Beginning in 2017, the IRS has changed the deadlines for submission of government copies of W2 and 1099 forms to January 31.
This means that you will not only be required to provide W-2 forms to your employees by January 31st, but you must also file W-2 forms and their W-3 transmittal with the Social Security Administration on that same January 31 deadline. If you file electronically, the due date is also January 31, 2017.
You also must issue your 1099-Misc forms to your contractors, and file 1099-Misc forms and form 1096 transmittal, to the IRS, by January 31 as well.
You no longer have the option to wait until February 28th to file the government copies of either form set.
As a result of this shortened deadline period between year-end and the filing date, it is extremely important that you implement practices to insure you are obtaining all the necessary information, and tracking all the appropriate expenditures. Make certain that all of your 1099-Misc contractors have completed and signed form W-9 with their current identification and filing information. Verify your employees filing status, and confirm their mailing addresses prior to the end of the year.
And most of all, let’s hope that our payroll and accounting software, no matter who the provider is on top of the situation and has these programs ready to go by January 1, 2017.