Altepeter Associates, LLC

This is certainly welcome news

As the article says, this primarily covers wealthier taxpayers, but some of the tips included can be useful for just about anyone.

The IRS is expanding its W-2 Verification Code program for the coming year, in a continued attempt to combat identity theft and the filig of bogus tax returns. The program began last year, when the IRS partnered with 4 major payroll service providers to add a 16-digit verification code on Forms W-2. This code was based on a formula devised by the IRS, based on data contained within the Form W-2, so that this verification code was known only to the IRS, the payroll service pr...ovider, and the individual whose W-2 was so coded. If tax returns filed with these Forms W-2 did not have this verification code entered in the tax preparation software being used, those returns were immediately flagged by IRS return processors, and rejected. Approximately 1.5 million W-2 forms were involved in the program last year. This year, the IRS is hoping to expand the program to approximately 50 million Forms W-2, which is about 20% of all W-2s filed. The goal is to have all Forms W-2 covered by this program by 2020.

In case you haven't heard . . . Some tax return due dates will change, starting next year. If the only return you file is your personal Form 1040, the changes in due dates won't affect you. But, if you file a partnership return, Form 1065, your new due date is March 15, rather than April 15, if you file on a calendar-year basis. If you're a partner in a partnership, that means you'll probably get your Schedule K-1 sooner than you have in the past.... If you file a corporate return, Form 1120, your due date next year is April 15, rather than March 15, if you file on a calendar-year basis. And if you file Forms W-2 for your employees, or prepare them for your company, those are now due to the Social Security Administration on January 31, rather than February 28. Most other due dates remain unchanged, but if you have any questions on how you might be affected, feel free to contact me.