The Internal Revenue Service (IRS) has issued a reminder to employers that the deadline for submitting wage statements and independent contractor forms is January 31.
Employers must file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31.
The January 31 deadline also applies to Forms 1099-MISC, Miscellaneous Income, and Forms 1099-NEC, Nonemployee Compensation, that are filed with the IRS to report non-employee compensation to independent contractors. Various other due dates related to Form 1099-MISC, Form 1099-K and Form 1099-NEC, including dates due to the IRS, can be found here.
The IRS offers the Information Returns Intake System (IRIS) for free electronic filing of the Form 1099 series. This service allows electronic filing, preparation of payee copies, filing corrections, and extension requests.
Businesses filing 10 or more Forms W-2 must do so electronically. Extensions to file these forms are not automatic; they require submitting Form 8809 by January 31. Note that this does not extend the deadline for furnishing wage statements to employees.
The IRS has delayed the Form 1099-K $600 reporting threshold implementation until tax year 2024. For 2023 and earlier, only taxpayers who receive over $20,000 and have more than 200 transactions will be issued Forms 1099-K.
Penalties may apply for non-compliance. You can find more information on the IRS’ Information Return Penalties page. For detailed filing instructions, check the IRS website. The January 31 deadline is crucial for businesses. Employers working with at least one independent contractor must ensure compliance to avoid penalties.