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1099 & W2 Form Changes for 2016

New Compliance Regulations You Must Know About.

There are some major changes to W2 filing dates and rules, plus 2 minor changes to 1099MISC forms.

1099-MISC CHANGES for 2016

New Filing date for 1099MISC when Box 7 is used. Public Law 114-113, Division Q, section 201, requires Form 1099-MISC to be filed on or before January 31, 2017, when you are reporting nonemployee compensation payments in box 7. Otherwise, file by February 28, 2017, if you file on paper, or by March 31, 2017, if you file electronically. The due dates for furnishing payee statements remain the same.

New exceptions to reporting. P.L. 114-14 (compensation for disability or survivor’s benefits for public safety officers) and P.L. 114-113 (compensation for wrongful incarceration).

Official 1099-MISC Instructions for 2016.

W-2 CHANGES for 2016

NEW DUE DATE for W2 Copy A The due date for filing 2016 Forms W-2, W-2AS, W-2CM, W-2GU, W-2VI, W-3 and W-3SS with the SSA is now January 31, 2017, whether you file using paper forms or electronically.

Same Sex Marriage Equality For federal tax purposes, marriages of couples of the same sex are treated the same as marriages of couples of the opposite sex. The term “spouse” includes an individual married to a person of the same sex.However, individuals who have entered into a registered domestic partnership, civil union, or other similar relationship that is not considered a marriage under state law are not considered married for federal tax purposes.

Penalties for Safe Harbor. Forms W-2 with incorrect dollar amounts may fall under a new safe harbor for certain de minimis errors.

Extensions of time to file Form W-2 with the SSA are no longer automatic. For filings due on or after January 1, 2017, you may request one 30-day extension to file Form W-2 by submitting a complete application on Form 8809, Application for Extension of Time to File Information Returns, including a detailed explanation of why you need additional time and signed under penalties of perjury. The IRS will only grant the extension in extraordinary circumstances or catastrophe.

Higher penalties apply for: Failure to file correct Forms W-2 by the due date, Intentional disregard of filing requirements, Failure to furnish Forms W-2, Intentional disregard of payee statement requirements, The higher penalty amounts apply to returns required to be filed after December 31, 2015 and are indexed for inflation.

Official W2 Instructions for 2016

Changes to W2 Copy A Due Date in 2016. Stay in compliance and file this form by January 31, 2017.

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