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IRS Reminds Businesses Of New Jan 31 Filing Deadline

by Mike Godfrey, Tax-News.com, Washington

17 November 2017


The Internal Revenue Service (IRS) on November 16 issued a reminder to employers and other businesses of the January 31 filing deadline that now applies to filing wage statements and independent contractor forms with the government.

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 makes it easier for the IRS to verify income that individuals report on their tax returns and helps prevent fraud. Failure to file these forms correctly and timely may result in penalties.

The IRS said employers should verify employees' information. This includes names, addresses, Social Security, or individual taxpayer identification numbers. They should also ensure their company's account information is current and active with the Social Security Administration before January, it said, adding that if paper Forms W-2 are needed, they should be ordered early.

An extension of time to file Forms W-2 is no longer automatic. The IRS will only grant extensions for very specific reasons. Details can be found on the instructions for Form 8809.

TAGS: individuals | tax | business | employees | contractors | United States | penalties | Tax

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