What you need to know about forms for 2018
Year-end is fast approaching, which – as you well know – can make life pretty hectic for Payroll pros.
To make a smooth transition into 2018, it’s crucial to stay current with upcoming deadlines for various returns.
Important due dates
In the past, there’s been some wiggle room with submission deadlines for certain forms, depending on how they were filed. But that’s not always true anymore, particularly with Form W-2.
The deadline to send this year’s Forms W-2 to SSA is Jan. 31, 2018, whether they’re being submitted electronically or through the mail.
Plus, unlike past years, extensions for W-2 filing are no longer automatic. Those who need an extension must fill out Form 8809 and include a detailed explanation about why the extension is needed. The form is due by Jan 31. Companies are eligible for only one 30-day extension to file.
You must still give employees their copies of Forms W-2 by Jan 31, too.
If you’re required to submit any wages using a 1099-MISC (e.g., reporting wages issued after an employee’s death), the payee must receive the form by Jan. 31, and it must be filed with the IRS by Feb 28 on paper or March 31 electronically.
All applicable large employers, or those with 50 or more full-time equivalent employees, must prepare Forms 1094-C and 1095-C to report info about workers’ health coverage.
Although employees must receive Form 1095-C by Jan. 31, you have more time to submit forms to the IRS. Both forms must be sent by Feb 28 if filing on paper, and March 31 when submitting electronically.
Because so many forms are due at the same time, it’s possible for returns to fall through the cracks.
So it’s critical to double-check that all relevant forms have been submitted per federal guidelines. Penalties are on the rise for forms that aren’t submitted on time or that aren’t prepared or submitted correctly.
In 2018, companies will face a penalty of $260 a return for failing to file tax returns on time. As written in Revenue Procedure 2017-58, this is slated to increase to $270 by 2019.
More info: www.irs.gov