelly Linden, CPA gives a quick update on the IRS’s erroneous penalties:

 

 

The IRS announced that it’s working to resolve an error in which taxpayers that made payroll deposits after April 15th, 2016 but before April 18th, 2016 were issued failure-to-deposit penalties.

Because the deadline for employers to make payroll tax deposits was extended this year due to a legal holiday in the District of Columbia, a glitch caused some taxpayers to be incorrectly issued Read More >>