February 1 is the deadline for employers to issue and file wage statements.
Taken from the IRS’s website:
Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. This is also the date Form W-2s are due to employees.
By law, employers are required to file copies of their Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. However, since January 31 falls on a Sunday in 2021, the deadline is the next business day, Monday, February 1.
Form 1099-MISC, Miscellaneous Income and Form 1099-NEC, Nonemployee Compensation, are also due to recipients on February 1, 2021, with some exceptions. Other due dates related to Form 1099 are listed in the instructions for these forms PDF.
Timely filing helps prevent fraud.
Filing wage statements on time and without errors is beneficial to employers and the IRS. The employer avoids penalties, and the IRS has time to verify income taxpayers report on their tax returns, which helps prevent fraud.
E-file is the quickest, most accurate and convenient way to file these forms. The law requires certain filers who file 250 or more information returns for any calendar year to file electronically.
Employers should plan and prepare early.
Good preparation now can help employers avoid problems later. For instance, employers can start by verifying or updating employee information, such as:
- Social Security numbers
- Individual Taxpayer Identification Numbers
Employers should be sure their account information is current and active with the Social Security Administration as soon as possible. Lastly, employers should order paper Form W-2s, if needed.
Automatic extensions of time to file Form W-2s are not available. The IRS will only grant extensions for very specific reasons. For details, employers should read the instructions for Form 8809, Application for Extension of Time to File Information Returns.
How Can Professional Payroll Services Help Me Prepare My Employees Wage Statements?
When it comes to finding the time to run your business as well as keep track of your employee’s hours, payroll taxes, and worker compensation, things can feel overwhelming even to the most experienced business professionals. This is where companies such as King Financial Services can help your company thrive. We help you remove the stress from completing your payroll and all of the related financial services that come with running a business. We make it easier than ever for companies to stay on top of their bookkeeping and financial services by providing internet-based services for your company to automatically input your information into. This helps companies keep accurate records without all the hassle. Contact us to learn more about how our team of financial professionals can help you get your company’s payroll and other bookkeeping and tax services under control.
-We will prepare payroll checks and print them for you or send a pdf for you to print them directly in house,
-We will process all federal and state reports filing them electronically, make electronic deposit transfers to IRS, and respond to any payroll correspondence requested by any agency.
-We will prepare yearly unemployment compensation audits.
-For only Quarterly or Year-End reports; 940’s, W-2’s and W-3’s, 1099’s, 1096’s, state reports, you can count on us.
When it comes to keeping track of your employee’s wages throughout the year, there is no room for error. Ensure you are staying organized and on-track when you work with King Financial Services in Fort Worth. Our financial team is here to help make it a breeze for you to keep up with your finances and records. We work with business owners throughout all industries to meet their goals and stay organized year-round. Make organization your 2021 resolution with King Financial Services today!
King Financial Services in Fort Worth
Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understands how overwhelming it can be to you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping. Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.
King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343