Thursday, December 22, 2016

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