Change in W2 and 1099 due dates

In an effort to combat fraud, Congress passed the Consolidated Appropriations Act which accelerates the deadline for filing copies of Forms W-2 for employee wages and 1099-MISC for non-employee compensation from February 28th to January 31st. This new deadline applies whether these information returns will be filed via paper or electronically. Forms W-2 and 1099-MISC have historically been required to be provided to the recipients by January 31st, then allowing an additional month for any needed corrections and revisions prior to the date they were to be filed with the taxing authorities - but no more. 

What does this mean? Going forward, you will have much less time to gather all the information needed such as names, addresses, social security numbers, employer identification numbers, and amounts necessary to complete and file the Forms 1099-MISC and to a lesser extent, Forms W-2 for any employees. Now would be a good time to make sure your records and systems are up to date with the information that will be needed to timely file these returns and avoid possible penalties for late or incomplete filings.