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Tax Tip Tuesday: Potential Important News Regarding Electronic Filing of W-2 Wage Statement and 1099

In order to give small businesses additional time to comply with W-2/1099 filing requirements, the Iowa Department of Revenue (IDR) proposed the following changes to tax year 2017 filing requirements:

  • Businesses with fewer than 50 W-2s will not be required to file W-2s for tax year 2017.

  • No entities will be required to file 1099s for tax year 2017.

These are the same requirements in place for tax year 2016. The proposed change delays the filing requirement for businesses with fewer than 50 W-2s until tax year 2018.

What am I required to file?

  • Businesses with 50 or more Iowa W-2s in tax year 2017 must electronically file by 1/31/2018.

  • Businesses with 50 or more Iowa W-2s in tax year 2016 who received a filing extension for tax year 2016 must electronically file on or before 1/31/2018.

We will let you know if the proposal is approved or not as soon as it happens.

Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein

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