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Attention Employers! January Deadline for Filing 2023 Wage Statements

Audio version available here:

Length: approx. 1 min. 40 sec.

Employers who hire independent contractors and/or payroll employees have important deadlines to adhere to in January. Wage statements and independent contractor forms are due by the end of the month.

If you have employees on your business’s payroll, you will need to file a W-2 for each one so they can do their own taxes. Please note that new requirements mean you must submit these forms electronically if you are filing 10 or more. You will also need to submit a W-3, which is a summary of all the W-2s you filed for the year. These are due January 31st to the Social Security Administration.

You can request a 30-day extension to file your W-2s. To do so, file Form 8809 by January 31st. This extension is not automatically granted, so if you feel the need to request one, do not delay in doing so. This extension also does not mean you are exempt from furnishing W-2s to your employees by January 31st.

Also due on January 31st are the 1099-MISC and 1099-NEC forms. The 1099-NEC is where you report all wages paid to non-employees or independent contractors. Keep in mind that in order to file a 1099-NEC properly, meaning that you can deduct their payments from your tax return, you will need to obtain a signed W-9 from the contractor with a valid tax ID. If you are unable to get ahold of the contractor and W-9, please watch our YouTube video on what to do.

The 1099-MISC, also known as 1099-Miscellaneous, is where you report royalties, prizes, rent payments, attorney payments, and more. To see all reportable payments on a 1099-MISC, see the form linked below.

Wage statements are only a few of the tax forms due in January that employers should be aware of. Throughout the month, we will remind business owners of important filing dates, so to stay informed, follow XQ CPA’s social media for the latest tax news and updates.

Phone: 832-295-3353

W-2 Form


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