By Mary Ferguson, QuickBooks Certified Pro Advisor
Manager, Entrepreneurial Services
As businesses prepare for the holiday rush as well as year-end payroll and planning, many people may not be aware that the Internal Revenue Service has instituted earlier filing deadlines for W-2 and 1099 forms.
Beginning with the 2016 forms (those filed in 2017), Form W-2 and Form 1099-MISC reporting wages for employees and non-employee compensation, respectively, must be filed with the Social Security Administration or IRS by January 31.
Previously the deadline had been February 28 (or March 31 for electronic filing). So this will require some foresight and planning by employers and small businesses.
Copies must still be provided to employees and payees by January 31 – so the deadlines for reporting to the government and to employees now coincide. Also, beginning with the 2016 forms, only one 30-day extension to file Form W-2 will be available, and the extension is not automatic.
These changes came as a result of the PATH Act aimed at helping the IRS verify the legitimacy of tax refunds before issuing them.
If you have any questions about IRS filing deadlines, please call Mary Ferguson in our Entrepreneurial Services department at (317) 613-7847 or email [email protected].