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Every year, employers have until Jan. 31 to submit the Form W-2 Wage Statements and Form 1099 for Independent Contractors with the government. Use the instructions for Form W-2 to guide you through the filing process.

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• There are new electronic filing rules that affect those W-2 Form filings that will be filed during this year. Businesses that file more than 9 forms must e-file file these information forms (like W-2s).
• There is also a required Form W-3 summary report that must be filed. Many employers are not aware of that additional filing.
• These forms must match the totals on Forms 940 and 941.

Here’s the truth: Not every employer manages to file those W-2 and W-3 Forms by January 31.

So now what?

Extensions of Time to File

Any extensions of time to file Forms W-2 with Social Security are not automatically given. There is a single, 30-day extension to file Form W-2. Requesting companies must submit a complete Form 8809. This is the Application for Extension of Time To File Information Returns.

Keep in mind that the IRS will only extend “in extraordinary circumstances or catastrophe”. Form 8809 provides instructions for requesting the extension. A tax lawyer’s strong legal argument is your best option.

Note: There is no time extension available to furnish those Forms W-2 to your employees.

Late Filing

The forms still must be filled out. However, there will be penalties. These fines increase with time, so get the process started.

There are exceptions to the penalty. In cases where there will be large penalties, it makes sense to involve a tax attorney as early as possible, to help avoid or minimize the fines.