As of 2017, the revised deadline for submitting your company’s government copies of 1099 and W-2 forms is January 31. You used to be able to wait until February 28, so the new deadline means you will have less time to file these important forms. This deadline applies for the tax year of 2016 and for the following forms:
- W-2
- 1099-R
- 1099-MISC
What does this mean for your business? There are multiple steps you will need to take prior to this new filing deadline. First, you are required to provide your employees with their W-2s, along with any 1099 forms for contractors. Then, you will need to file Federal Copy A (consisting of any requisite Forms W-2, 1099-R and/or 1099-MISC) to the Social Security Administration or the IRS. All of this needs to be completed by or before January 31, 2017.
As a business owner, here are a couple of other things to be aware of: if you are filing 249 or fewer returns for the year (Federal Copy A), you can file them electronically or by paper. But if you are filing 250 or more, then you are required to file them electronically by the January 31 deadline date.
To help you make the new deadline, here are some helpful steps to follow:
1. If you work with a payroll provider, contact them as soon as possible to determine who will be filing the copies of these forms to the government. If it is ultimately your responsibility, then you may have to register with the IRS and SSA.
2. Verify each of your employees’ filing statuses and confirm the mailing addresses before sending out any W-2 forms.
3. Likewise, verify that any W-9 information contained in your 1099 forms for contractors are accurate. This includes total money paid, social security/tax ID numbers and all of their current contact/mailing information.
This can be a stressful time of year with all of these tax forms due, and the new January 31 deadline can add even more pressure on employers. But it doesn’t have to be this way. For help with preparing your taxes and meeting all the right tax deadlines for your specific business, contact the tax experts at Ferguson, Timar & Company for a tax consultation.
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