New Due Date for W-2, W-3, and 1099 Tax Forms

Avoid Penalties by Filing Required Tax Forms on Time

form w-2 wage and tax statement closeup

There is a new due date of January 31, 2017 for W-2s, W-3s, and Forms 1099-MISC which are being filed to report non-employee compensation in box 7. All other Forms 1099-MISC are due by February 28, 2017.

Form 1099-MISC is used by businesses to report payments to individuals or entities other than C corporations or S corporations. Payments that should be reported on Form 1099-MISC include, but are not limited to:

  • Rents
  • Services performed by someone who is not your employee
  • Prizes and awards
  • Other income payments

Penalties range from $50/return to as much as $520/return, so it is important that these forms be filed as required. Please contact your Smith Leonard tax advisor with any questions.

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