2019 is here and that means taxpayers and business owners need to start thinking about their taxes! The IRS is reminding employers and business owners of the January 31st deadline to file wage statements and independent contractor forms. This tax deadline has not changed due to the recent tax reform and employers should make sure to have all statements and forms filed by the deadline.
The tax deadline is due to the Protecting Americans from Tax Hikes Act of 2015 that started a requirement for employers to 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 31st. Certain forms like a 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors are also due at this time. The act was passed to help the IRS become more efficient on verifying income that taxpayers report on their returns, this also helps them prevent tax fraud.
To help employers get a jump start on the filing deadline, employers should start verifying their employee’s information. This includes their names, addresses, and Social Security or individual taxpayer identification numbers. Employer’s will need to make sure the company’s account information is up to date and is current with Social Security Administration before the filing deadline in January. If you are using the paper forms of W-2, be sure to order them early to avoid any complications.
There are no automatic extensions for this deadline, the IRS only give out extensions for very specific reasons. Form 8809 will give you further details if you are requesting an extension for the deadline.
If you are needing help filing your taxes or with your small business accounting, Polston Tax can help! We have a team of tax consultants and accountants who can help keep your business running while staying compliant with the IRS. Call us today at 844-841-9857 or click below to schedule your free consultation!