What the SBA's New Quality of Earnings Requirement Means for Business Acquisitions
The SBA's new SOP 50 10 8.1, effective October 1, 2026, adds a formal Quality of Earnings (QoE) requirement to certain SBA-financed acquisitions...
1 min read
Teresa Radermacher, CPA
:
December 30, 2019
January 13, 2017 — As a reminder to employers and small businesses, there is a new filing deadline for Form W-2 reporting wages and 1099-MISC reporting non-employee compensation in box 7. This new deadline was enacted by the PATH Act to make it easier for the IRS to verify the legitimacy of tax returns and properly issue refunds to taxpayers eligible to receive them. In many instances, this will enable the IRS to release tax refunds more quickly than in the past.
Beginning with the 2016 forms (those filed in 2017), Form W-2 and Form 1099-MISC (box 7, non-employee compensation) must be filed with the Social Security Administration or IRS by January 31. In the past, employers typically had until the end of February, if filing on paper, or the end of March, if filing electronically, to submit their copies of these forms. Employees and payees must still receive their copies of the forms by January 31. Also, beginning with the 2016 forms, only one 30-day extension to file Form W-2 is available. However, this extension is not automatic.
If you have further questions, you can call Teresa Radermacher at 651-407-5841 or reach her at tradermacher@redpathcpas.com.
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