Client Tip for December 2016: Forms W-2 and 1099-MISC Filing Deadline

 In Client Tips

Forms W-2 and 1099-MISC Filing Deadline

In an effort to detect and prevent fraudulent personal income tax returns, the IRS has moved up the filing deadline for Forms W-2. All W-2s filed in 2017 for wages earned in 2016 must be filed with the Social Security Administration (SSA) by January 31.  No extension is available for this filing deadline.  The January 31 deadline has long been in place for providing copies of the W-2s to employees, but the filing with the SSA was the last day of February.  This new law just moves up the date for getting the forms to the SSA.

Only the last four digits of the employee’s Social Security number should go on the W-2 copy sent to the employee. The full Social Security number must still be on the copy that is sent to the SSA.

The new filing deadline also relates to Form 1099-MISC; filers reporting nonemployee compensation payments in Box 7 are required to file by the January 31 deadline. This would be for payments to independent contractors.

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“Change is the law of life. And those who look only to
the past or present are certain to miss the future.”
John F. Kennedy – 35th President of the United States from 1961 – 1963
(Elected in 1960, he is the only Roman Catholic to ever be
elected president; assassinated November 22, 1963.)
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