There have been a lot of legal and societal changes during 2020; however, taxes remain constant. The IRS would like to remind employers that the W-2 forms are due on February 1, 2021. Certain Forms 1099-MISC, Miscellaneous Income and Forms 1099-NEC, Nonemployee Compensation, are also due on February 1, 2021.
The W-2 filings allow the IRS to detect refund fraud more easily by verifying income that individuals report on their tax returns. Employers can help support that process and avoid penalties by filing the forms on time and without errors. The IRS recommends e-file as the quickest, most accurate, and convenient way to file these forms.
Employers should start preparing for this deadline by verifying or updating employee information like names, addresses, and Social Security numbers or Individual Taxpayer Identification Numbers.