13 Aug IRS Proposes Elimination of Automatic Filing Extensions for W-2 Forms
I tend to harbor deep resentment whenever the IRS proposes more restrictions on job creating taxpayers. After all WE are the backbone of the US economy and our government agencies absolutely must focus on mitigating obstacles for hard working entrepreneurs in their daily struggle to create new jobs.
However as a person who prepares, signs and files a myriad of tax forms everyday I begrudgingly admit that a crack down on getting W-2’s timely reported and processed isn’t necessarily a bad initiative in and of itself. So my feelings on the following announcement below are mixed. What are your thoughts?
According to SBA, the Internal Revenue Service (IRS) just “issued proposed regulations that would eliminate the automatic extension of time to file information returns on forms in the W-2 series, effective for the 2017 filing series. The IRS requires employers to report wage and salary information for employees on Form W-2. Currently, employers who file Forms W-2 can receive an automatic 30-day extension with the IRS. Then, a second 30-day extension may be requested. In the proposal, the IRS warns that it would grant a non-automatic extension only in limited cases involving extraordinary circumstances or catastrophe. The IRS requests comments on the appropriate timing to remove the automatic 30-day extension of time to file information returns covered by the proposal including whether special transitional considerations should be given for any category or categories of forms or filers relative to other forms or filers.
Comments are due on or before November 12, 2015. Comments may be submitted through http://www.regulations.gov (REG-132075-14).
Advocacy contact: Dillon Taylor at 202.401.9787.”
Be sure to have your voice heard!