With a new year, comes new tax laws.
The arrival of 2017 comes with different W-2 and 1099 deadlines that are important to you and your business.
In the past, employers had to provide employees with their W-2 copies by January 21st. Additionally, employers have had until February 28th to submit paper filings (or March 21st for electronic filings).
Beginning with 2016 forms, employers will have to file all Federal W-2s (paper or electronic) by January 31st. (This new deadline applies to certain 1099-Misc forms, as well.)
If you’re reporting Non-Employee Compensation amounts in Box 7, when filing Form 1099-Misc, you’ll need to meet the new filing deadline of January 31st.
If you don’t file amounts in Box 7, you will still have the paper filing deadline of February 28th and the electronic filing deadline of March 31st.
With this new deadline in place, employers should keep these year-end tasks in mind:
– Verifying accuracy of employee information
– Reporting/submitting any year-end adjustments as soon as possible
– Reviewing year-end totals for any discrepancies
You can file Form W-2c (Corrected Wage and Tax Statement), if you need to make any corrections after sending your file to the Social Security Administration.
The biggest question with this change in regulation is — Are you properly prepared for the new January 31st filing deadline?
Please let Paragon Accountants know if you have any questions or concerns regarding these regulatory changes — We’ll help you get everything in order!
