January 12, 2017
This is a reminder to all employers who issue W-2s and businesses and rentals that issue Forms 1099-MISC for non-employee compensation (Box 7), that the PATH Act of 2015 permanently changed the filing deadlines for these forms.
The forms have always been required to be provided to recipients by January 31st of each year, but the PATH Act accelerated the date these forms need to be filed with the appropriate Federal agency (IRS for 1099-MISC, Social Security Administration for W-2s) to January 31st as well. Again, the accelerated deadline only applies to W-2s and Forms 1099-MISC that include non-employee compensation on line 7.
Penalties for failing to file these returns have also been increased in recent years, to a maximum of $500 per form that is not filed timely.
If SGA prepares these forms for you, it is necessary for us to receive this information as soon as possible from you to ensure sufficient time for preparation. Please call us at your earliest convenience.
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