The IRS has announced a new deadline for W-2 and 1099 filings. It is important to plan now, as the deadline has been moved up. Now, these forms are due to the SSA/IRS by January 31, regardless of filing method. From CPA Practice Advisor: “Historically, filers were required to provide W-2 and 1099-MISC forms to recipients by January 31; however, they were not required to submit the forms to the SSA/IRS until February 28 (paper) or March 31 (e-file).”
Failure to comply with these new requirements will result in higher penalties in 2017, and the IRS will no longer allow a 30-day extension for W-2 forms as in the past.
Our CPAs can help you prepare for this deadline. Contact us with questions. To read more, see the article from CPA Practice Advisor.