As the 2025 tax season begins, businesses must prepare for the upcoming deadline to submit certain information returns to the federal government and provide them to workers. By January 31, 2025, employers must file and distribute the following forms: 
Form W-2, Wage, and Tax Statement
Form W-2 reports each employee’s wages and taxes withheld for the year. It must be sent to employees and filed with the Social Security Administration (SSA). The IRS emphasizes the importance of preparing Form W-2 accurately and on time, as employees’ Social Security and Medicare benefits are based on the information provided.
Form W-3, Transmittal of Wage and Tax Statements
Employers filing Form W-2 must also file Form W-3 to transmit Copy A of Form W-2 to the SSA. The totals reported on related employment tax forms (Form 941, Form 943, Form 944, or Schedule H) should match the amounts on Form W-3.
Failure to file these forms on time or provide accurate information may result in penalties.
Freelancers and Independent Contractors
The January 31 deadline also applies to Form 1099-NEC, Nonemployee Compensation. This form reports non-employee compensation to independent contractors, which must be sent to recipients and filed with the IRS.
Form 1099-NEC is required when the following conditions are met:
- You made a payment to someone who is not your employee
- You made a payment for services in the course of your trade or business
- You made a payment to an individual, partnership, estate, or, in some cases, a corporation
- You paid at least $600 to a recipient during the year
Note: If the IRS requires you to “furnish” a statement, it can be done in person, electronically, or by mail to the recipient’s last known address. If mailing, forms must be postmarked by January 31.
Form 1099-MISC
You may also need to provide Form 1099-MISC for payments related to rent, medical expenses, prizes, awards, attorney services, and more. The deadline to furnish these forms to recipients is January 31, while the submission deadline to the IRS depends on the filing method. For paper submissions, the deadline is February 28, and for electronic submissions, it’s March 31.
Act Quickly
If you have any questions about filing Form W-2, Form 1099-NEC, or other tax forms, contact us today.
