Don’t miss this: New W2, W3, 1099 filing due dates

Beginning with the 2016 tax year, the due date for filing Forms W-2 and W-3 with the Social Security Administration will be January 31, 2017, whether you are filing electronically or using paper forms.

For any Form 1099-MISC reporting a box 7 “non-employee compensation” payment, the due date for filing these with the Internal Revenue Service will also be January 31, 2017.

The due date for providing the above forms to employees and recipients remains the same, January 31, 2017.

There are enhanced penalties that may be imposed for failure to file correct information returns and/or filing late returns –

Large Business with gross receipts of more than $5 million –

Not more than 30 days late — $50 penalty per return/$532,000 max

31 days late to Aug 1 — $100 per return/$1,596,500 max

After Aug 1 or not at all — $260 per return/$3,193,000 max

Intentional disregard — $530 per return/no max

Small Business with gross receipts of $5 million or less –

Not more than 30 days late — $50 penalty per return/$186,000 max

31 days late to Aug 1 — $100 per return/$532,000 max

After Aug 1 or not at all — $260 per return/$1,064,000 max

Intentional disregard — $530 per return/no max


Contact one of our financial professionals TODAY to learn more about how we can take you to the next step.

GET IN TOUCH TODAY

Topics: Accounting Tips, Tax