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PATH Act Earlier W-2 and 1099 deadlines

Under the PATH Act employers are now required to file their copies of Form W-2, submitted to the Social Security Administration, by Jan. 31. This deadline also applies to certain Forms 1099-MISC reporting nonemployee compensation, such as payments to independent contractors, regardless of whether the returns are filed on paper or electronically. Further, only one 30-day extension to file Form W-2 is now available, and this extension is not automatic (see the instructions to Form 8809). Having these forms W-2 and 1099 in hand earlier at least theoretically makes it easier for the IRS to verify the legitimacy of tax returns and properly issue refunds to eligible taxpayers. But they do make for a busy January in many accounting and compliance departments.

Contact us if you have any questions about filing these Forms or extensions.