10 October 2016 Iowa now requires filing of Forms W-2 by January 31 for employers with 50 or more employees Effective for tax year 2016 (filed in 2017), a regulatory change requires Iowa employers with at least 50 employees to file Forms W-2 electronically with the Iowa Department of Revenue. Employers with less than 250 employees are not required to submit Forms W-2 for calendar year 2016. The deadline for filing calendar year 2016 Forms W-2 is January 31, 2017. (Iowa regulation section 701.46.3(3).) For calendar year 2017 (filed in 2018), all employers are required to file Forms W-2 electronically by January 31, 2018. For calendar years 1999 through 2015, employers were not required to submit Forms W-2 with their Verified Summary of Payment (VSP) reconciliation forms to the Department. Employers were only required to submit Forms W-2 within three years upon a request from the Department. Beginning with calendar year 2017, all payers issuing Forms 1099 and W-2G are required to submit these forms to the Department by January 31, 2018. Payers with at least 50 Forms 1099 and W-2G for calendar year 2016 may elect to voluntarily file these forms with the Department by January 31, 2017. Failure to electronically file Forms W-2 (and 1099/W-2G) if required may result in the assessment of penalties unless the employer requests in writing a hardship extension of the requirement to file electronically. Upon approval, the Department would extend the electronic filing requirement to the 2019 tax year. The Department has not yet issued guidance on this new requirement. We will issue another alert once further information is released. In response to the steady increase in identity theft connected with tax refund fraud, some states taxing authorities are now requiring the filing of Forms W-2 where previously they had not. As we reported in Tax Alert 2016-1670, Oklahoma legislation enacted earlier this year (HB 2775) requires that, beginning with tax year 2016, Oklahoma employers must electronically file an annual withholding tax reconciliation return and corresponding Forms W-2 by February 28 following the tax year. Previously, Oklahoma employers were not required to file either an annual reconciliation or Forms W-2.
Document ID: 2016-1721 | ||||||||||||||||||||
