IRS Warns: Wage Statement and Information Return Deadline Lands on January 31st
Deadlines Approaching for Business Filings: Don't Miss Out!
Hey there, business owners! It's time to wrap up that paperwork as the Internal Revenue Service (IRS) has set the deadline for submitting wage statements and specific information returns. Make sure you meet the January 31 deadline, or you could end up in hot water with the feds.
Here's what you've got to do:
- Employers should submit forms W-2 and W-3 to the Social Security Administration, while payers need to submit form 1099-NEC to the IRS. Notify your employees and recipients of any relevant information returns as well. Each form has detailed instructions on when recipient copies must be provided.
E-filing is the way to go—it's the fastest and most accurate method. Businesses filing 10 or more information returns annually are required to e-file under the IRS's new rules. You can e-file Form 1099-NEC (and other eligible forms) for free on the IRS Information Returns Intake System (IRIS) portal.
What's more? The threshold for e-filing has dropped. Starting from the 2023 tax year, any business or individual filing 10 or more Form 1099-NECs must file electronically—not just those filing 250 or more returns, as previously required.
For the 2024 tax year, Form 1099-NEC should be furnished to the recipient and filed with the IRS by January 31 of the following year. Electronic filers have until March 31 if they opt for e-filing.
Don't feel like rushing? Request a 30-day extension to file W-2s and certain information returns by submitting Form 8809. But remember, an extension to file doesn't apply to furnishing copies of forms to employees or recipients. You'll need to request a separate extension for that.
The IRS underlines the importance of accuracy and timeliness in these submissions. Get ahead of the game and start preparing now to meet the January 31 deadline.
Penalties may apply for late filings, inaccurate submissions, and improperly filed paper forms. Don't risk it—stay on the IRS's good side!
More details on e-filing rules and applicable forms are available on the IRS website. Get your business in order and avoid those unnecessary headaches!
- To meet the January 31 deadline, business owners should ensure they e-file forms like W-2, W-3, and 1099-NEC to the corresponding authorities.
- In the future, businesses filing 10 or more Form 1099-NECs will be required to e-file, a change from the previous requirement of 250 returns or more, starting from the 2023 tax year.
