Changes to Filing Deadlines for Forms W-2 and 1099-MISC

The IRS has published new deadline rules for filing Forms W-2, W-3 and certain Forms 1099-MISC, effective for tax years beginning after 12/31/2015.

In prior years, Forms W-2 and Forms 1099 were required to be issued to recipients by January 31 of the year following the income year, and were required to be filed with the Social Security Administration and the IRS by February 28 (or March 31, if filing electronically). 

The Consolidated Appropriations Act of 2016 (the Act) accelerated the deadlines for filing these forms with the SSA and IRS, as follows:

  1. All 2016 Forms W-2 and W-3 are now required to be issued to recipients AND filed with the SSA as well as the IRS by January 31 of the year following the income year, and
  2. All 2016 Forms 1099-MISC that report an amount in Box 7 (Nonemployee Compensation) are required to be issued to recipients AND filed with the IRS by January 31 of the year following the income year.

The deadlines have not changed for any 2016 Forms 1099-MISC that do not report an amount in Box 7.  These forms are still required to be issued to recipients by January 31, 2017, but do not need to be filed with the IRS until February 28 (or March 31, if filing electronically).

A 30-day extension can be requested by filing Form 8809, Application for Extension of Time to File Information Returns, with the IRS.  This extension is automatically granted for Forms 1099, but an explanation and signature are required to extend Forms W-2.  As part of the changes under the Act, the IRS eliminated the automatic extension for Forms W-2, and will only grant an extension under extraordinary circumstances.

Please contact your FGMK service team if you have any questions about this Alert.

About FGMK

FGMK is a leading professional services firm providing assurance, tax and advisory services to privately held businesses, global public companies, entrepreneurs, high-net-worth individuals and not-for-profit organizations. FGMK is among the largest accounting firms in Chicago and one of the top ranked accounting firms in the United States. For more than 40 years, FGMK has recommended strategies that give our clients a competitive edge. Our value proposition is to offer clients a hands-on operating model, with our most senior professionals actively involved in client service delivery.

 

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