On 29 January 2024, the US Internal Revenue Service (IRS) in a notice announced that the filing season has started. The RS also reminded employers of the 31 January deadline to file Forms W-2 and other wage statements with the Social Security Administration (SSA). Filing these documents timely prevents late-filing penalties for employers, helps employees file their income tax returns and prevents tax fraud.
Employers must file copies of their 2023 Form W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with the SSA by 31 January 2024, whether filing electronically or by paper forms. Employers must also provide copies B, C and 2 of Form W-2 to their employees by 31 January. The 31 January deadline also applies to Forms 1099-NEC filed with the IRS to report non-employee compensation to independent contractors.
Employer Identification Number
Employers need to make sure the employer identification number (EIN) on their wage and tax statements (Forms W-2, W-3, etc.) and their payroll tax returns (Forms 941, 943, 944, etc.) match the EIN the IRS assigned to their business.
Extensions
Employers may request a 30-day extension to file Forms W-2 with SSA by submitting Form 8809, Application for Extension of Time to File Information Returns, by 31 January. Additionally, extensions of time to furnish Forms W-2 to employees must also occur by 31 January.
Electronic Filing
Starting 31 January 2024, the electronic filing threshold for information returns has been reduced from 250 to 10 for filing season 2024. Filers need to combine all information return types they file to determine if they meet the 10-return threshold and if the requirement to file electronically applies to them.
