Starting in 2017, W-2s and 1099s (for 2016) will now be due to both the recipients and the government by January 31, 2017. Formerly, the government copies were due at the end of February or March, depending on the submission method. Penalties will be assessed on each return filed late, from $50-$260 per recipient, based on the date received.
Now is the time to make sure all subcontractor, independent contractor, and contract or temporary labor information is up-to-date in your files and that you have a correct address and federal ID number for each. This applies to anyone who provides a service to your company, whether on a job site or at your place of business. This also applies to any payments for rent or legal services. This information should be obtained by receiving a completed Form W-9 from the individual or business before they begin work for you.