The IRS today issued a release as a reminder to employers that the filing deadline for Forms W-2 is now January 31. The IRS also noted that certain refunds when the return includes two refundable tax credits must be held until February 15.
As explained in the IRS release—IR-2016-143 (October 28, 2016)—the “Protecting Americans from Tax Hikes (PATH) Act” included a new requirement for employers to file copies of Form W-2 (as submitted to the Social Security Administration) by January 31. Previously, employers had until the end of February or March to submit copies of Forms W-2. Under the new measures, there is only one 30-day extension to file Form W-2, and this extension is not automatic.
The new January 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation (such as payments to independent contractors).
Employers still must furnish copies of Forms W-2 to their employees by January 31. There is no change to this date.
Also, under the PATH Act, the IRS must hold refunds of taxpayers that claim the "earned income tax credit" (EITC) or the "additional child tax credit" (ACTC) until February 15.
<p>© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.</p> <p>KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.</p>
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.