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Deadlines and Penalties

Important Deadlines and Potential Penalties

Filing your annual 1099s, W-2s and ACA healthcare forms is a two-step process: First you distribute forms to recipients and employees, then you file with the Social Security Administration (SSA) or IRS.

The specific dates are broken down in the following chart.
Be aware of the accelerated dates for certain 1099-MISC and W-2 forms,
which changed as of 2016:

FORM

DUE TO RECIPIENT

PAPER FILING

ELECTRONIC FILING

1099-MISC
(If entering data in Box 7, non-employee compensation)

Jan. 31*

Jan. 31*

Jan. 31*

1099-B
1099-S
1099-MISC
(boxes 8 or 14)

Jan. 31*

Jan. 31*

Jan. 31*

Other 1099 forms

Jan. 31*

Feb. 2*

Mar. 31*

W-2

Jan. 31*

Jan. 31*

Jan. 31*

1042-S

Mar. 15*

Mar. 15*

Mar. 15*

1095-B, 1095-C
(ACA healthcare forms)

Mar. 2*

Feb. 28*

Mar. 31*

*If this date falls on a weekend or federal holiday, the deadline moves to the next business day.

A Word About W-2 Extensions

Extensions to file with the SSA are no longer automatic. For filings due on or after January 1, 2017, one 30-day extension may be requested. However, an application Form 8809 must be used and a detailed explanation of why additional time is needed must be provided. The IRS has stated it will only grant extensions in cases of “extraordinary circumstances or catastrophe.” This does not affect extensions to furnish W-2 forms to employees.

State Filings May Be Necessary

Remember: Your state may participate in the Combined Federal/State Filing Program (where the IRS forwards 1099-MISC or W-2 information on to the state), require direct state filing (alone or in addition to combined federal/state filing) or not require state filing at all.

Avoiding Penalties

As of 2016, penalties have increased for failure to file correct information returns by the due date, intentional disregard of filing requirements, failure to furnish forms and intentional disregard of payee statement requirements.

The amount of the penalty is based on when the correct form is filed:

If you correctly file within 30 days of the deadline, you will be fined $50 per form with a maximum penalty of $532,000 per year ($186,000 for small businesses)
If you correctly file more than 30 days after the due date but by August 1, you will be fined $100 per form with a maximum penalty of $1,596,500 per year ($532,000 for small businesses)
If you file after August 1, corrections aren’t filed or the form isn’t filed at all, you will be fined $260 per form with a maximum penalty of $3,193,000 per year ($1,064,000 for small businesses)

In all cases, the IRS considers you to be a small business if you’ve earned an average of $5 million or less in annual revenue for the past three tax years.


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