W-2 Filing Deadline, PTIN Renewal Period, 2017 Pension Plan Limitations and more

by MICPA | Nov 01, 2016   ()

Reminder: Employers Face New Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15
IRS reminds employers and small businesses of a new Jan. 31 filing deadline for Forms W-2. The IRS must also hold some refunds until Feb. 15. READ MORE

PTIN Renewal Period Underway for Tax Professionals
More than 725,000 federal tax return preparers must renew their Preparer Tax Identification Numbers (PTINs) for 2017. All current PTINs will expire Dec. 31. Renew now at READ MORE

2017 Pension Plan Limitations: 401(k) Contribution Limit Remains Unchanged at $18,000
The IRS announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. Technical guidance detailing these items is available in Notice 2016-62. READ MORE

2017 Tax Benefits: Some Increase Due to Inflation Adjustments, Others Unchanged
IRS announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2016-55 provides detail on these annual adjustments. The tax year 2017 adjustments generally are used on tax returns filed in 2018. READ MORE

Streamlined Processing of Installment Agreements
The IRS is testing expanded criteria for streamlined processing of taxpayer requests for installment agreements. During the test more taxpayers will qualify to have their requests processed in a streamlined manner. The test runs through September 2017. READ MORE

How Does a Cybersecurity Engagement Compare to a Financial Statement Audit?
In this short video, Susan S. Coffey, CPA, CGMA, AICPA executive vice president for public practice, explains how a cybersecurity engagement differs from a financial statement audit and outlines other actions the AICPA is taking to address cybersecurity risk.

AICPA’s SSARS No. 23 Expands Application of Preparation, Compilation Standards 
A new standard issued by the AICPA’s Accounting and Review Services Committee (ARSC) makes financial statement preparation standards applicable to prospective financial information and makes compilation standards applicable to compilations of prospective financial information, pro forma financial information and other historical financial information. READ MORE

FASB Updates
FASB issued two proposed Accounting Standards Updates last week, including:

  • Technical Correction to Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities—Endowment Reporting 
  • ASU 2016-17—Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control.

Following the Money: The Government Audit Trail
You may remember from school civics class that Congress allocates the money that executive branch agencies use to carry out their work. But who makes sure these agencies are spending this money correctly? Find the answer to this (and other questions), in today’s GAO WatchBlog. READ MORE

From the Staff Lounge: How to Defuse Political Debates at Work
Talk around office water coolers may get out of hand with a highly polarizing election only a week away. An article from CGMA Magazine outlines strategies to help cool down heated political discussions at work. READ MORE

Source: MICPA
Source: MICPA

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