New Filing Deadline for Partnerships

As a reminder, the filing deadline for Partnership Tax Returns (Form 1065) has changed. The new deadline is March 15th. We are just 4 weeks away from this new deadline. If you have not already sent in your information to begin preparing your partnership return, please do so as soon as possible.

Identity Authentication Required to e-File 2016 State Income Tax Returns

Last year, many states implemented additional security measures to help combat refund fraud on electronically filed returns. One of these was to request taxpayers to provide their state issued ID details. For the 2016 tax year, our tax software is requiring authentication for all state filings as an enhanced security measure.

We wanted to let you know of this additional step as we will be requesting that information before we e-file your return. If possible, please provide a copy of your and your spouse’s (if applicable) identification when you bring in your tax return documents.

The following information for each taxpayer will be submitted with the electronic file to the state:

  • Driver's license number (or state issued ID card)

  • Issue date

  • Expiration date

  • Location of issuance (e.g. KS, MO, etc.)

2016 Tax Prep Engagement Letters

Partnership, S-Corp and C-Corp engagement letters will be going out this week. If you do not receive yours within the next week or if you have any questions, please feel free to contact us at any time.

Potential Changes to Kansas Law

The Kansas legislature is exploring possible resolutions to the current budget deficit. One of the proposals presented is the elimination of the tax exemption currently applicable to flow-through business income in the state of Kansas. If passed, this change could impact the 2017 tax year. We will keep you posted on any updates.

Upcoming Deadlines

Tuesday, February 28, 2017

  • File Forms 1096 with accompanying 1099-MISC with tax authorities if filing paper; electronically filed forms due March 31 (except for nonemployee comp which is due January 31)

  • Applicable Large Employers – File paper Forms 1094-C and 1095-C; all other providers file paper Forms 1094-B and 1095-B with the IRS (electronically filed forms may be submitted by March 31)

Wednesday, March 15, 2017

  • S Corps – File Form 1120S for calendar year, pay tax due, and provide K-1 to each shareholder(unless requesting an extension)

  • Partnerships – File Form 1065 for calendar year and provide K-1 to each shareholder (unless requesting an extension)

Friday, March 31, 2017

  • Electronically file Forms 1098, 1099, 1094 and 1095 with the tax authorities (exceptions if paper filing or if filing 1099-MISC to report nonemployee comp are due 2/28/17 and 1/31/17 respectively)

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    Cornerstone CPA Group, LLC

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

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    Main Phone: 913.381.8350 
    Fax: 913.381.7589