IRS reminder: Wage statements and certain information returns due by Jan. 31

Sai CPA Services is pleased to share the latest IRS update. The IRS has issued a reminder for businesses to submit wage statements and certain information returns by January 31. This deadline helps avoid penalties and aids the IRS in verifying income information to combat fraud.

Key Points:?

Forms Due by January 31:?

• Form W-2, Wage and Tax Statement?

• Form W-3, Transmittal of Wage and Tax Statements?

• Form 1099-NEC, Nonemployee Compensation?

Furnishing Copies:?

• Employers must also furnish copies of W-2, Form 1099-NEC, and other information returns to recipients by January 31.?

E-filing:?

• Electronic filing is the fastest and most convenient way to submit forms accurately.?

• W-2s and certain other forms must be filed electronically if submitting 10 or more information returns during a calendar year.?

• The IRS offers free e-filing for the 1099 series through the Information Returns Intake System (IRIS).?

Requesting Extensions:?

• Employers and payers may request a 30-day extension to file W-2s or certain information returns by submitting Form 8809 by January 31.?

• Filing Form 8809 does not extend the deadline for furnishing wage statements to employees or information returns to payees.?

Potential Penalties:?

• Penalties may apply for untimely, inaccurate, or improperly submitted filings.?

• Employers and payers are encouraged to start preparing filings early to ensure accuracy and timely submission.?

Additional Resources:?

• The IRS provides forms, instructions, and publications search tool for more information about current IRS forms.?

• Visit the Forms, Instructions, and Publications page on IRS.gov for further details.?

Importance of Timely Filing:?

• Timely filing helps the IRS match employer-reported income with individual tax returns, reducing errors and discrepancies.?

• Accurate and timely submissions contribute to the overall efficiency of the tax system.?

Support for Businesses:?

• The IRS offers various resources and support for businesses to help them comply with filing requirements.?

• Businesses can access online tools, guides, and customer support to assist with the filing process.?

For more Information and Guidance, please contact Sai CPA Services.?