Are you responsible for payroll and/or 1099s?
The IRS is drawing a hard line on 2018 filing deadlines.
Last year the IRS changed the filing deadline for all Federal W-2s and 1099s which report nonemployee compensation. The deadline change moved the IRS and Social Security Administration filing deadline to coincide with the same due date as forms issued to recipients: January 31.
While the deadline for filing this year has not changed from last year, if you fail to file a correct information return by January 31 and you cannot show reasonable cause, you may be subject to some pretty serious penalties.* (Click here for 2018 Instructions for Form 1099-MISC.)
The IRS has implemented these expedited filing deadlines in an effort to combat fraud and identity theft.
If you are an LSWG client, we urge you to get your information to us no later than January 15, 2018, so we can keep you on track with your reporting.
LSWG’s Client Accounting Services Department is staying on top of these changes—and others that may impact your payroll processing and reporting. If you have any questions, please give our office a call at 301.662.9200.
*Penalties of $50 to $260 per information return (each form) may be assessed for late filing. Penalties could also be assessed if information is incomplete or incorrect on a 1099.