According to the latest Internal Revenue Service news release, employers along with other businesses in the United States that need to file wage statements and independent contractor forms still have a January 31 due date. If you are such a businessman in USA who needs to file wage statements and independent contractor forms, then request call back to Black Ink that can help you filing these important tax liabilities before the deadline of 31st January, 2020.
Wage Statements & Independent Contractor Forms Filing Deadline:
- Before the implementation of Protecting Americans from Tax Hikes (PATH) Act, the employers in USA usually had a longer period of time to file their wage statements and independent contractor forms.
- With the impact of 2015 law, employers throughout the United States are now permanently required to file the copies of their Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31.
- With the filing of employer wage statements and independent contractor forms, additional forms including Form 1099-MISC, Miscellaneous Income, etc are also required to be filed to the IRS for reporting non-employee compensation to independent contractors. Box 7 of this form will be used for reporting such payments.
- To avoid any kind of penalties, employers are required to file wage statements and independent contractor forms accurately on time.
- The early filing date is set by the IRS for the detection of refund fraud by verifying income that is reported by the individuals on their tax returns.
- Black Ink provides accurate and convenient way of e-filing of these forms as the IRS also recommends to e-file tax returns.
- Complete employees’ information including names, addresses, and Social Security or individual taxpayer identification numbers should be verified by the employers.
- The employers should also make sure that company’s account information is up to date as well as active with the Social Security Administration.
- Before the 31st January filing due date of wage statements and independent contractor forms, paper Forms W-2 should be ordered early if these are needed.
- The IRS further notified the employers that automatic extensions of time to file Forms W-2 are not available but extensions only for very specific reasons may be granted by the IRS.
- If you need any other taxation service in the United States, you can try our best tax planning services as well as best tax preparation services in USA to be a complaint taxpayer to the IRS.
Recently, the IRS reminded taxpayers about tax tasks for 2020. If you want to gain any further information, you can contact our team to get the best professional guidance in the United States regarding taxation and accounting matters.