Reminder: Jan. 31 is due date for W-2 and 1099-MISC forms
Unlike in prior years, 2016 W-2 forms (Wage and Tax Statement) that report employee compensation and 2016 1099-MISC forms (Miscellaneous Income) that report non-employee compensation must be filed by January 31, 2017.
In general, information returns are required to be filed for compensation paid by persons engaged in a trade or business, to individuals, whether as employees or non-employees, in the course of the person’s trade or business. The returns for employees are Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, and the return for non-employees is Form 1099-MISC, Miscellaneous Income. Persons required to file a return are also required to furnish the individuals to whom the return relates with a written statement containing the aggregate amount of payments and the payer’s contact information. Those written statements must be supplied by Jan. 31 of the calendar year following the year for which the return must be filed.
If you would like assistance with preparing 1099’s or W-2’s please contact us as soon as possible so that all filing deadlines can be met. It appears that the IRS has started enforcing late filing penalties more frequently than in the past. The penalties for filing late 1099’s range from $50 to $530 depending on how many forms and how late they are filed.
If you have any questions please feel free to contact us at 402-721-7662.