Dec 01, 2016
By Paula Rogers, President and Partner at Terry Lockridge & Dunn
If you file W-2s, pay non-employee compensation to independent contractors, or are required to report health insurance coverage enrollment or offers to your employees, be aware of earlier due dates for these common 2016 tax forms.
Form 1099-MISC, “Miscellaneous Income”. When you report nonemployee compensation payments in box 7 of Form 1099-MISC, the 2016 form is due to the independent contractor, and the IRS, by January 31, 2017. That is true whether you file on paper or electronically. The regular due dates (January 31 to the recipient, February 28 to the IRS for paper copies, and March 31 if filing electronically) apply to other types of Form 1099.
Form 1095-B, “Health Coverage”. When you are an applicable large employer (generally, when you employ 50 or more full-time workers and equivalents), you are required to provide information about health coverage to the IRS and to your employees. The IRS granted an extension of the date the 2016 forms are due to your employees. Instead of being due January 31, these forms are now due March 2, 2017. There is no change to the February 28, 2017, due date for filing paper forms with the IRS, nor the March 31, 2017, due date for filing electronically.
Form W-2 and W-3. The Consolidated Appropriations Act of 2016 moved the deadline for filing Form W-2 to January 31, whether paper or electronic filing. Companies were already required to provide W-2s to their employees by January 31, but starting in 2017 (for the 2016 reporting year) the January 31 deadline also applies to W-2s and W-3s submitted to the Social Security Administration and the IRS. Traditionally, the deadline to submit government copies of the forms was February 28 for paper forms or March 31 for e-filing. The rules have changed for the State of Iowa filings as well. Any Iowa employer with 50 or more W-2s for 2016 will have to electronically file with the State of Iowa by January 31, 2017. Previously, there was not a requirement to file with the state. In future years, all Iowa employers will have to file electronically regardless of number of employees.
Contact Paula Rogers at firstname.lastname@example.org if you need more information.