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1099, W-2 and ACA Forms: Important IRS Updates That Could Impact Your Tax Filing (and Your Business)
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  • Here are the new 1099, W-2 & ACA IRS tax-filing deadlines & penalties for employers.

    1. Do you use independent contractors?

    If you’re issuing form 1099-MISC for “non-employee compensation,” you only have until January 31, 2017, to file with the Internal Revenue Service (IRS). Uncle Sam used to give businesses until March 31 if tax filing electronically. But now the IRS e-file deadline is the same as paper filing.

  • The latest 1099 IRS Tax-Filing Deadlines.

    2. Similarly, all 2016 W-2 tax forms must be filed with the Social Security Administration (SSA) by January 31, 2017.

    Previously, employers had until March 31 if they chose to e-file the form data. But now, whether you use the paper form or file electronically, you must submit to the SSA by January 31.

  • The latest W-2 IRS Tax-Filing Deadlines.

    3. Extensions to file W-2 forms with the SSA are no longer automatic.

    You can request one 30-day extension. To do so, you must submit IRS Form 8809 and include a detailed explanation of why you need the extension. Be aware that the IRS has stated it will only grant extensions in cases of “extraordinary circumstances or catastrophe.”

  • The latest IRS tax-filing rules for getting a W-2 extension.

    4. Penalties have increased significantly for late tax filing W-2 forms.

    And the amount of the fine is based on when the correct form is filed. You’ll face a $50 late fee per W-2 if the form is filed correctly within 30 days. That amount increases to $100 if filed more than 30 days after the deadline. And if your forms aren’t filed before August 1, the fine jumps to $260 per form.

  • The latest ACA reporting deadline updates for Employer IRS tax filing.

    5. Many businesses had difficulties with the new ACA reporting requirements last year.

    The IRS recognized that and extended the filing deadline in 2016. No extensions are expected for the upcoming season. This means affected employers have until January 31 to supply employees with their forms. And they have until February 28 to file the forms with the IRS. The good news is that you do have until March 31 if filing electronically.

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Jaime Lizotte
Presented by: Jaime Lizotte,
HR Solutions Manager
Hiring, recordkeeping, time and attendance tracking, employee discipline, filing 1099 and W2s ... all of these tasks create overhead expenses and detract from revenue-generating activities.