Our network

IRS Reminds Business Owners of New W-2 Filing Deadline | Business

Title (Max 100 Characters)

IRS Reminds Business Owners of New W-2 Filing Deadline
Business, Commentary

In October 2016, the IRS issued a reminder to employers and small-business owners of a new January 31 deadline for submitting Forms W-2 and certain Forms 1099-MISC to the Social Security Administration (SSA). The accelerated deadline, which was enacted as part of the Protecting Americans from Tax Hikes Act passed in late 2015, is designed to help the IRS spot refund fraud and issue refunds more quickly.

The filing deadline covers employer copies of Forms W-2 and Forms 1099-MISC that report nonemployee compensation, such as payments to independent contractors. Employers previously had until the end of February (if filing by paper) or March (if filing electronically) to submit their forms to the SSA.

"As tax season approaches, the IRS wants to be sure employers, especially smaller businesses, are aware of these new deadlines," said IRS Commissioner John Koskinen in a news release. "We are working with the payroll community and other partners to share this information widely."

According to the IRS, receiving the forms earlier will make it easier for the IRS to verify the legitimacy of individual tax returns and properly issue refunds to taxpayers eligible to receive them, allowing the IRS to potentially issue many tax refunds more quickly than in the past.

In addition to the new filing deadline, employers should also be aware of changes affecting extension requests for filing Forms W-2. The IRS will not automatically grant extensions, and when it does, only one 30-day extension will be permitted.

To request an extension, employers must file Form 8809, "Application for Extension of Time to File Information Returns," as soon as they are aware that an extension is needed, but no later than January 31.

The January 31 deadline for providing copies of these forms to employees and contractors has not changed.

For more information, review the IRS publication, General Instructions for Forms W-2 and W-3.

Representatives offer Securities and Advisory Services through Royal Alliance Associates, Inc., Member FINRA/SIPC and a registered investment advisor.

Insurance services offered by Georgetown Capital Group which is independent of Royal Alliance Associates, Inc., with separate ownership, and is not registered as a broker-dealer or investment advisor.

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Securities and investment advisory services may not be available in all states.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2016.

Joseph V. Curatolo, President of Georgetown Capital Group

5350 Main Street, Williamsville, NY 14221

Phone #(716) 633-9800  Toll Free 1 (800) 648-8091  Fax #(716) 633-9789

www.georgetowncapital.com   

Business, Commentary

North Buffalo Businesses