Employers Must File Copies of Form W-2 by Jan. 31

The Internal Revenue Service is reminding bosses that another government regulation to make it more straightforward for the IRS to identify and forestall discount extortion moved the yearly cutoff time for documenting duplicates of representatives' deadline for W2s to come out with the Social Security Administration (SSA) to Jan. 31.

The previous documenting cutoff time is essential for the Protecting Americans from Tax Hikes (PATH) Act, established last December. “As duty season draws near, the IRS needs to be certain businesses, particularly more modest organizations, know about these new cutoff times,” IRS Commissioner John Koskinen said in a news discharge. Under the new cutoff time:

 Bosses documenting 249 or less duplicates of Form W-2 can record these structures electronically or by paper.

 Bosses documenting at least 250 returns should do as such electronically. Bosses should record by Jan. 31 paying little heed to number of representatives or the technique for recording. Before, bosses ordinarily had until the finish of February if recording on paper, or the finish of March if documenting electronically, to submit duplicates of these structures to the public authority. As they have before, bosses should likewise give duplicates of Form W-2 to their workers by Jan. 31. [SHRM individuals just HR structures: W-2 Form Electronic Delivery Consent Notice] The new Jan. 31 documenting cutoff time applies too to specific Forms 1099-MISC announcing nonemployee pay, like installments to self employed entities. Augmentations and Corrections Also, there are changes in mentioning an augmentation to document Form W-2. Just a single 30-day expansion to record Form W-2 is accessible, and this augmentation isn't programmed. Assuming an augmentation is fundamental, a Form 8809, Application for Extension of Time to File Information Returns, should be finished when the business realizes an expansion is essential, yet by Jan. 31 at the most recent. The directions for Form 8809 contain extra data. To make remedies in the wake of recording Form W-2 with the Social Security Administration, managers can document Form W-2c, Corrected Wage and Tax Statement.

Furthermore, many states have additionally taken on the government change of the new cutoff time of Jan. 31, starting with the forthcoming filings for 2016 Form W-2 during the 2017 duty recording season.

Sway for Employers “Contact your finance supplier to figure out who will deal with the recording of the public authority duplicates of these structures,” exhorted Karin Spoerke, CPA, an assessment counsel in the Akron, Ohio, office of bookkeeping firm Meaden and Moore. “Try not to expect on the grounds that your supplier took care of it in the past that they will keep on doing as such. Assuming the obligation winds up falling on you, you might have to enlist with the SSA and the IRS, which can require as long as 90 days.”

To begin arranging early, she proposed:  Check your workers' recording status and affirm their street numbers preceding year-end.

 Confirm that the structure W-9 data for your 1099-MISC project workers is current and precise.

“Because of the abbreviated cutoff time between year-end and the new documenting date, it is fundamental that you have all the important data expected to finish the recording of these structures all set by Jan. 1, 2017,” Spoerke said.

Related Resource: Boss W-2 Filing Instructions and Information, Social Security Administration