W-2 Filing Extensions to Change in 2017
2016 is the last year that U.S. businesses will receive automatic filing extensions for informational returns on Forms W-2.
IRS regulations, effective July 1, 2016, will remove the automatic extension granted to businesses filing information returns on forms in the W-2 series (with the exception of form W-2G).
Businesses will be able to apply for a single 30-day extension for W-2 form filing, though the IRS expects to grant this extension only in limited cases that exhibit extension need due to “extraordinary circumstances or catastrophe.”
According to the IRS these final, temporary regulations are designed to expedite the filing of forms in the W-2 series to aid in the IRS’ efforts to detect identity theft and refund fraud.
The IRS states that forms in the W-2 series are a major source of false income and withholding among identity thieves. By having these information returns on file sooner, the IRS expects to identify more incidences of identity theft and tax refund fraud.
Paper information returns for Forms in the W-2 series generally must be filed by Feb. 28, or the last day of February of the calendar year following the calendar year for which the information is reported. Electronic information returns for Forms in the W-2 series are generally due by March 31, or the last day of March of the calendar year following the calendar year for which the information is reported.
The IRS indicates that it also intends to eventually remove the automatic 30-day extension of time to file additional forms, including: W-2G, 1042-S, 1094-C, 1095-B, 1095-C, 1097 series, 1098 series, 1099 series, 3921, 3922, 5489 series and 8027.
If you have questions about filing informational returns on Forms in the W-2 series, please contact your Whalen & Company representative.
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