New 1099 & W2 Filing deadlines…. it’s coming faster than you think!
As if January isn’t crazy enough!!! Historically, businesses have had to issue 1099s and W-2s to their contractors and employees by January 31st each year. This part has not changed…. however, the copies of your paper filed 1099s and 1096 and your W-2s (paper or electronic) are now due to the IRS & the Social Security Administration at the same time. In years past, businesses have had a month or two to file these reports with the IRS and the SSA. There is now only one 30-day extension to file Form W-2 and you must file Form 8809 to be granted this extension.
For 1099s, this change in deadline only effects 1099 MISC with amounts reported in Box 7 – “Nonemployee Compensation”.
With the rampant tax refund fraud in the last several years, the IRS is making these changes in an attempt to reduce the amount of fraudulent return activity. In addition to these new filing deadlines, the IRS is holding refunds for returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until February 15th.