Get Prepared for Earlier IRS Filing Deadlines for W-2s and 1099s

In an effort to combat fraud, the Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed by Congress and signed by President Obama in last December. The Act revises the filing deadline for Form W-2 and certain types of Form 1099. Here's what you need to know about 1099s and W-2s for your practice and to communicate to your clients.

Beginning with 2016 forms, employers will now have one filing deadline with the IRS for all federal W-2s and certain types of 1099s: January 31.

For certain types of 1099s, the new January 31 filing deadline to the IRS may apply if your clients paid an employee or contractor this year. Specifically, if they’re filing Form 1099-Misc and reporting amounts in Box 7: Nonemployee Compensation, then the new January 31 filing deadline applies.

If you don't have amounts in Box 7, then the deadline remains Feb. 28 for paper filings or March 31 for electronic filings.

Are Your Clients Prepared?

With this new deadline, you’ll want to make sure you and your clients have everything in order to meet this earlier filing requirement.  This means:

  • Making your clients aware of the new IRS filing deadlines.
  • Ensuring W-2 and 1099 Tax Forms are available and ready for use.
  • Verifying accuracy of employee information.
  • Reporting/submitting any year-end adjustments as soon as possible.
  • Reviewing year-end totals for any discrepancies.