New Form I-9 for Employment Eligibility Verification, Effective 1/22/2017

BY Bernie Hull

Congress passed the IRCA (Immigration Reform and Control Act) in 1986, which required the use of the Form I-9 to verify identity and employment authorization for all new employees, including U.S. citizens hired after November 6, 1986. New hires are required to complete this form within three (3) business days of the date of hire. Employers are required to retain the completed Forms I-9 for all employees, as long as the individuals work for the employer and until one year after the date the employment is terminated or three years after date of hire, whichever is later.

On November 14, 2016, USCIS (U.S. Citizenship and Immigration Services), published a revised version of the Form I-9. Employers must begin using the new version by January 22, 2017.  The form has been modified to make it easier to complete on a computer, including prompts to ensure information is entered correctly and drop down lists and other enhancements.

You may obtain a copy of the new form (paper version and fillable PDF version) and a copy of the Handbook for Employers—Guidance for Completing Form I-9 (publication M-274) at the official website www.uscis.gov/i-9.  There is no fee to obtain these forms via this website.

Preparing Your Business for New Filing Deadlines

BY Robert Sorensen

In July of 2015, President Obama signed into law a new Highway Funding Bill. Section 2006 of that bill modifies the tax filing due dates for tax years beginning after December 31, 2015. The filing deadlines for a variety of entities, including partnerships and C corporations, will change.

As a business owner, it is important to be aware of the new filing deadlines to make sure you are submitting tax returns timely. The following two questions will determine your due date:

  1.  What entity is your business considered?
  2.  When is your tax year end date?

The new due dates are effective for tax years beginning after December 31, 2015 with the exception of C Corporations with fiscal years ending on June 30 (new due dates for June 30 year ends will go into effect for returns with taxable years beginning after December 31, 2025).

We have highlighted below some of the major changes. For a complete list of new due dates, please refer to our giveaway this month, a copy of the AICPA’s resource which includes a list of all original and extended tax return due dates.

Return Type Prior Due Dates New Due Dates
Partnership (calendar year) April 15 March 15
S Corporation (calendar year) March 15 No change
C Corporation (calendar year) March 15 April 15
FinCEN Report 114

(Replaces FBAR return)

June 30 April 15
Individual Form 1040 April 15 No change
 

Extension Modifications for Calendar Year Filers

Form Extension
1065 6 Months
1041 5 ½ months
5500 3 ½ months
990 6 months
3520-A and 3520 6 months
FinCEN report 114 6 months
 

Extension Modifications for C Corporations

June 30 FYE 7 months
December 31 FYE 5 months
All other FYE’s 6 months
After 12/31/25 All revert back to 6 months

Will individual tax filers be affected by the new due dates?

Yes, those who file foreign bank account reports will notice a change. The due date for FBARs will move from June 30 to April 15. FBAR filers are also applicable to receive a six-month extension, similar to tax returns.

 Trust Returns

The extension dates for trust returns are receiving an extension. Trust returns are still due in April, but the extension will change from September 15 to September 30.

You will want to review your return-filing procedures and determine what changes need to be made to comply with the new dates. The professionals in our office can help you understand how this will affect your business; call on us today.

Bauman Associates Launches New Website: baumancpa.com

BY Bauman Associates

New website features key tools and resources for accounting, taxes and business consulting.

Eau Claire and Hudson, WI – February 23, 2016:  Bauman Associates is pleased to announce the launch of their new website, baumancpa.com. This website was developed to better meet the needs and expectations of the firm’s clients, employees and friends. Featuring responsive design, the site is viewable on any mobile device.

“Our clients need easy access to the right information to run their business on their time,” said Managing Principal John Satre. “This new site makes accessing that information easier and fulfills our promise to be accessible to our clients.”

Special features were developed to meet the needs of Bauman clients and keep them informed. Highlights include:

  • Tax and accounting alerts
  • Industry insights and community news
  • Easy access to partner information from any page of the site
  • Calculators and links
  • Business guides

In addition, Bauman’s tax and accounting alerts, industry insights, company announcements and seminar information will be shared both on our website and through our newsletter and e-communications.

About Bauman Associates, Ltd

Bauman Associates was founded in 1947 as a certified public accounting firm and has offices in Eau Claire and Hudson, Wisconsin.  The firm provides multi-discipline professional services to businesses and individuals including business consulting; technology training; human resource consulting; tax strategy, planning and preparation; accounting and auditing services; and estate, trust and retirement planning. For more information, visit www.baumancpa.com or call 888‐952‐2866.

CPA Firm Bauman Associates Announces 3 New Principals

BY Bauman Associates

Eau Claire and Hudson, WI – November 23, 2015:  Bauman Associates is pleased to announce the promotion of Eric Davidson, Nathan Kalepp and Travis Schneider to Principal. All three individuals have been with the firm for several years and play an important role in the delivery of services to our clients and the leadership of our firm.

Eric and Nathan will serve as Principals in the Eau Claire office and Travis will be the Principal leading the Hudson office.

“We believe that developing great people is critical to the success of our firm and our clients.  We want to commend and congratulate these individuals for all of their hard work,” stated Managing Principal John Satre.

About Bauman Associates, Ltd

Bauman Associates was founded in 1947 as a certified public accounting firm and has offices in Eau Claire and Hudson, Wisconsin.  The firm provides multi-discipline professional services to businesses and individuals including business consulting; technology training; human resource consulting; tax strategy, planning and preparation; accounting and auditing services; and estate, trust and retirement planning. For more information, visit www.baumancpa.com or call 888‐952‐2866.

Bauman Associates Announces Expansion of Hudson Office

BY Bauman Associates

Hudson, WI – November 23, 2015: Bauman Associates plans to expand its Hudson office by combining employees from its neighboring River Falls office. According to Managing Principal John Satre, this move will help the firm better serve clients in both the River Falls and Hudson markets.

By combining the River Falls and Hudson teams in one location, clients of both offices will benefit from larger client service teams and broader industry expertise. Additionally, consolidating the two offices into one will also help the firm to reduce overhead costs and allow the firm to maintain its competitive billing rates.

By December 1st, the firm plans to close its River Falls office and relocate all of these employees to its Hudson office. The address for the Bauman Associates expanded Hudson office will remain the same: 816 Dominion Drive, Suite 201, Hudson, WI 54016. The office main phone line is 715.386.8181.

About Bauman Associates, Ltd
Bauman Associates was founded in 1947 as a certified public accounting firm and has offices in Eau Claire and Hudson, Wisconsin. The firm provides multi-discipline professional services to businesses and individuals including business consulting; technology training; human resource consulting; tax strategy, planning and preparation; accounting and auditing services; and estate, trust and retirement planning. For more information, visit www.baumancpa.com or call 888-952-2866.

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