Attention Employers: New W-2 and 1099 Filing Deadline

Employers, beware! If you have a business that has employees or independent contractors, be aware of the new deadline enforced by the IRS.

Usually employers had until the end of February to submit their W-2 copies to the IRS, but in an effort to detect and prevent refund fraud, the deadline has now been moved to January 31st.

For businesses that give 1099-MISC forms, the same deadline applies for these non-employee compensation forms such as payments to independent contractors.

Extensions are still available but with new rules. Only one 30-day extension can be requested and it not automatic. If an extension is needed, then a Form 8809 Application for Extension of Time to File Information Returns must be completed before January 31st.

This new deadline will help the IRS verify the legitimacy of tax returns and properly issue refunds to taxpayers eligible to receive them. As a benefit, refunds will be to released more quickly in many instances.

However, refunds for taxpayers who are claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), must wait until at least February 15th to receive their refund. 

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