Informational Return Filing Requirements

Published on Friday, January 19, 2018

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 31^st.  Additionally, all copies to recipients must be furnished by January 31^st.

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.