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Business Alert! 2016 Year End Tax Reporting Deadlines Rapidly Approaching

01/27/2017 7:11 AM | Rachel Unell (Administrator)

You might not have realized that the deadlines for filing the Form W-2 with the Social Security Administration and the Form 1099-MISC with the Internal Revenue Service have changed, and the new deadline is rapidly approaching.

While the deadline for reporting W-2 and 1099-MISC income to employees and non-employees remains the same (January 31), now the reporting copies must also be submitted to the Social Security Administration and IRS by January 31, whether by paper or electronic filing.  This is much earlier than past years, and does not give businesses a window to correct errors before filing the final reporting copies.

Note the new filing deadline, as it relates to Form 1099-MISC, only affects filers that report nonemployee compensation payments in box 7 (which is most 1099-MISC filers). 

Businesses should also be aware that the IRS recently eliminated the automatic 30-day extension of time to file W-2 forms. In prior years, filers could automatically get a 30-day extension by submitting Form 8809 to the IRS on or before January 31. Filers were also able to request an additional 30-day extension, so they could push their e-file deadline out to the end of May. Now those automatic extensions won’t be available for business that need to file their W-2 forms for tax year 2016.

Please check with your accountant, accounting department, or tax preparer to make sure that your business is on track with the new filing deadlines.  The IRS also has a handy calendar tool available.

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Mountain Communities Chamber of Commerce
P.O. Box 552, Frazier Park, CA  93225

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