Frank Ellis, a published author and expert tax preparation planner, has unveiled the new date for when W2 forms will be released this tax season.
Traverse City, MI -- (SBWIRE) -- 01/17/2017 -- An article just published by Frank Ellis on Nationaltaxreports.com discloses the changes to the 2016 W2 form release date by the IRS. All employers must be aware of this in 2017. They can be fined or cause employees' refunds to be delayed if they don't comply. The author also reveals new nationwide rules on withholding refunds.
The IRS has implemented various new measures to identify cases of fraud, delaying many refunds automatically until February 15. This has also moved the filing deadline up to January 31. The new deadline is enforced by the Protecting Americans from Tax Hikes 2015 act. It applies to W2 and 1099-MISC forms for temporary workers and others. Employers are affected by the changes because they must move their filing process up. Those requesting extensions must file Form 8809 rather than have an automatic extension. All deadline extensions must be submitted by employers by January 31.
Ellis explains why the deadline has been accelerated. The IRS is more carefully checking each return to reduce errors and prevent fraud. It's also expected that tax refunds will be released faster. Refunds on the Earned Income Tax Credit and Additional Child Tax Credit, however, will be delayed. The IRS will hold the entire refund until February 15, but taxpayers must file as they always have.
In the article, the author also highlights that the IRS has cautioned against spending before getting a refund. There's no guarantee a refund won't be held back to be reviewed. Ellis also states that taxpayers can get their W2 faster online from TurboTax and H&R Block. A link to where one can get their W2 tax form information automatically is provided.
To learn more about W2 form release dates and other important tax details for 2017, go to http://nationaltaxreports.com/when-w2-come-out/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
National Tax Reports
945 East 8th Street Suite A
Traverse City, Michigan 49686