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Filing Annual Wage and Tax Reports for Employees and Contractors

Deadlines for Annual Wage and Tax Reports

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One of your duties as an employer is to provide reports to employees and independent contractors showing their income from the previous year. You must also file copies of these reports, along with summary reports, to the IRS and Social Security Administration (SSA), for verification purposes.

This article will discuss which forms must be filed and deadlines for these filings, along with specific instructions for completing the forms.

If any of these filing dates falls on a weekend or national holiday, the filings are due the first normal business day thereafter.

1. By January 31 - Provide Copies of Form W-2 to Employees

W-2 forms must be provided to employees by January 31, 2014, for 2013 taxes. Then you must submit all W-2 forms, along with a summary report on Form W-3, to the Social Security Administration by February 28, 2014. Learn what's changed on the 2013 W-form, the information you need, how to prepare the form, where and how to send this form.

2. By January 31 - Provide Copies of 1099-MISC Forms to Independent Contractors

All the information you need to prepare and file Form 1099-MISC for independent contractors and businesses you pay. The only change is that you do not need to prepare 1099-MISC forms for credit card payments or form 1099-MISC, how and where to file, and what to do if you make a mistake in filing.

3. By February 28 - File Form W-3 with Social Security (with W-2s)

Learn how to prepare Form W-3 Transmittal of Wage and Tax Statements and submit to the Social Security Administration, along with copies of W-2 forms for all employees.

4. By February 28 - File Form 1096 with the IRS (along with 1099s)

Learn how to prepare and submit Form 1096 (Annual Summary and Transmittal of Information Returns) to the IRS, along with copies of 1099-MISC forms you sent to independent contractor and businesses you paid.

5. Late Filing Penalties for Wage/Tax Statements and Information Returns

Learn about the penalties for late filing of these returns and reports.

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