Photo: MIGUEL MEDINA / AFP / Getty Images
Remember that the following month employers must file Form W-2 and other income statements by Monday, 1 ro February 2021 . This is also the date they must submit Forms W-2 to their employees.
By law, employers are required to submit copies of their Form W-2, Wage and Tax Statement , and the Form W-3, Transmission of wage and tax receipts , with the Social Security Administration for the 31 from January. However, this year, the 31 January falls on Sunday, which moves the deadline to the next business day, which is Monday, February 1 .
The formula 1099 – MISC, Miscellaneous Income and the Form 1099 – NEC, Remuneration of people who are not employees , must also be sent by February 1, 2021.
To present all the documentation in order, employers should begin to verify or update their employees’ data, such as:
- Names
- Addresses
- Social Security Numbers
- Personal Taxpayer Identification Numbers
Remember that filing income returns on time and without errors is beneficial to employers and the IRS , since, in this way, the employer avoids the fines and the IRS has time to verify what the taxpayers report on their tax returns , which helps prevent fraud.
– You may also be interested in: By it is NOT in your best interest to be among the first to receive the second stimulus check