Employers will have less time next year to file Forms W-2 with the Social Security Administration. The new due date for filing the 2016 W-2s is now January 31, 2017, regardless of whether you file using paper forms or electronically. Previously, the deadlines for filing the Forms W-2 were February 28 and March 31, for paper forms and electronic filing, respectively. The new January 31 due date will match the date for sending copies of the forms to employees.
The new January 31 deadline also applies to Forms 1099-MISC that report nonemployee compensation.
The IRS says having these forms earlier will help it to spot tax ID theft and fraudulent returns.
Also note that only the final four digits of the Social Security numbers will need to go on the W-2s sent to employees and the 1099-MISC sent to independent contractors. The full number will still need to be listed on the copy the service gets.Read full post...