The Protecting Americans from Tax Hikes (PATH) Act, enacted last
December, includes a new requirement for employers. They are now
required to file their copies of Form W-2, submitted to the Social
Security Administration, by Jan. 31. The new Jan. 31 filing
deadline also applies to certain Forms 1099-MISC reporting
non-employee compensation such as payments to independent
contractors.
In the past, employers typically had until the end of February, if
filing on paper, or the end of March, if filing electronically, to
submit their copies of these forms. In addition, there are changes
in requesting an extension to file the Form W-2. Only one 30-day
extension to file Form W-2 is available and this extension is not
automatic. If an extension is necessary, a Form 8809 Application
for Extension of Time to File Information Returns must be
completed as soon as you know an extension is necessary, but by
January 31. Please carefully review the instructions for Form
8809, for more information.
“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. “We are working with the
payroll community and other partners to share this information
widely.”
The new accelerated deadline will help the IRS improve its efforts
to spot errors on returns filed by taxpayers. Having these W-2s
and 1099s earlier will make it easier for the IRS to verify the
legitimacy of tax returns and properly issue refunds to taxpayers
eligible to receive them. In many instances, this will enable the
IRS to release tax refunds more quickly than in the past.
The Jan. 31 deadline has long applied to employers furnishing
copies of these forms to their employees and that date remains
unchanged.