James D. Lynch
Wage Statements and Independent Contractor Forms
The Internal Revenue Service reminds employers and other businesses that January 31 is the filing deadline for submitting wage statements and forms for independent contractors with the government.
Employers must file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. The January 31 deadline also applies to certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors.
Failure to file these forms correctly and timely may result in penalties. Requests for an extension of time to file must be submitted before the due date. Only certain reasons, such as a death or natural disaster, are allowed.