Reminder – Employers Face New January 31 W-2 and 1099 Filing Deadlines

[Johnny Martinez]

WASHINGTON - The Internal Revenue Service as of late helped managers and independent companies to remember another Jan. 31 recording cutoff time for deadline for W2s to come out.

Another government regulation, pointed toward making it more straightforward for the IRS to identify and forestall discount misrepresentation, will speed up the W-2 recording cutoff time for bosses to Jan. 31. Here are subtleties on this key date.

New Jan. 31 Deadline for Employers

The Protecting Americans from Tax Hikes (PATH) Act, ordered last December, incorporates another necessity for businesses. They are presently expected to record their duplicates of Form W-2, submitted to the Social Security Administration, by Jan. 31. The new Jan. 31 recording cutoff time likewise applies to specific Forms 1099-MISC revealing non-representative remuneration like installments to self employed entities.

Previously, businesses normally had until the finish of February, if documenting on paper, or the finish of March, if recording electronically, to present their duplicates of these structures. Also, there are changes in mentioning an expansion to record the Form W-2. Just a single 30-day expansion to document Form W-2 is accessible and this augmentation isn't programmed. In the event that an expansion is essential, a Form 8809 Application for Extension of Time to File Information Returns should be finished when you realize an augmentation is fundamental, however by January 31. Kindly cautiously survey the guidelines for Form 8809 for more data.

"As expense season draws near, the IRS needs to be certain businesses, particularly more modest organizations, know about these new cutoff times," said IRS Commissioner John Koskinen. "We are working with the finance local area and different accomplices to share this data broadly."

The new sped up cutoff time will assist the IRS with working on its endeavors to recognize blunders on returns documented by citizens. Having these W-2s and 1099s prior will make it more straightforward for the IRS to check the authenticity of government forms and appropriately issue discounts to citizens qualified to get them. In many occurrences, this will empower the IRS to deliver charge discounts more rapidly than before.

The Jan. 31 cutoff time has long applied to businesses outfitting duplicates of these structures to their representatives and that date stays unaltered.