IRS changes W-2 & 1099 filing deadlines
New for the 2017 filing season, the employer deadline for Forms W-2 and 1099-MISC to be submitted to the IRS has changed. The new filing deadline is now the same as the due date for employers to issue these forms to recipients, January 31.
For Forms 1099, this change only affects those Forms 1099-MISC with non-employee compensation reported in box 7. The filing dates remain unchanged for Forms 1099-MISC that do not report in box 7.
Until now, employers had until February 28 to submit paper filings and until March 31 to submit electronic filings to the IRS. The new January 31 deadline applies regardless of whether the forms are filed electronically or on paper.
With this new deadline, it is critical that employers are prepared by verifying accuracy of employee information and reviewing year-end totals for any discrepancies as soon as possible.
Many states, including Ohio, have also adopted the Federal change for State W-2 filings with the new deadline of January 31, beginning with the upcoming filings for 2016 Form W-2.
These changes come as a result of the Protecting Americans from Tax Hikes (PATH) Act of 2015 in an effort to eliminate fraud with filings.
We hope this information has been helpful to you, and if you have questions about how this change may affect you, please contact your Whalen & Company representative.
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