It’s January, which means that all W-2s and 1099 forms need to be filed by the January 31, 2018 deadline. If you recall, this deadline was changed last year: It was moved up a full month from previous years and it is still in effect for 2018 when reporting for 2017 business taxes.
What Employee Forms You Need to File
This filing deadline is for all W-2 forms and 1099 forms (including 1099-MISC) for independent contractors. In order to avoid errors and make sure that false information isn’t reported by you or your employees/contractors, file these forms before the end of January. This will also give you time to correct any errors before the forms need to be filed with the Social Security Administration.
The IRS implemented this new filing deadline as a way to help prevent fraud and identity theft. By receiving these forms as early as possible, they believe that it allows them to better legitimize tax returns and properly issue tax returns to the taxpayers who should be receiving them. If you fail to file the correct forms by the January 31 deadline, your business will be subject to penalties. This year, the IRS has increased the penalties to maximize urgency.
Other Forms, Reports and Requirements
In addition to filing these forms with the IRS, W-2s and 1099s must be furnished to the employees and independent contractors. A 1099-MISC is required if you paid more than $600 to a contractor in that tax year. Annual wage and payroll tax reports are also due to the IRS at the end of January. The quarterly payroll tax report (Form 941) and your Federal Unemployment Tax Report must also be submitted for the 4th quarter of 2017 by the deadline.
Lastly, don’t forget that your 4th quarter 2017 estimated tax payment is due by January 16, 2018. If you are self-employed or pay quarterly estimated taxes for your business, this is the deadline you need to know. The payment needs to be postmarked by January 16 to avoid penalties.
Be proactive with all your business tax requirements for the benefit of your own business tax return and those of your employees. For help with preparing business taxes and meeting these important form-filing deadlines, contact Ferguson, Timar & Company. We’ll make sure you are prepared for everything that’s ahead this tax season.