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Employers beware: Jan. 31 is filing deadline for wage statements and independent contractor forms

Posted on December 12, 2018

With all the other final quarter and EOY duties required of business owners, Teipen Selanders Poynter & Ayres is reminding employers that January 31st remains the filing deadline for wage statements and independent contractor forms, to avoid penalties.

The Protecting Americans from Tax Hikes (PATH) Act of 2015 initiated this requirement for employers. According to the PATH ACT, employers must file Form W-2, Wage and Tax Statement; Form W-3, Transmittal of Wage and Tax Statements; and Form 1099-MISC, Miscellaneous Income with the Social Security Administration on or before January 31st of every year.

Be aware that automatic extensions of time to file Forms W-2 are not available. The IRS will only grant extensions for very specific* reasons. Filing these forms helps the IRS efficiently verify income that individuals report on their tax returns and helps prevent fraud. As always you can use IRS e-file for the quickest, most accurate and convenient way to file these forms.

Here’s what businesses can do ahead of January 31:

  • Verify employees’ information including name spelling or any name corrections due to marriage or divorce.
  • Verify employees’ addresses to include new residences or street misspellings, including zip codes.
  • Verify Social Security or individual taxpayer identification numbers.
  • Be sure your company’s account information is current and active with the Social Security Administration before January.  

*What if you need to request an extension?

The CPAs at Teipen Selanders Poynter & Ayres can help. We have direct ways to initiate contact with the IRS and determine the best course of action on your behalf. Give us a call to help determine your best options.