08 June 2016 Maryland legislation accelerates state Form W-2 deadline to January 31 Recently-enacted Maryland HB 1333 accelerates the due date for submission of Forms W-2 from February 28 to January 31. The law is effective July 1, 2016, making the change effective for calendar year 2016, with copies of Forms W-2 due by January 31, 2017. (Chapter 539, signed by the governor on May 19, 2016.) According to the bill's fiscal and policy note, verifying the information and income reported by a personal income tax filer to that reported on the W-2 statement is an effective tool for identifying fraudulent claims and will help in detecting tax refund fraud. Based on a representative sample of tax year 2014 fraudulent income tax claims, the Maryland Comptroller's Office estimates that receiving Forms W-2 from employers by January 31 will increase general fund revenues by an estimated $6.7 million in fiscal 2017, $10.7 million in fiscal 2018, and $14.9 million annually beginning in fiscal 2019. Federal legislation enacted last year under the Protecting Americans from Tax Hikes (PATH) Act of 2015 (Public Law 114-113.) accelerates the federal Form W-2 filing deadline from February 28 (March 31 for electronically filed forms) to January 31, effective with calendar year 2016 Forms W-2 filed in 2017, and increases federal penalties for failure to file correctly and timely.
Document ID: 2016-0995 | ||||||||||||||||||||
