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IRS Accelerates Due Date for Forms W2 and some forms 1099-Misc

Posted by Admin Posted on Oct 12 2016


The IRS now requires that employers submit 2016 forms W2 and 1099-Misc with Box 7 “Nonemployee Compensation” forms to the IRS by January 31, 2017 regardless of whether you submit the forms electronically or via hardcopy.  In prior years, hardcopy submissions were due to the IRS at the end of February and electronic submissions were due the end of March.   No longer!  The objective of the accelerated due date is to help the IRS combat fraudulent 1040 income tax filings.   So if you are an estate, trust, employer, sole proprietor or possibly a landlord who may be required to file form 1099-Misc with Box 7,  please plan accordingly.   The penalties for late filing are quite significant.   And don’t forget payments to attorneys!  The IRS require that amounts of $600 or more paid for legal are to be reported on form 1099-Misc Box 7 “Nonemployee Compensation” whether paid directly to an attorney or to a law firm.   The due dates for other forms 1099 have not changed.   


Not sure if you have a filing requirement or need help with filing?  Call Reumont CPA.