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12/08/2017

Filing Deadline Approaching for W-2 and Certain 1099-MISC Forms

    Synopsis

    The IRS recently issued a reminder to employers and other businesses that 2017 W-2 forms (Wage and Tax Statement) and 2017 1099-MISC forms (Miscellaneous Income) must be filed by January 31, 2018, pursuant to the Protecting Americans from Tax Hikes (PATH) Act of 2015. 

    Issue 

    Form 1099-MISC is used to report nonemployee compensation, which typically includes fees for professional services, commissions, and other forms of payment to someone other than an employee.  These payments are reported in Box 7 of the Form 1099-MISC.  Therefore, only Forms 1099-MISC with entries in Box 7 must be filed by January 31.  For Forms 1099-MISC that do not have entries in Box 7, the deadline remains February 28 for paper filings, or March 31 for electronic filings.

    Several states require businesses to file copies of Form W-2 with the state’s taxing authority.  While some of these states had January 31 due dates prior to the federal law change, states that had later due dates have since adopted the January 31 deadline. 

    To assist employers with filing, the IRS suggests the following tips: 

    • Verify employees’ information
    • Ensure that the company’s account information is current and active with the Social Security Administration before January
    • Early ordering of paper Forms W-2, if such forms are needed
    The IRS cautions that an extension of time to file Forms W-2 is no longer automatic. Extensions will only be granted for specific reasons. 

    What Does CohnReznick Think? 

    Filers of Form 1099-MISC should be sure to have all W-9 forms in place before year end.  Taxpayers should accumulate their 1099 and W-2 data immediately after December 31 in order to ensure that their required filings are prepared, reviewed and filed with the tax authorities before the required due date. If you utilize a service provider to assist with this process, be sure to provide them with the requisite information in plenty of time for them to prepare the forms and efile them before the accelerated deadline.

    Contact

    For more information, please contact Don Stevens, Managing Partner, Private Client Services, at [email protected] or at 959-200-7227

    Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.