Gary Gritz, CPA, Outlines 2017 Tax Filing Updates on New Tax Code
Tax season is approaching, and it’s not too soon for individuals, organizations and companies to take note of upcoming tax deadlines and changes to the Internal Revenue Service tax code. The changes came out for various reasons, from the increasing cases of tax fraud to the 2015 same-sex marriage ruling. Here are five things you should keep in mind for the upcoming tax season:
1. Tax filing deadlines. The first filing deadline for individual taxpayers is April 17, and the extended deadline is October 16, 2017. C-corporations (Form 1120) that follow the calendar year have until September 15, but corporations under a different fiscal year will need to check with the IRS for their filing deadlines. S-corporations (Form 1120-S) on a calendar year will continue to file by March 15, with an extension allowed to September 15, 2017.
2. Employer deadlines. The Protecting Americans from Tax Hikes (PATH) Act, enacted in 2015, includes a requirement that employers will now have one filing deadline of January 31 for all federal and Social Security Administration W-2s, with only one 30-day extension being allowed. Companies filing Form 1099-Misc and reporting amounts in Box 7: Nonemployee Compensation, will need to meet the new filing deadline, but those without amounts in Box 7 can follow the previous February 28 deadline for paper filings or March 31 for electronic filings.
3. Early filers may get their returns later. Taxpayers who like to file early may have to wait a little longer to get their tax returns. The PATH Act delays government returns for filers claiming the Earned Income Tax Credit or the Additional Child Tax Credit until at least February 15.
4. Same-sex couples. Married same-sex couples have been required to file their federal returns as married filing jointly since 2013, even if they lived in states that did not recognize gay marriage. However, many states with state income taxes that don’t recognize same-sex marriages still require same-sex couples to file as ‘single’ or ‘head of household’. Couples who work and live in Texas don’t need to worry about this, but readers in other states and couples who live and work in separate states should consult their state tax office to see if they need to change their filing status.
5. Health-care coverage penalty. All Americans are required to maintain essential health-care coverage or pay a penalty. In 2017 that amount will rise to the higher of 2.5 percent of your household income or $695 for each adult, or $347.50 for each child under 18.
There are many other changes, and the IRS has detailed them in one of its annual publications, which can be downloaded from bit.ly/2f4Ycqr as a PDF or as an article at bit.ly/2eUpBXi .
For more information contact Gary Gritz, CPA 230 Westcott, Ste 210, or call 713.784.3030.
Houston Fertility Specialists Welcomes Dr. Yanett Anaya
Houston native Dr. Yanett Anaya is the newest member of the skilled team of doctors at Houston Fertility Specialists—one of the longest-running infertility practices in the U.S.
Dr. Anaya earned her medical degree from the University of Texas Health Science Center at San Antonio and returned home to complete her residency in Obstetrics and Gynecology at Baylor College of Medicine. What’s more, she is board-certified in obstetrics and gynecology and is a Fellow of The American Congress of Obstetricians and Gynecologists (FACOG). Dr. Anaya is both proud and excited to provide fertility services to Houston’s growing LGBT community. Her special clinical interests include infertility, assisted reproduction, fertility preservation, polycystic ovarian syndrome, endometriosis, premature ovarian failure, and minimally invasive surgery. In her spare time, Dr. Anaya enjoys reading, traveling, and being with her family. She is also fluent in Spanish.
Dr. Anaya is currently accepting new patients at their Fannin and Katy locations. Visit fertilityspecialists.net or call 713.512.7900 for more information or to schedule an appointment.
Merlin Cavallin, CPA, Holds Grand Opening
Merlin Cavallin, CPA, P.C., an XpressCPA firm, celebrated its grand opening on December 1. Cavallin, a native Houstonian, returns to the city following a stay in Virginia, where he founded XpressCPA four years ago. With this new venture, Cavallin plans to dedicate many of his services to the LGBT community—including free tax advice for married couples filing jointly and how common-law marriage affects tax returns. “The community has given me so much, and I could not wait to return and give back,” says Cavallin. “I knew that I would have the opportunity to make the biggest impact right here at home in Houston.”
The firm is nationally recognized for specializing in QuickBooks services, tax preparation for both individuals and businesses, and consulting services. Cavallin will also offer free monthly “Business 101” workshops for small businesses and entrepreneurs starting in January 2017. “There is a special twinkle in an entrepreneur’s eyes that makes me light up,” Cavallin explains. “They’re the people for whom I founded this firm.”
Prior to his move to Virginia, Cavallin was involved with numerous LGBT community organizations, including Bunnies on the Bayou, Legacy Community Health, Bering Omega, Pride Houston, EPAH, and the Diana Foundation. “Most importantly, my goal is to make a difference!” Cavallin says. For more information, call 281.833.3302.
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