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The January 31st Deadline For Filing W-2 and 1099-MISC Forms Is Here
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 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.
Need an Extension to File Your W-2 or 1099-MISC Forms
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.
Penalties for Failing to On Time or Properly
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.
Need Expert Guidance for Filing Your W-2s and 1099s?
At Verdeja, De Armas & Trujillo LLP, our team of Miami accountants is dedicated to providing personalized, financial guidance. Contact us today for a consultation!