Deadline Approaching: Submit Wage Statements and Information Returns to IRS by January 31st
Attention Business Owners!
The Internal Revenue Service (IRS) is reminding you to stay on top of your game when it comes to submitting wage statements and specific information returns to the federal government by January 31. This deadline is crucial for ensuring tax filing accuracy and preventing fraud, applying to a variety of forms such as the W-2, W-3, and 1099-NEC.
Here's what you need to do:
- Employers should file Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration.
- Payers must submit Form 1099-NEC, Nonemployee Compensation, to the IRS.
- Both employers and payers are required to furnish copies of W-2s, Form 1099-NEC, and other information returns to recipients.
Don't forget that different deadline rules apply for recipient copies. Check your forms' filing instructions for the exact dates.
Electronic filing is highly recommended as it's the quickest and most reliable method. Businesses that handle 10 or more information returns annually are now required to e-file under updated IRS rules.
The IRS provides free e-filing services via the Information Returns Intake System (IRIS) portal, allowing you to prepare forms, submit corrections, and request extensions.
Stay informed about the new e-filing rules and the applicable forms by visiting the IRS website.
Need extra time? You can request a 30-day extension to file W-2s and certain information returns by submitting Form 8809, Application for Extension of Time to File Information Returns. Remember that an extension for filing does not apply to furnishing copies of forms to employees or recipients. Separate extension requests for this purpose must be faxed to the IRS in letter form by January 31.
The IRS stresses the importance of accuracy and promptness in your submissions. Start preparing now to meet the January 31 deadline.
Penalties may apply for:
- Late filings.
- Inaccurate submissions.
- Improperly filed paper forms.
2025 Updates:
- Mandatory e-filing applies to businesses filing 10 or more combined information returns (1099s and W-2s).
- Deadlines: Paper filers have until February 28, 2025, while e-Filers have until March 31, 2025. Recipient copies must be provided to contractors/payees by January 31, 2025.
- Key updates include expanded digital requirements, increases in 1099-K reporting for gig workers and small businesses, and free e-filing for businesses filing under 100 forms via IRS platforms.
Stay tuned for moreinfo and keep your tax game strong! 💥💰💰💥
- To prevent penalties for inaccurate submissions and late filings, it's essential for businesses to submit Form W-2, W-3, and Form 1099-NEC by the January 31 deadline, as well as furnish copies of these forms to recipients.
- In line with updated IRS rules, businesses handling 10 or more information returns annually are now required to e-file, and they can utilize the Information Returns Intake System (IRIS) portal for efficient and reliable filing.
- In 2025, businesses filing 10 or more combined information returns will have mandatory e-filing requirements, with extended deadlines for paper filers (February 28) and e-filers (March 31). Recipients' copies must be provided by January 31, as usual.
