New Deadlines for Forms W-2 and 1099-MISC – Earlier Filing in 2017
Tax filing dates for 2016 Forms W-2 and 1099 have changed. The latest notification from the IRS states that the filing deadline for 2016 W-2 and 1099 forms (incl. Form 1099-MISC) is January 31st, 2017. Evidently, this is a month earlier than the filing date of last year. But, this doesn’t change the deadline for furnishing W-2 forms to employees and 1099-MISC to other workers for 2016. Also, the dates for E-Filing and paper filing remain the same.
“Many states in the US are now using earlier filing dates to cut down on tax fraud and identity theft.” – Bloomberg BNA
IRS has also revised and increased the penalties associated –
- With late filing;
- Filing with incorrect forms by the due dates;
- Intentional disregard for filing requirements;
- Failing to furnish W-2s to the employees.
January 2017 –Month for Annual Payroll Tax Reports
All the related payroll tax reports viz; – Annual wage and tax reports, unemployment tax reports and Form 941 are due on January 31, 2017
Furnishing of W-2 Forms and 1099-MISC Forms to your Employees and Contractors
Employers are also supposed to hand over annual wage and tax reports to their respective employees and contractors who have rendered their services in the year 2015. These tax reports are nothing but W-2s for employees and 1099-MISC for contractors.
W-2 Forms to SSA and 1099-MISC forms to IRS
- Submit transmittal forms for W-2s to the Social Security Administration by January 31, 2017. That’s Form W-3, along with all W-2s, and Form 1096, along with all 1099 forms. This deadline includes forms filed electronically.
- Submit transmittal forms for 1099s to the IRS by January 31, 2017.
Automatic Social Security Extension? Well, not anymore…
Formerly provision for extension of time with filing the Form W-2 with social security administration (SSA) was there, it has changed now. To get an extension now you have to explicitly fill out Form 8809 which is a request for an extension in filing time. The application requesting extension should also include a detailed explanation for the reasons of extension. The IRS is very selective in granting the extension and once granted it won’t be for more than a month. As per IRS guidelines extensions will only be granted under special circumstances and not to everyone.
Unemployment tax forms:
- The monthly payment on federal unemployment (FUTA) taxes is due January 31, 2017
- Federal Unemployment Tax Report for 2016 is due January 31, 2017
Form 941 – Quarterly Federal Tax Form is due on or before January 31, 2017.
For a more detailed info, check https://www.irs.gov/pub/irs-pdf/iw2w3.pdf.