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7 November 2017

Filing 2017 W-2s: Penalties Have Increased, Extension Not Guaranteed

Filing 2017 W-2s:  Penalties Have Increased, Extension Not Guaranteed

January 31, 2018, is a big day not only for providing W-2 forms to employees and 1099-MISC forms to other workers, but it’s now also the deadline for filing the forms with the IRS (whether filing by mail or even by e-file). Neglect that earlier-than-usual deadline (first issued in 2016) and you could be responsible for newly increased penalties. Plus, recent changes in extension rules may leave you with no option but to pay the price.

While this January 31 catchall deadline (including W-3 and 1096 transmittal forms, too) may not be news to you, changes in extension rules and penalty increases may be. According to the IRS, only one 30-day extension to file W-2 forms is available and this extension is not automatic, as it has been in the past. Form 8809 Application for Extension of Time to File Information Returns must be completed with your detailed explanation for needing an extension and it must be submitted no later than January 31.

What’s more, the IRS has announced that penalties for not filing correct information returns and/or not furnishing correct payee statements have increased and are now subject to inflationary adjustments. In short, the sooner you can submit returns, the better.

The penalty increases for small businesses are as shown (based on information provided by the IRS):

More information on these penalties can be found here. If you have any questions, feel free to contact us.

Main Image Copyright: itkach / 123RF Stock Photo


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