Earlier Filing of Forms W-2 is Here

If you had attended any of my year end webinars you would have found out that the IRS was discussing moving the due date of the Forms W-2 from the current date of March 31 (if electronic filing) or last day in February (if filing on paper).  The discussion is over and the new regs have been released.  Effective for the 2016 Forms W-2 filed in 2017, the due date is now January 31st for filing with the Social Security Administration regardless of method used to file.  The reason for this change is simple…to prevent theft.  An audit of the IRS back in 2012 discovered that over six billion dollars was lost to fraudulent filing of tax returns.  Since the IRS works on the give first and verify later type of refunding (otherwise you would have to wait for your refund until June of each year) this type of fraud is hard to detect.  The IRS was able to recoup over $20 billion of potential fraud even using this method.  But the only way the IRS can totally prevent this type of fraud is by two ways.  The first way is to delay refunding any taxes until after they have received the info from the employer.  This means tax refunds would not go out until June or July of  each year.  Something that would drive the “villagers” to take up pitchforks and torches.  The second way  is to get the info from employers earlier than March 31st. And that is the way they have chosen to go.  So put it on your year end calendar for 2016–W-2s due are due to both employees and the SSA on January 31st.

 

The Payroll Pause subscribers were informed of this information on December 21, 2015. Get all the latest payroll news that you need when it happens by subscribing to the Payroll Pause today for only $65 per year.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s