Background In an effort to combat fraud, The Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed by Congress and signed by President Obama in December 2015. One key provision revises the filing deadline for Form W-2 and certain types of Form 1099. Forms W-2 and 1099-Misc Filing Deadline When do you file Form W-2? The filing deadline for all federal W-2s is January 31. This is true for both employee and agency copies, or whether filing paper or electronic returns.
What about Form 1099-Misc? The new January 31 deadline applies to certain types of 1099s. If you're filing Form 1099-Misc and reporting amounts in Box 7: Nonemployee Compensation, then you will need to observe the new filing deadline of January 31.
If you don't have amounts in Box 7, then the deadline remains February 28 for paper filings or April 2 for electronic filings.Changes for EmployersWith this new deadline, it's important that employers be well prepared to complete year-end tasks. This means:
- Verifying accuracy of employee information
- Reporting/submitting any year-end adjustments as soon as possible
- Reviewing year-end totals for any discrepancies
If you need to make corrections after sending your file to the Social Security Administration, you can do so by filing Form W-2c, Corrected Wage and Tax Statement.
McVay Business Services file all W-2 and 1099's electronically. Call us at 850-725-5696 for full service year-end tax filings. Mike@MikeMcVay.com