This is a reminder that wage statements and independent contractor forms must be filed with the government by January 31. This date applies to both electronic and paper filers.
The Section 201(a) of the Protecting Americans from Tax Hikes (PATH) Act includes a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by the end of January.
This deadline also applies to certain Forms 1099-MISC filed with the IRS to report non-employee compensation payments in box 7.
Early filing 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.