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IRS Reminds Employers of New January 31 Filing Deadline

On October 28, 2016, the Internal Revenue Service issued a release reminding employers of a new January 31 deadline for filing Forms W‑2 and 1099-MISC. The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, requires employers to file their copies of Form W‑2 with the Social Security Administration by January 31. The new deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors. Before, employers typically had until the end of February, if filing on paper, or the end of March, if filing electronically, to submit these forms.

The release also reminds taxpayers of the following:

  • There are changes in requesting an extension to file Form W‑2. Only one 30-day extension is available and the extension is not automatic.
  • The IRS now must hold the refund for any tax return claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until February 15. The IRS must hold the entire refund, not just the portion related to the EITC or ACTC.

For more information, see IRS Release IR-2016 – 143, available online at https://​www​.irs​.gov/​u​a​c​/​n​e​w​s​r​o​o​m​/​r​e​m​i​n​d​e​r​-​e​m​p​l​o​y​e​r​s​-​f​a​c​e​-​n​e​w​-​j​a​n​-​31​-​w​2​-​f​i​l​i​n​g​-​d​e​a​d​l​i​n​e​-​s​o​m​e​-​r​e​f​u​n​d​s​-​d​e​l​a​y​e​d​-​u​n​t​i​l​-​f​eb-15

DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.

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