With just a few days remaining until
the deadline, the Internal Revenue Service reminds employers and other
businesses that Jan. 31 is the filing deadline for submitting wage statements
and forms for independent contractors with the government.
Employers must file their copies of
Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax
Statements, with the Social Security Administration by Jan. 31. The Jan. 31 deadline
also applies to certain Forms 1099-MISC, Miscellaneous Income, filed with the
IRS to report non-employee compensation to independent contractors.
This deadline helps the IRS fight
tax fraud by making it easier to verify income reported on individual tax
returns. The IRS no longer grants an automatic extension of time to file Form
W-2. Requests for more time to file must be submitted before the due date. Only
certain reasons, such as a death or natural disaster are allowed. Details can
be found on the instructions for Form 8809, Application for Extension of Time
To File Information Returns.
Failure to file these forms
correctly and timely may result in penalties. The IRS recommends employers and
other businesses to e-file as the quickest, most accurate and convenient way to
file these forms.
Taxpayers: Steps to take if no W-2
Most taxpayers get their Form W-2,
Wage and Tax Statement, by the end of January. Taxpayers need their W-2s to
file accurate tax returns, as the form shows an employee’s income and taxes
withheld for the year.
Taxpayers who haven’t received their
W-2 by the end of February should, as a first step, contact their employer.
Taxpayers should ask their current or former employer for a copy of their W-2.
Be sure the employer has the correct address.
Please do not hesitate to call me, if you have any other
questions or need further guidance. Call us for a free consultation at
651-300-4777.
Amare Berhie, Senior Accountant
(651) 300-4777
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