- Employers and those of you who are required to provide IRS Form W-2s, the deadline for filing these forms with the Social Security Administration (with Form W-3) is February 28, 1999. Maryland employers: the deadline for filing Form MW508 (Annual Employer Withholding Reconciliation Report) with the State’s copies of each employee’s Form W-2 is February 28, 1999.Persons required to provide IRS Form 1099s, the deadline for filing these forms with the IRS (with Form 1096) is February 28, 1999.
- Businesses with calendar year tax reporting requirements that are required to file Forms 1120 and 1120S, you are required to file these forms with all attachments by March 15, 1999 or apply for an extension. Related State tax returns or extensions are generally due at the same time.
- New Internal Revenue Code Section 7525 extends the common law protections of attorney-client privilege to taxpayers and their federally authorized practitioners for advice given within the scope of a practitioner’s authorized practice area as subject to Federal regulation under 31 U.S.C. § 330.
- A few new inflation adjustments or carry-overs for 1999:
- Self employment income and wages subject to Social Security tax will increase to $72,600 of your earned income in 1999. All earned income remains subject to the Medicare tax.
- The Unified Credit for gift and estate taxes increased to $211,300 for 1999.
- FYI Tax Exempt Organizations: The IRS has issued a new publication 3079 for tax-exempt organizations providing general information on tax exemption, unrelated business income tax, record keeping, filing requirements and provides examples of the type of record keeping required for tax exempt organizations conducting bingo, pull-tabs, and other games of chance. Publication 3079 titled Gaming Publication for Tax-Exempt Organizations is available by calling 1-800-829-3676 or over the Internet at www.irs.ustreas.gov.