Upcoming changes – Deadline to file 1099’s and W-2’s
Did you know that beginning with 2016 forms, the employees must file by a new deadline?
– W2’s is to be filed by January 31, 2017 – e-file, mail, employee copy, agency copy… Regardless! The forms are now due by January 31, 2017. Simple as that!
– Deadline to file 1099’s is changing as well, but not for all filings. If your business will be filling a 1099’s and reporting amounts in BOX 7 (Nonemployee compensation) – the new deadline is also January 31, 2017 – -e-filing, mailing, recipient – deadline for all is January 31, 2017. However, 1099’s with no Box 7 reporting are still due by February 28, 2017 by mail, or March 31, 2017 by e-filing
– Have your books updated and completed by the end of the year, and be ready for the deadline in January 2017. It’s always a good idea to update the financials on monthly basis. By updating the books on the regular basis, you will have a way better understanding of your business performance and can plan your future success.
– Use payroll service. We highly recommend Gusto. With a very reasonable monthly fee your forms will be distributed and filed on time. No need to stress.
Intuit published and article on this subject :
Beginning 2017 IRS changes W-2 & 1099 filing deadlines
Tax season is upon us! Let’s get ready!