Employers have a new, earlier due date of January 31, 2017, for filing 2016 information returns, W-2 and W-3 with the Social Security Administration. This date applies to you whether you file using paper forms or electronically. Forms 1099-MISC are due to the IRS by January 31 as well.
Employers must also furnish copies of these forms to their employees by January 31. The State of Wisconsin has had the January 31 deadline in place for years and will continue with that as well.
It is more important than ever to be sure your information is updated and accurate. In the past, if there needed to be a change to the W-2, it could be easily fixed prior to uploading to the Social Security Administration. Now, with the earlier due date, those changes will have to be fixed by completing and filing a W-2C and W-3C – which can get costly and time consuming.
We highly recommend you have a conversation with your employees and your boss and make sure all information that will be on the W-2 is accurate. Many people don’t look at their W-2 until they are at their tax appointment – this year may be a good year to look early!