January 16, 2018
IRS Reminds of Earlier Deadlines
A Tuesday Letter article, End of Year Tax Instructions for Local Units appeared in the December 5, 2017 Tuesday Letter.
Employers must send Copy A of Forms W-2, Wage and Tax Statement, and W-3, Transmittal of Wage and Tax Statements, to the Social Security Administration by January 31, 2018, for both paper and electronic forms.
The different filing deadlines for non-employee compensation 1099-MISC may be particularly confusing (most, if not all, Extension Unit 1099’s would be NEC). For Form 1099-MISC, Miscellaneous Income, here are the due dates:
- If reporting non-employee compensation (NEC) in Box 7, both paper and electronic filings are due by January 31, 2018.
- Forms 1099-MISC that do not report NEC must be filed by February 28, 2018, when filed on paper.
- Forms 1099-MISC that do not report NEC must be filed by April 2, 2018, when filed electronically (March 31 is a Saturday).
NOTE: However, to avoid confusion, it is best to file everything by the January 31 deadline.