Why the Change?
In December President Obama signed into effect The Protecting Americans from Tax Hikes (PATH) Act of 2015. This act revises the filing deadline for Form W-2 and certain types of Form 1099.
Beginning with 2016 forms, the deadline for Employers for all Federal W-2s is January 31. This applies whether filing paper or electronic returns, and is true for both agency and employee copies.
What about Form 1099-Misc?
The new January 31 deadline applies to certain types of 1099s. Form 1099-Misc with a reported amounts in Box 7: Nonemployee Compensation, will need to meet the new filing deadline of January 31.
If Box 7 is empty, then the paper filings deadline remains February 28,or March 31 for electronic filings.
Impact for Employers
Employers should be well prepared to complete year-end tasks for the new deadline:
- Verify accuracy of employee data
- Reporting of any year-end adjustments
- Review year-end totals for discrepancies
If you have any questions about IRS deadline changes for W-2 & 1099 filings, or any other tax issues, please contact us today to schedule an appointment!