NewsFlash Nov. 03, 2016

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New Law Sets Jan. 31 W-2 Filing Deadline
Some Refunds Delayed Until Feb. 15
IRS Tax Tips

A new federal law moves up the W-2 filing deadline for employers and small businesses to Jan. 31. The new law makes it easier for the IRS to find and stop refund fraud. It also delays some taxpayer refunds. Those taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax Credit won’t see refunds until Feb.15, at the earliest.

Here are some key points to keep in mind:

  • Protecting Americans from Tax Hikes (PATH) Act. Enacted last December, the new law means employers need to file their copies of Forms W-2 by Jan. 31. These forms also go to the Social Security Administration. The new deadline also applies to certain Forms 1099. Those reporting nonemployee compensation such as payments to independent contractors submitted to the IRS are due Jan. 31. Employers have long faced a Jan. 31 deadline in providing copies of these forms to their employees. That date won’t change.
  • Different from past deadline. Employers normally had until the end of February, if filing on paper, or the end of March, if filing electronically, to send in copies of these forms. The IRS is working with the payroll community and other partners to spread the word.
  • Helps stop fraud or errors. The new Jan. 31 deadline will help the IRS to spot errors on returns filed by taxpayers. Having these W-2s and 1099s sooner will make it easier for the IRS to verify legitimate tax returns and get refunds to taxpayers eligible to receive them. The changes will allow the IRS to send some tax refunds faster.
  • Some refunds delayed. Certain taxpayers will get their refunds a bit later. By law, the IRS must hold refunds for any tax return claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15. This means the whole refund, not just the part related to the EITC or ACTC.
  • File tax returns normally. Taxpayers should file their returns as they normally do. The IRS issues more than nine out of 10 refunds in less than 21 days. However, some returns may need further review. Whether or not claiming EITC or ACTC, the IRS cautions taxpayers not to count on getting a refund by a certain date. Consider this fact when making major purchases or paying debts.

Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers may need their Adjusted Gross Income amount from a prior tax return to verify their identity. They can get a transcript of their return at www.irs.gov/transcript.

Share this tip on social media -- #IRStaxtip: #New Law Sets Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15. http://go.usa.gov/xkF7c #IRS


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The Latest: Hurricane Tax and Other Reliefs

The FICPA continues stand with its members and to provide timely updates of relief measures. Access our complete coverage and the latest storm-related updates here. Members also can follow us on social media and join the discussions on Federal Taxation, State Tax or other Connect community groups. Learn more here.


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New IRS e-Services Authentication Process Requires Re-registration
journalofaccountancy.com

The IRS notified tax practitioners and taxpayers who use many IRS e-services that it is strengthening the authentication process for identifying users and that the new, more stringent procedures will require existing users to re-register. Oct. 24 is the target date for the start of re-registration (IRS website, “Important Update About Your e-Services Account” (9/22/16)).

Any current e-account holder is affected, which the IRS said includes:

  • Electronic return originators
  • Return transmitters
  • Large business taxpayers required to e-file
  • Software developers
  • Health care law insurance provider fee/branded prescription drug filers
  • Health care law information return transmitters/issuers
  • Reporting agents
  • Not-for-profit (Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), and Low Income Taxpayer Clinic (LITC)) users
  • States that use Transcript Delivery Service
  • Income Verification Express Service (IVES) participants

To read the full article, click here.


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Jacobs Reports on FICPA Audit

Audit Committee Chair Tarsha Jacobs recently provided an update on the year-end audited financial statements and management letter. Jacobs reported the FICPA audit performed by WithumSmith+Brown for the year ended June 30, 2016 is complete, and that the FICPA received an unqualified opinion; clean report with no management comments.

The FICPA team thanks you for your continued support of the FICPA. We look forward to serving you and the profession as we move into next year.

To access a copy of the audit report, click here.


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FCT Is In the Mail!

The November/December Business Technology issue of Florida CPA Today (FCT) is in the mail to members. This issue’s cover story is “It Tools for CFPs: Moving Beyond Excel.” Also included are technical articles titled “Email Phishing: Know the Enemy,” ‘Managing the Four Cornerstones of Data Security” and “Using a Layered Cyber-security Approach.”

Please read the President’s-Chair’s Message for a summary of the FICPA’s efforts related to disaster relief in the aftermath of Hurricanes Hermine and Matthew. And check out pages 16-19 for an article highlighting FICPA member firms, as well as individual members, who’ve contributed to the Florida CPA Political Action Committee.

Thank you for your FICPA membership, and happy reading!

“Thumb” through the online version.

 


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Free CPE Opportunities for FICPA Members

As an FICPA member, you can take advantage of four free online CPE opportunities this month. Earn up to five credit hours at no cost to you. Don’t let them pass you by – register today!*

  • Hurricane Matthew: Getting Started with Recovery (2 TB)
    Nov. 10, 2016

Do you have clients that were affected by Hurricane Matthew? This webinar will take you through the 7508A filing delay to preparing returns for taxpayers with casualty losses. 

Join instructor Gerard H. Schreiber Jr. to get an update and review of the information you need to prepare returns for taxpayers affected by Hurricane Matthew and assist clients with other recovery matters.

