November 2016 Client Newsletter
Happy Thanks Giving
In the spirit of the season, we are grateful for the trusted relationships we share with all of our valued clients. Everyone at Guilmartin, DiPiro & Sokolowski is deeply thankful and extends our best wishes for a happy and healthy holiday.
Important Year-End Planning Information
Changes in 1099 Filing Deadline
Generally, the Forms 1099 must be filed by your business if you make total payments during the year of $600 or more to an unincorporated business (including self-employed individuals, LLC's and partnerships) for rent, services, fees, commissions, etc.
Penalties for Non-Compliance
If you fail to file a correct information return (Form 1099) by the due date (the forms are now due to the recipients and the IRS by January 31st) and you cannot show reasonable cause, you may be subject to a penalty. The penalty applies if you fail to file timely, you fail to include all information required to be shown on a return, or you include incorrect information on a return. The penalty also applies if you report an incorrect TIN or fail to report a TIN.
The penalty for failing to file a Form 1099 with the IRS has increased to $260 per form. There is an additional $260 penalty per form for failing to provide a vendor with a Form 1099.
Year-End Tax Planning Information
We are happy to provide helpful documents for Individuals and Businesses to understand recent tax law changes that offer new tax saving opportunities, as well as the many "time-tested" tax saving techniques that continue to apply.
Please call our office at 860-347-5689 before implementing any of the tax planning ideas outlined in the planning letters listed above.