Home

Quick Links

Legal & Sitemap

navigation
Home > Trends & Insights > New W-2 & 1099 Filing Deadlines and Increased Penalties

Article

 

Monday, January 23, 2017

New W-2 & 1099 Filing Deadlines and Increased Penalties


Taxpayers should be aware that the due date for Form W-2 and certain 1099s is now January 31. Make sure that you file the correct information return and/or furnish correct payee statements by this date, as failure to do so can result in increased penalties.

Before now employers had two deadlines for distributing W-2s, one to provide employee copies and one for paper filings submitted to the Social Security Administration. For 2017, the deadlines are compressed and employers must submit all paper and electronic W-2s by January 31.

Certain Form 1099s also fall under this new deadline. If you’re reporting amounts in Box 7: Nonemployee Compensation, then you will need to meet this new deadline. If you don’t have anything in Box 7, then your deadline remains February 28 (paper filings) or March 31 (electronic filings).

If you’d like to file an extension for Form W-2 or Form 1099-MISC, you will need to fill out Form 8809.

The increased penalty rates for failing to file the correct information return and/or furnish correct payee statements by January 31 are as follows:

Large Businesses and Governmental Entities
Time Returns Filed/Furnished Returns due 01/01/2017 thru 12/31/2017
Not more than 30 days late $50 per return / $532,000 maximum
31 days late $100 per return / $1,596,500 maximum
After August 1 or not at all $260 per return / $3,193,000 maximum
Intentional disregard $530 per return / no limit

Small Businesses with Gross Receipts $5 Million or Less
Time Returns Filed/Furnished Returns due 01/01/2017 thru 12/31/2017
Not more than 30 days late $50 per return / $186,000 maximum
31 days late $100 per return / $532,000 maximum
After August 1 or not at all $260 per return / $1,064,000 maximum
Intentional disregard $530 per return / no limit


To ensure you are on track to file by the correct deadlines and avoid a penalty, reach out to your local Armanino tax expert today.

COMMENTS

comments powered by Disqus