December 15, 2016 - In This Issue:
GETTING READY FOR W2S AND 1099S
The IRS has changed the rules this year and businesses will be required to send out all Federal W2s, 1099-Misc and the government copies W3 and 1096 by January 31, 2016.  Previously the forms to the government were not required to be submitted until February 28th.  We have already received our forms delivery at CLN based on previous numbers of forms provided for the clients who will receive this service.  Please contact us if you need additional forms or if you have questions regarding the printing and mailing of your forms for 2016.  We are currently reviewing information in QuickBooks files and will email you if you need to request W9's from subcontractors or others in case we need to issue a year end form.

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CLOUD9 - TIME TO RENEW CONTRACTS
Contract Renewal Date - January 3rd, 2017

The Cloud9 annual contract renewal date is coming up and we've already received the initial proposal from Cloud9 Realtime.  I think you will be pleased to know that we do not anticipate a price increase at this time.  While the contract renewal date is January 3rd, we will impose a deadline for receipt of payment on December 30th, 2016.  Any contracts not paid by that time will expire on January 2nd, 2017 and you will be unable to access files in the cloud including QuickBooks.  We will be in touch with each of you within the next week to find out who will be renewing.  If you are not on our cloud server and are interested, please don't hesitate to call our office.
 
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IRS RAISES EXPENSING THRESHOLD TO $2500 FOR 2016

A notice was issued by the IRS in November 2015 advising that in an effort to simplify the paperwork and recording requirements for small businesses, they would raise the safe harbor threshold for for deducting certain capital items from $500 to $2,500 for 2016.  This would eliminate the need to capitalize computers, smart phones and many other small tools and equipment. Read IRS Notice
Cheryl Nance
                                               clnconsulting.com

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