The Internal Revenue Service today reminded employers and other businesses of the January 31 filing deadline that now applies to filing wage statements and independent contractor forms with the government.
Filing Deadlines and Requirements
The Protecting Americans from Tax Hikes (PATH) Act includes a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by January 31.
The January 31 deadline also applies to certain Forms 1099-MISC filed with IRS to report non-employee compensation to independent contractors. Such payments are reported in box 7 of this form.
This deadline helps the IRS verify income reported on individual tax returns and helps prevent fraud.
Failure to file these forms correctly and on time may result in penalties. As always, the IRS urges employers and other businesses to take advantage of the accuracy, speed, and convenience of electronic filing.
Hints to Help Filers Get Ready
Employers should take these steps to ensure compliance and readiness:
1. Verify Employee Information
- Confirm employees’ names, addresses, Social Security numbers (SSNs), or individual taxpayer identification numbers (ITINs).
- Ensure the company’s account information is current and active with the Social Security Administration before January.
2. Prepare Paper Forms Early
- If paper Forms W-2 are needed, order them early to avoid delays.
3. Understand Extensions are Limited
- Extensions of time to file Forms W-2 are no longer automatic.
- The IRS grants extensions only for very specific reasons.
- Details can be found in the instructions for Form 8809.
Frequently Asked Questions
What is the deadline for filing Forms W-2 and 1099-MISC with the IRS?
Employers must file Form W-2 and Form 1099-MISC (for non-employee compensation) by January 31 to comply with IRS requirements and avoid penalties.
Why did the IRS set the January 31 filing deadline?
The deadline helps the IRS verify income reported on individual tax returns promptly and assists in reducing tax fraud.
Can employers get an automatic extension for filing Forms W-2?
No, extensions are no longer automatic. They are granted only under specific circumstances, and employers must follow the instructions for Form 8809 to apply.
What are some steps employers should take to prepare for the January 31 deadline?
Employers should verify employee details, ensure active SSA account status, order paper forms early, and understand the limits of filing extensions.
Are there penalties for missing the January 31 deadline?
Yes, failure to file correctly and on time may lead to penalties. The IRS strongly encourages electronic filing to improve accuracy and timeliness.