B.A. Harris Blog

Informational Return Filing Requirements

W-2, W-3, and 1099-Misc information returns

Beginning with the 2016 tax year, the due dates for filing Forms W-2, Wage and Tax Statement, W-3 transmittal forms and Forms 1099-Misc have been moved up. Previously, the federal filing due date of Copy A of these forms was the last day of February.  These federal filings are now due to the Internal Revenue Service on January 31st.  Additionally, all copies to recipients must be furnished by January 31st.

Forms 1099-Misc must be filed for each person in the course of your business to whom you have paid at least $600 during the year for rents, services performed (not your employee), prizes and awards, other income, and payments to an attorney.  You are not required to file a 1099-Misc if the payments were made to a corporation (unless attorneys) or for merchandise.

Additionally, the penalties imposed for the late filing or failing to file correct information returns, has increased substantially; up to a maximum of $260 per return.  It is recommended that you gather the necessary information and provide to your preparer as soon as possible after the new year.

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