The Internal Revenue Service (IRS) is reminding businesses to submit wage statements and specific information returns to the federal government by January 31. The deadline, critical for tax filing accuracy and fraud prevention, applies to a variety of forms, including the W-2, W-3, and 1099-NEC.
The January 31 deadline requires:
- Employers to file Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration.
- Payers to submit Form 1099-NEC, Nonemployee Compensation, to the IRS.
- Employers and payers to furnish copies of W-2s, Form 1099-NEC, and other information returns to recipients.
Each form’s filing instructions provide detailed deadlines for recipient copies.
Electronic filing is encouraged as the fastest and most accurate submission method. Businesses filing 10 or more information returns annually are required to e-file under updated IRS rules.
For 1099 series forms, the IRS offers free e-filing via the Information Returns Intake System (IRIS) portal, which allows users to prepare forms, submit corrections, and request extensions.
More details on the new e-filing rules and a list of applicable forms are available on the IRS website.
Employers and payers may request a 30-day extension to file W-2s and certain information returns by submitting Form 8809, Application for Extension of Time to File Information Returns. Requests must be submitted by January 31 or the filing due date.
It is important to note that an extension for filing does not apply to furnishing copies of forms to employees or recipients. Separate extension requests for this purpose must be faxed to the IRS in letter form by January 31.
The IRS emphasizes the importance of accuracy and timeliness in submissions. Employers and payers are encouraged to start preparing now to meet the January 31 deadline.
Penalties may apply for:
- Late filings.
- Inaccurate submissions.
- Improperly filed paper forms.
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