IRS: Jan. 31 Is Filing Deadline for All Wage Statements

The IRS reminds employers and other businesses that the filing deadline for wage statements and independent contractor forms is Jan. 31.
The Protecting Americans from Tax Hikes Act of 2015 includes a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by Jan. 31.
The Jan. 31 filing deadline also applies to certain Forms 1099-MISC filed with IRS to report non-employee compensation to independent contractors. Such payments are reported in box 7 of the form.
This deadline makes it easier for the IRS to verify income that individuals report on their tax returns and helps prevent fraud. Failure to file these forms correctly and timely may result in penalties.
As always, the IRS urges employers and other businesses to take advantage of the accuracy, speed, and convenience of filing these forms electronically.

A filing extension for Form W-2 is no longer automatic. The IRS will grant extensions only for very specific reasons. Details can be found on the instructions for Form 8809.

Be Prepared

To prepare for filing, employers should:

• Verify employees’ information, including names, addresses, and Social Security or individual taxpayer identification numbers.
• Ensure their company’s account information is current and active with the Social Security Administration before January.
• Order W-2 forms early if paper forms are needed.
• Review their records for reporting non-employee compensation on form 1099-Misc and make sure you have a signed form W-9 on file for each eligible independent contractor.

For more information, read the instructions for Forms W-2 & W-3.