This July the IRS and SSA made changes to the deadline given to businesses that issue W-2 and 1099-MISC forms. When businesses e-filed their W-2/1099's, they were given until March 31st each year. Now that deadline has moved to Jan 31, 2017. Any forms filed past that date are subject to $260.00 per form.
Avoid the new IRS penalties by doing the following
- Be sure to have all of your contractors fill out and send to you their W-9 this month (if you don’t have them already)
- If the deadline is approaching and you don't have all your info you can file a 30 day extension at no cost with IRS Form 8809