Delayed Deadline for Employers
Be aware of the new filing deadline of January 31st for W-2, W-3, and some 1099-MISC forms for the 2016 tax year. The only 1099-MISC forms affected are those which report amounts in box 7 for non-employee compensation. Previously, employers were required to distribute the appropriate forms to employees by January 31st and to the corresponding governmental agencies by February 28th (or March 31st if filed electronically). Beginning with the 2017 filing season, the deadline for submission of these forms is January 31st to employees and governmental agencies alike. In addition, North Carolina, along with many other states, has also implemented the new January 31st deadline.
It is important to remember, W-2 extensions from the Internal Revenue Service (IRS) are no longer automatic. Employers may file an extension, although the IRS will only approve it in extraordinary circumstances. If you have questions concerning filing deadlines or W-2 extensions, contact one of our tax professionals.
Article by: Deborah H. Sigmon, Tax Manager