11 January 2017 It's time to confirm Form W-2 filing due dates, and here's our latest state survey Thanks to legislation passed in 2015 to assist the IRS in curtailing tax fraud, the Form W-2 filing due date is much earlier — across all US jurisdictions. Furthermore, federal penalties for late or incorrect information returns have more than doubled in recent years, making it paramount that payroll departments maintain a high level of accuracy while also working faster than ever to prepare and balance year-end files. Starting with 2016 returns required to be filed in 2017, Forms W-2 and Forms 1099-MISC reporting non-employee compensation, whether filed on paper or electronically, are due January 31, 2017, the same day that employees/payees must receive their copies. The filing deadline for other information returns, including Forms 1099-MISC other than those for non-employee compensation, is unchanged. Also starting with filings due on and after January 1, 2017, extensions of the deadline to file Forms W-2 with the Social Security Administration (SSA) are no longer automatic, and only one 30-day extension will be granted. In reviewing Form 8809, Application for Extension of Time to File Information Returns, the IRS will grant extensions only in extraordinary circumstances or catastrophe, and employers granted extensions must demonstrate that employees paid the tax by using Form 4669, Statement of Payments Received, and Form 4670, Request for Relief of Payment of Certain Withholding Taxes. (2016 General Instructions for Forms W-2 and W-3, pg.1.) Watch this if you use a third-party service provider. Employers that rely on a third party to prepare and file their Forms W-2 may be required to finalize their year-end files far sooner than January 31. Be certain you are aware of your third-party provider's closing dates, keeping in mind that correcting Forms W-2 and related amended returns can be costly. A number of states conformed to the new federal rule by also accelerating their Form W-2 filing due dates. See the attached chart of 2016 state Form W-2 filing due dates from our updated survey.
Document ID: 2017-0052 | ||||||||||||||||||||
