To Our Clients and Friends:
As the year end approaches, we would like to alert you to changes in the filing deadlines for employer copies of Forms W-2 and 1099-NEC (new form from 2020). These changes were made to reduce fraud and identity theft, a provision in the Protecting Americans from Tax Hikes (PATH) Act of 2015. Please review carefully review the deadline changes below.
Starting in tax year 2016, the deadline for filing Forms W-2 and 1099-NEC (when reporting nonemployee compensation in box 1) will be January 31 of the following year, rather than February 28 as it was in the past. This new deadline is for all employer Forms W-2 and 1099-NEC returns, both electronic and paper returns.
Therefore, the 2023 employer Forms W-2 and 1099-NEC (when reporting non-employee compensation in box 1) filing deadline is Wednesday January 31, 2024.
The following deadlines are not changing for the 2024 tax year:
- Distribution of Forms W-2,1099-NEC and 1099-MISC must still be furnished to recipients by January 31.
- Employees must still file their personal income tax returns by April 15, 2024
Based on above information regarding the filing deadlines, please make sure to have necessary information ready and provided to us by December 29, 2023, to be able to file all forms on time.
Please see below the list of information that we need to receive by December 29, 2023:
- 1099-NEC and 1099-Misc Forms.
Updated 2023 Form W-9 with the following information:
Name of individual or entity
Correct address
Federal ID for the entities or Social Security numbers for all individuals.
Please note that we do not need information for vendors that are corporations unless they are attorneys or providers of medical services.
In addition, we will need the total amount paid in 2023 for each vendor, if we are not the ones maintaining your bookkeeping. For those clients for whom we are maintaining the accounting records, we will need the amount paid to each vendor for the last month or last quarter of the year or to receive all paystubs to be able to calculate the total amount.
- W-2 Forms.
More than 2% Shareholders of S-Corporations must provide us with total amount of health insurance payments made in 2023 for proper and timely reporting on 2023 W-2 Form.
Please let us know if you have any questions or concerns.
