Contact Us: 716-634-1100

NEW DUE DATES FOR CERTAIN TAX RETURNS

January 3, 2017

Below is a list of the new federal and New York due dates generally applicable for 2016 tax returns (2017 filing season).

March 15 (Extensions Until Sept. 15)

  • Form 1065, U.S. Return of Partnership Income; and
  • Form 1120S, U.S. Income Tax Return for an S Corporation.

Note: This is the due date for the tax return and also for the Schedules K-1 that the entity must provide to its owners.

April 15 (Extensions Until Oct. 15, Unless Noted Below)

  • Form 1040, U.S. Individual Income Tax Return;
  • Form 1041, U.S. Income Tax Return for Estates and Trusts (extensions until Sept. 30);
  • Form 1120, U.S. Corporation Income Tax Return (extensions until Sept. 15)
  • FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)

May 15 (Extensions Until Nov. 15)

  • Form 990, Return of Organization Exempt From Income Tax

July 31 (Extensions Until Oct. 15)

  • Form 5500 for employee benefit plans.

TAX ORGANIZERS

January 3, 2017

We have started mailing out the 2016 income tax organizers to individual clients. We believe the tax organizer will not only assist you in organizing your records as it contains a questionnaire that acts as a “memory jogger” and it shows the amounts reported on your previous year’s tax return, but it will also assist us in streamlining the flow of tax returns in our office and will allow for better follow up questions and quicker turn-around time for completed returns.

If you have not received your organizer by January 20, 2017, please let us know. As always, we are available for questions you may have about the organizer and information you have received from third parties that may or may not be applicable to your tax return.

It is essential that you submit all of your tax information to us BEFORE APRIL 1, 2017. If information is received after this date, we may have to file an extension and additional fees may be imposed.

INCREASED MINIMUM WAGE AND SALARY REQUIREMENTS

December 31, 2016

As of 12/31/2016, the basic minimum wage increased to $9.70 per hour and the fast food minimum wage increased to $10.75 per hour in most of New York State.

As of 12/31/2016, the minimum salary for exempt executive and administrative employees in upstate New York increased to $727.50 per week ($37,830 annually).

There are different minimum wage rates for Long Island, Westchester County, and large and small employers in New York City.

The nationwide preliminary injunction blocking the new overtime rules that would increase the minimum salary for exempt employees to $913 per week (described below) is still in effect.

Preliminary Injunction

November 23, 2016

Yesterday a Federal Judge in Texas issued a nationwide preliminary injunction blocking the new overtime rules scheduled to take effect on December 1. These rules would have increased the minimum salary for most exempt employees to $47,476.

The decision indicates that it is likely the Judge will ultimately issue a permanent injunction.

It remains to be seen whether the Trump administration would appeal this action.

We will keep you informed as to all further developments.

New Overtime Rules

The Fair Labor Standards Act (FLSA) requires that employers pay eligible non-exempt employees an overtime premium of at least 1.5 times their regular rate of pay for hours worked over 40 in a work week. Now, the U.S. Department of Labor (DOL) has extended overtime protections to far more employees by approving a revision to the federal overtime regulations, and an increase to the salary threshold for the executive, administrative, and professional white-collar exemptions from the overtime provisions.

Effective December 1, 2016, the weekly salary threshold doubles from $455 ($23,660 annually) to $913 ($47,476 annually), for the executive, administrative, and professional white-collar exemptions under the FLSA.

Certain types of businesses that tend to have a significant number of exempt managers who currently make more than $23,660 annually, but less than $47,476 annually — such as restaurants, daycare facilities, manufacturers, and retailers — could be affected most by the rule. Due to this new rule, businesses may face increasing payroll costs and the potential for expanded recordkeeping requirements for certain employees. Please contact us so that we can help you address these rules.

Welcome New Partner

Bronsky & Company is pleased to announce that David K. Hanley, CPA, CFE, MBA has joined the Firm as a partner with an expertise in merger and acquisition and asset based lending due diligence, forensic accounting services, business interruption insurance claim services, and profitability analysis. He has experience in various industries including, but not limited to, manufacturing, technology, telecommunications, natural resources and metals, distribution, retail, and healthcare.

Announcing A New Strategic Alliance

Bronsky & Company announces that it has entered into a strategic alliance with Michael Brummer & Associates Consulting (MBA). The ability to integrate the long-standing, successful turnaround consulting of MBA with Bronsky & Company’s proven track record of excellence in auditing and field examinations will provide the marketplace with a combination of skills and experience that is expert as well as highly efficient!

Visit Michael Brummer & Associates