Early Due Dates for W-2, W-3 and Form 1099-MISC 

Employers face a January 31, 2018, due date for filing 2017 Forms W-2 and W-3 with the Social Security Administration. This date applies to both electronic and paper filers.

Form 1099-MISC is due to the IRS and individuals by January 31 when reporting non-employee compensation payments in box 7.

Penalties for failure to file correct information returns or furnish correct payee statements have increased and are now subject to inflationary adjustments. These increased penalties are effective for information returns required to be filed after December 31, 2015.

Form 1098-T Reporting Changes and Limited Penalty Relief for 2017 Returns 

Eligible educational institutions are required to report the total amount of payments received for qualified tuition and related expenses from all sources during the calendar year on Form 1098-T, Tuition Statement.

Announcement 2016-42 provides relief from penalties under Section 6721 and 6722 to 2017 Forms 1098-T. The IRS will not impose penalties on eligible education institutions that report the aggregate amount billed (instead of amount received) for qualified tuition and related expenses on 2017 Form 1098-T.

New presentations 

Review these informative StayExempt videos:

Reasonable Cause – Focuses on reasonable cause for abating first-tier excise taxes imposed on private foundations. Examples included.

    • Self-Dealing Exemption – Discusses self-dealing under Code Section 4941 and the exception for compensation to disqualified persons.
    • Disqualified Persons: Private Foundations – Covers Section 4946, which addresses disqualified persons with respect to a private foundation.
    • Disaster Relief: Existing Organizations – Discusses requirements for established disaster-relief organizations.