Tax Tip: W-2s and Forms 1099-MISC

Last year the IRS accelerated the due dates for businesses to file Form W-2s and Forms 1099-MISC. These forms now have to be e-filed with their respective agencies no later than January 31, 2017.  If a business files the forms in February, they could be subject to a $50 per form penalty.  If they wait until March, they could be subject t to a $100 penalty.  If you willfully disregard filing, the penalty jumps to $500 per form. Call the Ketel Thorstenson Tax Team with any questions, 605-342-5630.