Jan. 31 Filing Deadline for Wage Statements

Employers face a Jan. 31 deadline for submitting wage statements and independent contractor forms to federal government agencies.

Copies of Form W-2, Wage and Tax Statement and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31.

Non-employee compensation to independent contractors must be filed with the IRS through Forms 1099-MISC, Miscellaneous Income, and Forms 1099-NEC, Nonemployee Compensation, by the same date.

Form 1099-MISC, Form 1099-K and Form 1099-NEC filing deadlines can be found on the forms’ instructions.

The IRS offers a free electronic filing service for the Form 1099 series using the Information Returns Intake System.

Filers can also use this online portal to prepare payee copies for distribution, file corrections, and request automatic extensions.

New Filing Requirements

New electronic filing requirements affect Forms W-2 that are required to be filed in 2024.

Businesses that file 10 forms or more must file W-2s and certain information returns electronically.

IRS officials encourage employers to use electronic filing as that is “the quickest, most accurate and convenient way to file forms.”

For more information on filing Forms W-2 electronically, refer to Employer W-2 Filing Instructions and Information.

Key Points

• Filing extensions are not granted automatically. Employers may request a 30-day extension to file Forms W-2 by submitting Form 8809, Application for Extension of Time to File Information Returns, by Jan. 31.
• Filing Form 8809 does not extend the due date for furnishing wage statements to employees. A separate extension must be filed by Jan. 31.
• Penalties may be assessed for failure to file correctly and on time.
• Form 1099-K $600 reporting threshold delayed. For 2023 and prior years, payment apps and online marketplaces are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions. For tax year 2024, the IRS plans for a threshold of $5,000 to phase in reporting requirements.