Compass Consulting reminds you that employers and other businesses have until Jan. 31, 2019 to file wage statements and independent contractor forms. Income Statement Deadlines can cost serious penalties if not filed on time!
Requirements
The Protecting Americans from Tax Hikes (PATH) Act of 2015 provides a requirement for employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31.
The 1099-MISC, Miscellaneous Income form, filed with the IRS to report non-employee compensation to independent contractors are also due at this time.
Employers & businesses will have to file these forms correctly and timely to avoid penalties.
Pointers to help filers prepare
Employers should verify employees’ information. This includes names, addresses, and Social Security or individual taxpayer identification numbers.
Automatic extensions of time to file Forms W-2 are not available. Don’t wait too long, the income statement deadlines will come and go before you know it!