Have you remembered to file your Forms W-2 or Forms 1099-MISC? If not, you’re going to want to make sure they are filed by the January 31st deadline.
The new rule for filing on January 31st is required according to the Protecting Americans from Tax Hikes (PATH) Act, which was enacted December of 2015. Employers are now required to submit Forms W-2 to the Social Security Administration by January 31st, as well as for certain 1099-MISC forms, for wages earned in 2016.
For those employers who are seeking to file for an extension, there are new rules as well. Employers are now only afforded one 30-day extension to file W-2 forms, which also must be filed by January 31st.
Failing to file by the January 31st deadline, which includes failure to file by the due date, failure to provide a copy to the recipient, failure to provide accurate information, or failure to furnish required information, can subject employers to penalties which have been increased significantly.