New Filing Date for Form W-2 and 1099

The date for filing W-2’s and 1099’s with non-employee compensation (Box 7) with the IRS and Social Security Administration has changed.

For 2016, W-2’s and 1099’s with non-employee compensation are due to the IRS and Social Security Administration by January 31, 2017. In previous years, the due date was February 28 (or March 31 if you e-filed the forms). The due date to get these forms to employees and vendors has not changed (January 31).

By having these forms on file earlier, the IRS will be able to cross-check withholding amounts and verify refunds in hopes of reducing identity theft and the filing of fraudulent returns.

You may request a 30-day extension of time to file by submitting Form 8809 to the IRS. On this form, you will need to provide a detailed explanation of why you need additional time and you will sign under penalty and perjury. The IRS will only grant the extension in extraordinary circumstances or catastrophe.

You will be assessed a penalty of $50 per individual form for filing your W-2’s and 1099’s up to 30 days late. The penalty increases to $100 per individual form if you file over 30 days late but before August 1. After August 1, the penalty is $260 per individual form.