Deadline for Employer Wage Statements
Employers are reminded by the Internal Revenue Service that the deadline for filing Forms W-2 and other wage statements with the Social Security Administration (SSA) is January 31, coinciding with the start of filing season.
Timely submission of these documents is crucial in avoiding penalties for employers, aiding employees in filing their income tax returns, and preventing instances of tax fraud.
By Jan. 31, employers are required to submit their 2023 Form W-2, Wage and Tax Statements and Form W-3, Transmittal of Wage and Tax Statements to the SSA, regardless of whether they choose to file electronically or using paper forms.
By January 31st, employers are required to give their employees copies of Forms B, C, and 2 of Form W-2. For further guidance on how to file Form W-2, please refer to the General Instructions for Forms W-2 and W-3.
The deadline for both Forms 1099-NEC and 1099-MISC, which are used to report non-employee compensation to independent contractors, is on Jan. 31. To find out more about this deadline and other important due dates, employers and payers can refer to the Instructions for Forms 1099-MISC and 1099-NEC PDF.
Identification Numbers for Employers
It is the responsibility of employers to ensure that the employer identification number (EIN) listed on their wage and tax statements (Forms W-2, W-3, etc.) and their payroll tax returns (Forms 941, 943, 944, etc.) is consistent with the EIN assigned to their business by the IRS.
Avoid using an SSN or ITIN when filling out forms that require an EIN. Also, never shorten EINs or SSNs on any type of form.
To extend the deadline for filing Forms W-2 with the SSA, employers can apply for an extension using Form 8809 by January 31st. It is also important to note that the deadline for providing Forms W-2 to employees must also be extended by January 31st. For more information, visit the official website for Form 8809.
For detailed instructions on how to request an extension for filing Forms W-2 to employees or to apply for a 30-day extension with the SSA, please consult Form 8809 and the General Instructions for Forms W-2 and W-3.
Starting from January 1, 2024, the threshold for electronic filing of information returns will be lowered from 250 to 10 for the 2024 filing season. Filers must combine all types of information returns they submit to determine if they meet the 10-return threshold and if they are required to file electronically.
The Information Returns Intake System (IRIS) Taxpayer Portal is a web-based platform provided by the IRS for free e-filing of the Form 1099 series. This platform, known as IRIS, is known for its accuracy, convenience, user-friendliness, and security, and does not require any additional software. To learn more about e-filing information returns using IRIS and its various features, visit the IRIS website.
By utilizing software such as MyTAXPrepOffice for your tax preparation business, you can streamline and save time by avoiding any potential delays in processing your client's tax returns.
To receive assistance with electronically filing information returns, please refer to the Filing Information Returns Electronically (FIRE) webpage and consult Publication 1220, Specification for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G PDF for guidance.
If you need additional details on electronically filing Forms W-2, you can refer to the Business Services Online page of the SSA's website. The Employer W-2 Filing Instructions & Information and Publication 15, Employer's Tax Guide are also helpful resources for this process.
Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.