Important Changes to the Withholding Tax Laws

Our Payroll and Record Services department recently received the following notification from the Vermont Department of Taxes. If you require assistance with tax planning, payroll or record keeping services please contact you local Yankee Farm Credit office.


Chazy, NY  518-846-7330/800-545-8374
Derby, VT  802-334-8050/800-370-2738
Middlebury, VT  802-388-2692/800-545-1169
St. Albans, VT  802-524-2938/800-545-1097
White River Jct., VT  802-295-3670/800-370-3276

The Vermont Department of Taxes wants to make you aware of important changes to the withholding tax laws that may affect your business.

W-2 Due Date
Forms W-2, 1099, and WHT-434, Annual Withholding Reconciliation, are now due on or before January 31 of every year. This change moves the due date from February 28. The new January due date will greatly help the Department detect and stop fraudulent income tax filings, protect taxpayer dollars, and help to shorten the refund raeview process. It is important to note that the annual reconciliation filing in myVTax will not be available until early January of 2017.

Payment frequency law change
Vermont’s law regarding payment frequency has been updated to follow the federal rules. Your payment frequency (i.e., semi-weekly, monthly, or quarterly) for Vermont withholding should now be the same as your withholding payment frequency with the IRS. If your IRS filing frequency changes or the Department does not currently have you on the correct frequency, please notify us by mail or email.

If you have any questions regarding your account, please contact us at the number listed below during regular business hours.

Vermont Department of Taxes	Phone:   (802)828-2551
Taxpayer Services Division	Fax:       (802)828-5787
Business Tax Section	Email:    tax.business@vermont.gov

New 2017 Partnership Tax Return Deadline!

NEW TAX CHANGE FOR THIS YEAR!! The partnership 1065 tax return for the 2016 tax year is now due on March 15^th for 2017 and beyond.  The deadline previously was April 15^th.  The deadline has been changed to allow partnerships ample time to disseminate the schedule K-1 information form to their partners in a timely fashion. The schedule K-1 form reports the partner’s share of the partnership’s income, deductions and credits.  Partnerships must have the Schedule K-1’s to the partners on March 15^th.  That gives the partners of partnerships ample time in which to prepare their tax returns by April 15^th when individual tax returns are due. Additionally Vermont partnerships must submit the annual entity fee of $250 by the March 15th advanced deadline.

This change was signed into law in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.  The new due dates create a more logical progression of information to aide taxpayers and tax professionals in filing timely and accurate returns.  Prior to this change many taxpayers estimated the K1 information in order to file their return, which generally resulted in the need to file an amended return, or prepared their individual tax return on extension. This also advances the extensions deadline for partnerships up one month from October 15^th to September 15^th for each year. It is important that partnerships gather their financial information as early as possible to meet this new deadline.  

For additional information or clarification please contact any Financial Service Representative here at Yankee Farm Credit, ACA or your tax advisor. 

Commemorative Flag in recognition of 100 Years

Yankee Farm Credit was honored with a ceremonial United States Flag as a commemorative gift in recognition of Farm Credit's 100 years of agricultural lending services. On July 17th 2016, the Farm Credit System's 100 year anniversary, the flag was flown over the Capital Building in Washington D.C. Included with the gift was a letter from President Obama. In which he commented: "Our Nation depends on our farmers, ranchers, and the people of our rural communities to help Americans put healthy food on their tables and to contribute to growing a more vibrant national economy. Established to improve the lives of these hardworking individuals, the FCS has long served the women and men of rural America. By Providing loans and financial services to farmers and communities through its network of cooperatives, the FCS plays an integral role in local economies across the United States."

Yankee Farm Credit is proud to continue in its mission of agricultural lending and financial services for the next 100 years.

Our Mission

At Yankee, we strive to make a positive difference serving the agricultural community by offering reliable, cost-effective services and assuring cooperative viability.

Our Vision

Building Relationships that Last Generations

Yankee will be the financial services leader of choice in the agricultural community.

We provide members with:

-Readily available capital

-Competitive interest rates and services

-Employees who embody our values

Our Values

Integrity

Relationships

Competence

Entrepreneurship