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What’s New in Tax Year 2016

New filing date.

IRS Form 1099-MISC must be electronically filed on or before January 31, 2017 if you are reporting non-employee compensation in Box 7.  You have to print and mail Copy B to the recipient AND electronically transmit your data to the IRS by January 31, 2017 which is a very quick deadline.

If you report data on any other box such as rents (Box 1), royalties (Box 2), other income (Box 3) for IRS Form 1099-MISC, you must print and mail Copy B to the recipient by January 31 but you can paper file by February 28, 2017 or electronically file by March 31, 2017.  The original due dates still apply if you are not reporting data in Box 7.

Extended due dates for certain forms.

Copy B must be printed and mailed by January 31, 2017 which this year lies on a Tuesday.  Forms 1099-B, 1099-S and 1099-MISC (if amounts are reported in Box 8 – Substitute payments in lieu of dividends or interest or Box 14 – Gross proceeds paid to an attorney can be printed and mailed by February 15, 2017.

New Forms 1099-QA and 5498-QA

ABLE stands for Achieving a Better Life Experience.  The ABLE Act signed in 2014 allows disabled individuals (and their families) to create tax-advantaged accounts to save for education, housing and transportation.  The purpose of an ABLE savings account is to support individuals with disabilities to maintain health, independence and quality of life.

IRS Form 1099-QA reports Distributions From ABLE Accounts.  IRS Form 5498-QA reports ABLE Account Contribution Information.   Both forms are new, required forms for tax year 2016.  Forms 1099-QA and 5498-QA can be filed on paper only, regardless of the number of returns.

New Online fillable forms.

The following information returns:

1099-CAP, Changes in Corporate Control and Capital Structure
1099-LTC, Long-Term Care and Accelerated Death Benefits
1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
5498-ESA, Coverdell ESA Contribution Information
5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information

are now, free, fillable PDF forms.  You can use the fillable PDF to print Copy B and mail to the recipients.  You can print and mail a black and white Copy A with Form 1096 (the 1096 still has to be on red-ink) to the IRS.  You can must electronically file these forms if you are filing 250 or more of a form type per year.


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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

If you have any questions or comments about our software, feel free to contact us at any time.

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