Wednesday, March 30, 2016

Tomorrow's Another Tax Deadline...Are You Ready?

Tomorrow’s a big day for the IRS and, quite possibly, a big day for you! That’s because March 31, 2016, is the deadline for not one, not two, but three types of 2015 IRS tax forms: 1099s, W-2s, and ACA Forms.

Now, personal income tax filers of these forms - if you happen to have stumbled upon this blog - tomorrow’s not your deadline; that’s not until April 18 (April 19 in Maine and Massachusetts). Tomorrow is the deadline for businesses and other payers to complete their copies of the 1099s and W-2s and e-file them with the IRS. It’s also the deadline to have all ACA Forms 1095-B and 1095-C postmarked and sent to the appropriate recipients.

If you are a business owner and this is all news to you, well sit back and pay attention, because we’ve got a few things to go over:

What’s Due and By When?
  • Form 1099: If you have to file 1099 forms (of any kind) for your payees, these must be e-filed by 11:59 p.m. (your time) on March 31, 2016.
  • Form W-2: If you need to file W-2 forms for your employees, these must be e-filed by 11:59 p.m. (your time), March 31, 2016.
  • ACA Forms: If you have to report health insurance coverage offered to your employees or recipients, the recipient copies must be postmarked and mailed out on March 31, 2016.
Are There Any Penalties for Filing Late?
Is the pope Catholic?

But, in some seriousness, it’s the IRS, so of course there are penalties for filing late. For 1099 and W-2 forms, depending on when you get your corrected forms filed determines your total penalty:
  • $50 per form if you file correctly within 30 days of the due date, with a maximum penalty of $532,000 per year ($186,000 for small businesses)
  • $100 per form if you file correctly after 30 days but before August 1, with a maximum penalty of $1,596,500 per year ($532,000 for small businesses)
  • $260 per form if you file after August 1 or not at all, with a maximum penalty of $3,193,000 per year ($1,064,000 for small businesses)
You may also incur a penalty by filing your forms on paper, even if your forms are in by tomorrow. Since the paper filing deadline was February 29, any paper forms filed now are considered late, so you must e-file by March 31 to have your forms in on time. If you’ve never e-filed before, there’s no need to alert the IRS you’re doing so now.

As for the ACA forms, this year only, the IRS is forgiving any late filing penalties as long as you can prove you made every effort to file on time. Next year, you won’t be so lucky. Also, next year, this deadline will be moved back up to its original date, January 31, and your ACA forms must be e-filed by March 31 (just like the 1099s and W-2s).

What Can I Do to Make Sure I’m Not Late?
If you’re not sure you’ll be able to get your 1099s and W-2s in on time, you can e-file Form 8809 with ExpressIRSForms. Form 8809 is an IRS extension form used for 1099s, W-2s, and various other information returns. If you e-file this, you’ll get an automatic 30 day extension to e-file your forms. And if you end up not using it, you won’t be penalized for having filed one.

As for your ACA forms, just make sure to have them postmarked by tomorrow. If you don’t think you’ll be able to do that, you can have ExpressIRSForms do it! Just make sure you get in your postal mailing order by 5:00 p.m. EDT tomorrow so we can guarantee it’s postmarked on the 31st. Although the IRS won’t know these forms are late unless one of your recipients reports not having gotten theirs, it’s important to get these out sooner rather than later since your recipients need them to complete their tax returns.

What If I Have More Questions?
That’s what our friendly and helpful support team is here for! We’re here until 6:00 p.m. EDT today to answer any phone calls (704-839-2270) and chats coming in, then we’ll come back tomorrow at 9:00 a.m. and stay as late as we need to help you get your filing complete. You can also utilize our 24/7 support email by sending in your question to

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