Register Now

  • HSA Participation & Contribution (1 TB)
    Nov. 10, 2016

Enrollment numbers in HSAs are on the rise. This interactive one-hour program will provide an overview of Health Savings Accounts (HSAs) and show how they can provide significant advantages with health costs before and after retirement. 

Join instructor Ron Lang, CMA to learn the benefits of HSAs in order to advise your clients and employees accordingly.

Register Now

  • FICPA Post-Election Briefing (1 TB)
    Nov. 14, 2016

In this webcast, participants will be provided an in-depth overview and analysis of Florida's 2016 elections. We'll discuss Florida's ever-changing political landscape, key elections throughout the state, and the big takeaways from our guest presenters. 

Join Andrew Wiggins, Florida Chamber Senior Director of Campaigns and Elections; Jennifer Green, Liberty Partners of Tallahassee President; and Justin Thames, FICPA Director of Governmental Affairs on Nov. 14, 2016.

Register Now

  • Why Diversity & Inclusion are Good for Business (1 BE)
    Nov. 17, 2016

Learn how companies are using inclusion and diversity to create a competitive advantage through talent acquisition, development, retention and more. 

Dr. Shirley Davis will describe the unique challenges and opportunities of the multigenerational workforce and the strategies necessary to lead each generation and bring harmony to your organization.

Register Now

Check back soon for more free CPE opportunities from the FICPA – it’s our way of thanking you for being a member!

Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org

* This course is free to members of the Florida Institute of CPAs (FICPA) as part of their member benefits package. Non-members will be charged a fee to attend. 


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University of Florida Accounting Conference (19.5 CPE) and Simulcast (16.5 CPE)
Nov. 10-12, 2016
Gainesville and Online

This conference is a yearly favorite, and we don’t just mean for Gator fans.

The University of Florida (UF) Accounting Conference owes its dedicated following to a solid lineup of leading instructors presenting on today’s hot topics. Our Conference Committee worked hard to secure keynote speakers who discuss the economy and what’s new from the FASB. CPAs seeking A&A credit will find up to 12 hours on our agenda sessions on auditing, SSARS, data privacy, forensic accounting and more. Those unable to attend in person can earn online with the Simulcast.

If you join us in person, we encourage you to stay for Saturday morning sessions revealing the business side of UF’s athletics, and head over to The Swamp to watch the football matchup between the Gators and the South Carolina Gamecocks.

If you’ve never been to this conference, you can save $100 on your registration by using promo code NEWUF16 at checkout.* Your company’s young CPAs can save $230 by using promo code YCPAUF16 during registration.**

Register to Attend in Person | Register to Attend Online | Learn More
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org

*Promo code offer valid for first-time University of Florida Accounting Conference attendees, applies to in-person or simulcast registration and does not apply to non-member fees. Discounts cannot be combined with other offers or applied to prior purchases/registrations.
**Promo code offer valid for Young CPAs (age 36 and under) attending the University of Florida Accounting Conference, applies to in-person or simulcast registration and does not apply to non-member fees. Discounts cannot be combined with other offers or applied to prior purchases/registrations.


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Accel at the Capitol: Florida's Young CPA Leadership Forum
Jan. 12-13, 2017
Tallahassee

 

You’ve heard it – as a CPA, you need to position yourself as the trusted advisor. Your profession is undergoing a transformation of its value proposition, and you’re at the forefront.

Join us for Accel at the Capitol, Florida's Young CPA Leadership Forum. It’s your chance to expand your network and meet the FICPA's Governmental Affairs team – as well as senators and representatives and the CPAs serving in the legislature – while earning up to eight CPE credits. Renowned leadership coach Dan Griffiths, CPA, CGMA, will show you how to capitalize on the profession's monumental shifts while giving your career a boost.

Don’t wait too long to secure your seat – only 50 seats are available for FICPA members who are 35 and younger. Register now to join us in Tallahassee from Jan. 12-13, 2017, and reserve your hotel room by Dec. 16, 2016 to receive our special rate!

Register Now | Learn More
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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The Anticipatory Organization Model

 

The FICPA has partnered with the Business Learning Institute to bring you The Anticipatory Organization model, a powerful online learning system for leaders, emerging leaders, managers, planners and sales teams. You can use this model to:

  • Know What's Next

Hard trends are certainties. They will happen, regardless of your actions. Soft trends might happen – and you can influence them. An organization that can identify certainties and future disruptions will be better poised for success.

  • Develop Opportunities

Every hard trend provides an opportunity. The question is whether you'll be there to capitalize on it. The Anticipatory Organization model helps you pre-solve predictable problems to identify and act on game-changing opportunities.

  • Shape the Future

Your view of the future shapes the decisions you make today. And the decisions you make will shape your future. This is your FUTUREVIEW®, and it is a powerful force in shaping the future of both organizations and individuals. The Anticipatory Organization model reveals the power of your FUTUREVIEW® and teaches you to use hard trends to elevate your plans and realize the business you envision.

  • Accelerate Success

When your entire team shares a common FUTUREVIEW® that's based around the certainty of hard trends, it drives your organization's strategic velocity and accelerates success.

Learn the skill of anticipation. Read more about the program and register today.

Register Now | Learn More
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


Look for the next issue of FICPA NewsFlash Nov. 17, 2016.

Comments or Suggestions?

We are interested in your comments or suggestions. Please email communications@ficpa.org.