|Posted on January 3, 2018 at 9:20 PM|
The PATH Act includes a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by January 31. This deadline also applies to certain Forms 1099-MISC filed with the IRS to report non-employee compensation to independent contractors. Such payments are reported in box 7 of this form.
This deadline makes it easier for the IRS to verify income that individuals report on their tax returns and helps prevent fraud. Failure to file these forms correctly and timely may result in penalties. As always, the IRS urges employers and other businesses to take advantage of the accuracy, speed and convenience of filing these forms electronically.