PHOENIX — The Internal Revenue Service is reminding administration and baby businesses of a new Jan. 31 filing borderline for Forms W-2. The IRS charge additionally authority some refunds until Feb. 15.
A new federal law, aimed at authoritative it easier for the IRS to ascertain and anticipate acquittance fraud, will advance the W-2 filing borderline for administration to Jan. 31. For agnate reasons, the new law additionally requires the IRS to authority refunds involving two key refundable tax credits until at atomic Feb. 15.
New Jan. 31 Borderline for Employers
The Protecting Americans from Tax Hikes (PATH) Act, allowable aftermost December, includes a new claim for employers. They are now appropriate to book their copies of Form W-2, submitted to the Social Security Administration, by Jan. 31.
The new Jan. 31 filing borderline additionally applies to assertive Forms 1099-MISC advertisement non-employee advantage such as payments to absolute contractors.
In the past, administration about had until the end of February, if filing on paper, or the end of March, if filing electronically, to abide their copies of these forms. In addition, there are changes in requesting an addendum to book the Form W-2.
Only one 30-day addendum to book Form W-2 is accessible and this addendum is not automatic. If an addendum is necessary, a Form 8809 Application for Addendum of Time to Book Advice Allotment charge be completed as anon as you apperceive an addendum is necessary, but by January 31.
“As tax division approaches, the IRS wants to be abiding employers, abnormally abate businesses, are acquainted of these new deadlines,” IRS Commissioner John Koskinen said. “We are alive with the amount association and added ally to allotment this advice widely.”
The new accelerated borderline will advice the IRS advance its efforts to atom errors on allotment filed by taxpayers. Having these W-2s and 1099s beforehand will accomplish it easier for the IRS to verify the angary of tax allotment and appropriately affair refunds to taxpayers acceptable to accept them.
In abounding instances, this will accredit the IRS to absolution tax refunds added bound than in the past.
The Jan. 31 borderline has continued activated to administration capacity copies of these forms to their advisers and that date charcoal unchanged.
Some Refunds Delayed Until at Atomic Feb. 15
Due to the PATH Act change, some bodies will get their refunds a little later. The new law requires the IRS to authority the acquittance for any tax acknowledgment claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15. By law, the IRS charge authority the absolute refund, not aloof the allocation accompanying to the EITC or ACTC.
Even with this change, taxpayers should book their allotment as they commonly do. Whether or not claiming the EITC or ACTC, the IRS cautions taxpayers not to calculation on accepting a acquittance by a assertive date, abnormally back authoritative above purchases or advantageous added banking obligations.
Though the IRS issues added than nine out 10 refunds in beneath than 21 days, some allotment are captivated for added review.
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