The Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law on December 18, 2015, as part of the Consolidated Appropriations Act, 2016. As indicated in this law, the due date for copies of Tax Year 2016 Forms W-2 and W-3 to be filed with the Social Security Administration (SSA) has been moved up, from March 31, 2017, to January 31, 2017.
As a result of this change, the ability to make adjustments to annual information before being filed to the government has been greatly reduced. Paycor suggests that employers maintain all data that would affect these forms and filings throughout the year. Common examples of data that might be affected include personal auto, the employer portion of Affordable Care Act (ACA) costs, group term life insurance, fringe benefits, and third-party sick pay. This and any other payroll information should be noted at the account level as soon as possible throughout the calendar year.
Any adjustments made after December 31, 2016, may require amended returns. Employers should be prepared to close their books by the end of December 2016.
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