The Protecting Americans from Tax Hikes (PATH) Act includes a requirement for employers to file their copies of Forms W-2 and W-3 with the Social Security Administration by Jan. 31, 2018. This deadline also applies to Form 1099-misc which is filed with IRS to report non-employee compensation to independent contractors. Such payments are reported in box 7 of this form.
This deadline makes it easier for the IRS to verify income that individuals report on their tax returns and helps prevent fraud. Failure to file these forms correctly and timely may result in penalties. As always, the IRS urges employers and other businesses to take advantage of the accuracy, speed and convenience of filing these forms electronically.
An extension of time to file Forms W-2 is no longer automatic. The IRS will only grant extensions for very specific reasons. Details can be found on the instructions for Form 8809.
The State of Wisconsin Department of Revenue has 2 new important changes that begin Jan. 1, 2018. First, no refund will be issued to a taxpayer before March 1, unless both the employer and employee have filed all required returns and forms. Failure of employers to file Forms W-2 & 1099-Misc could result in a delayed tax refund of the taxpayer.
Second, the Department of Revenue is requiring all employers filing 10 or more Forms W-2 & 1099-Misc to file electronically.
To ensure your W-2’s and 1099-Misc are filed by the Jan. 31, 2018 due date and issued to your employees and independent contractors, we can process and file your W-2’s and 1099-Misc on your behalf! Early registration is open until December 20, 2017. Call us at 920-277-2991 or email at firstname.lastname@example.org to sign up for our year-end payroll service.