Business owners with employees or 1099 consultants need be aware of an important change in federal tax reporting law for the 2016 tax year. Specifically, in an effort to reduce fraud, a provision in the Consolidated Appropriations Act passed by Congress has changed the filing deadlines for employer copies of Forms W-2/1099-MISC.
Starting in tax year 2016, the deadline for filing Forms W-2 to the Social Security Administration and 1099-MISC to the Internal Revenue Service will be January 31 of the following year, rather than February 28 as it was in the past. This new deadline is for all employer W-2/1099-MISC returns, both electronic and paper returns.
The 2016 employer W-2/1099-MISC filing deadline is Tuesday, January 31, 2017.
Please check with your let your CPA or tax advisor to make certain they know about these dates and the additional fees associated with late reporting.
If you have any questions, please contact our office.