Kansas Department of Revenue Issuing Corrected Forms

Did you receive a 1099G form from the Kansas Department of Revenue? If so, you will soon receive a corrected document in the mail. This week the Kansas Department of Revenue discovered some of the 1099Gs sent out for the tax year 2016 listed the incorrect refund amount. Taxpayers who received a 1099G from the Kansas Department of Revenue should destroy the form and be on the lookout for a new form. The new forms will be marked CORRECTED on both the form and envelope and will be mailed no later than Monday, January 31st. For more information please refer to the notice posted by the Kansas Department of Revenue: Kansas to resend corrected 1099G forms Individual Organizers Have Gone Out Individ

Upcoming Deadlines

Tuesday, January 17, 2017 Individuals - Pay 2016 4th quarter estimated tax Tuesday, January 31, 2017 Paper or electronically file Forms W-3 and W-2 with the Social Security Administration (SSA) File Forms 940, 941, 943, 944 and/or 945 if you did not deposit all taxes when due File Form 1096 and 1099-MISC forms reporting nonemployee compensation with the tax authorities (all other 1099s are due February 28th by paper or April 2nd if filed electronically) Furnish Forms 1098, 1099 and W-2 to recipients (employees, vendors, etc.) Applicable Large Employers – provide Forms 1095-C to full-time employees; for all other providers, provide Forms 1095-B to responsible individuals Friday, February 10,

S-Corp Shareholder Insurance, OT Rules and Year-end planning

W-2 Reporting for S-Corp Shareholders If your business is an S-corporation that pays for or provides accident and health insurance premiums on behalf of any shareholder-employees with at least 2% or more ownership, make sure you are properly reporting these benefits when preparing your year-end W-2 forms. According to the IRS, these benefits must be included in taxable wages for income tax withholding purposes on the shareholder-employee’s Form W-2. The benefits are subject to federal income tax withholding, but are NOT considered wages subject to Social Security and Medicare taxes. The “above-the-line” health care deduction is still allowed on your personal return. Please remember, as part

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Cornerstone CPA Group, LLC

6420 West 95th Street Suite 202 
Overland Park, Kansas 66212

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Fax: 913.381.7589