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Hi there,

With the 1099-MISC and W-2 filing deadline less than three weeks away, you may be starting to feel nervous.

Don't Panic!

You still have plenty of time to file to the IRS,SSA, and state agency (where applicable) and send copies to your recipients. As the deadline approaches, here are a few reminders:

Remember Your Three Filing requirements:

  1. File to the fed (IRS or SSA) – you must e-file if you are filing 250 forms or more
  2. Send recipient copies
  3. File to state agency (where applicable)

Keep reading for all the information you need to have a successful year end this year!

 

Tax Deadlines for 2018

Upcoming Deadlines

Know Your Deadlines:

In 2017, for the 2016 tax year, the IRS and SSA changed the 1099-MISC and W-2 reporting deadlines to increase compliance and prevent fraud. To further complicate matters, the new filing deadline, as it relates to Form 1099-MISC, only impacts filers reporting nonemployee compensation payments in box 7.  

Deadlines and requirements vary by state and form type. Yearli by Greatland has an excellent Deadline Calculator that will tell you the federal, state and recipient deadline of the most common year-end forms for the current reporting year.

Here's a quick run-down on the federal level:
2017 Tax Filing Deadlines.png

 

How to Close Your Books in TOPS

Closing the Books in TOPS

Get Your Accounting Right:

As a full-function accounting program, TOPS allows you to close out the General Ledger for each fiscal or calendar year. While closing your year is not mandated by law, it is highly recommended that you complete this process. Closing the year can help prevent transactions from being posted to dates in which no further transactions are allowed. It can accommodate for comparative reporting between years and budgets; and for communities in states requiring regular auditing, closing the books can significantly ease the time and expense of the audit.

We've got all the details on how to perform the necessary steps in all TOPS products, as well as answers to the most commonly asked questions our support team gets regarding the year-end process.

 

A CPA explains how the new tax law affects community associations

Tax Cuts and Jobs Act

Learn Your Options:

The Tax Cuts and Jobs Act that was passed by both the House of Representatives and the Senate, and was signed into law by the President on December 22, 2017, will have an impact on Common Interest Realty Associations (CIRAs) for taxable years beginning January 1, 2018.

James Ernst, CPA, explains what you need to know, and what decisions your community association boards will need to make about the way they file.

 

Close to deadline? Don't miss it or you will face penalties.

What Happens if Your Business Doesn't File On Time?

Beware the Penalties:

We know you won’t intentionally miss a filing deadline, but it’s important to understand what can happen if you don’t file. There are penalties in place for businesses who do not file W-2s and 1099s on time or who do not furnish correct payee statements.

But not to worry! Even if you don't make it to the mailbox in time, you can still efile. TOPS has partnered with Greatland by Yearli to make e-filing possible with your TOPS data, no matter which version of TOPS you use! 

 

Join un Jan 17th for a 1099 webinar

Join the Webinar!

Wednesday, January 17, 2018

2:00-3:00pm, EST

Get the Answers You Need:

Have questions or not sure whether you need to file 1099-MISC forms? Join TOPS and Greatland on January 17th to get all your questions answered! Plus, we'll show you how you can easily efile with your TOPS data using the Yearli integrations to TOPS Professional, iQ and [ONE]!

 

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Find Help When You Need it Most

Year End is a busy time of year for everyone, including our own Client Services team, pictured here, looking rested and ready for busy season. Please be patient, as every TOPS client is going through year-end processing, the same as you. If you need immediate assistance, we recommend using the following support channels:

TOPS [ONE]: support.topssoft.com
TOPS Pro/iQ: help.topssoft.com