W2 and 1099NEC Filing Deadline

The 1099 and W-2 filing deadline is an important date for businesses and individuals to keep in mind each year. These forms are used to report income earned by independent contractors and employees, respectively. It is important to file these forms on time in order to avoid penalties and ensure compliance with the Internal Revenue Service (IRS).

The deadline for filing 1099 and W-2 forms is typically January 31st. These deadlines may be extended in certain circumstances, such as if the form is being filed for a deceased individual or if the individual is unable to file due to a natural disaster.

If a business or individual fails to file these forms on time, they may be subject to penalties. The penalties for late filing can vary depending on the severity of the violation and the length of time the form was overdue. Penalties may include fines, interest charges, and even criminal charges in severe cases.

For 1099 forms, the penalty for failing to file on time is $50 per form, with a maximum penalty of $187,500 per year. If the form is filed more than 30 days late, the penalty increases to $110 per form, with a maximum penalty of $532,000 per year.

For W-2 forms, the penalty for failing to file on time is $50 per form, with a maximum penalty of $536,000 per year. If the form is filed more than 30 days late, the penalty increases to $100 per form, with a maximum penalty of $1,664,000 per year.

It’s important for businesses and individuals to be aware of these deadlines and penalties and take steps to file their forms on time. This can be done by setting reminders and double-checking that all necessary information is collected before the deadline. Additionally, it’s recommended you send us your filing info prior to January 27th so that we can guarantee timely efile and distribution of your W2s and 1099s.