ECNETNews reports that the Internal Revenue Service (IRS) is urging businesses to submit wage statements and specific information returns by January 31. This crucial deadline is vital for ensuring tax filing accuracy and preventing fraud, affecting various forms such as the W-2, W-3, and 1099-NEC.
Key requirements for the January 31 deadline include:
- Employers need to file Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration.
- Payers must submit Form 1099-NEC, Nonemployee Compensation, to the IRS.
- Employers and payers should provide copies of W-2s, Form 1099-NEC, and other information returns to recipients.
Filing instructions for each form elaborate on specific deadlines related to recipient copies.
Electronic filing is highly recommended as the quickest and most accurate submission method. Businesses that file 10 or more information returns annually are mandated to e-file in compliance with updated IRS regulations.
For those using the 1099 series forms, the IRS provides free e-filing through the Information Returns Intake System (IRIS) portal, enabling users to prepare forms, submit corrections, and request extensions easily.
Further insights on the e-filing requirements and a complete list of applicable forms can be found through the IRS.
Employers and payers may apply for a 30-day extension to file W-2s and certain information returns by completing Form 8809, Application for Extension of Time to File Information Returns. These requests must be submitted by January 31, the filing due date.
It is crucial to recognize that an extension for filing does not extend to furnishing copies of forms to employees or recipients. Separate extension requests for this purpose must be faxed to the IRS in a letter format by January 31.
The IRS underscores the significance of accurate and timely submissions. Employers and payers are encouraged to begin preparations now to meet the impending January 31 deadline.
Potential penalties may be imposed for:
- Late filings.
- Inaccurate submissions.
- Improperly filed paper forms.
