Get ready for earlier due dates for certain payroll returns

December 6, 2016

Updating your payroll records before year-end and putting procedures in place for annual reporting is an especially good idea this December. Two important due dates have been pushed forward, and you'll want to have your information ready so you can meet the shorter time frame. In addition, you'll need to begin using a new version of Form I-9, Employment Eligibility Verification, in January 2017.

1. Form W-2. All copies of 2016 Forms W-2, Wage and Tax Statement, will have one filing deadline: January 31, 2017. That's the due date for giving employees copies of Form W-2, as well as for filing both paper and electronic copies with the Social Security Administration. Be aware that your state may also have adopted the new filing due dates.

2. Form 1099-MISC. When you report non-employee compensation in Box 7 of Form 1099-MISC, Miscellaneous Income, the forms are due January 31, 2017. You'll need to supply copies to the recipients of the income, as well as to the Internal Revenue Service (both paper and electronic) by that date. The usual due dates for sending paper and electronic forms to the IRS (February 28 and March 31) apply to Forms 1099-MISC with no information in Box 7.

3. Form I-9. Be prepared to begin using the revised Form I-9, Employment Eligibility Verification, by January 22, 2017, the day after the prior version of the form expires. You're required to complete Form I-9 for each new hire and retain the form in your files for a specified length of time.

Contact us if you have questions about your payroll taxes, returns, or record keeping.

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