The deadline set by the Internal Revenue Service (IRS) for certain tax returns (January 31, 2026) has already passed. If returns are filed late, inaccurately, or are not provided to recipients promptly, penalties could be imposed.
Required Submissions by the Tax Return Deadline
The IRS has mandated that employers and businesses submit the following documents by January 31, 2026:
Form W-2, Wage and Tax Statement
This is a mandatory tax form that employers need to file with the Social Security Administration (SSA) and share with each employee. It outlines:
- Total wages, tips, and other compensation for employees
- Federal income tax withheld
- Social Security and Medicare taxes withheld
- State and local taxes withheld, if relevant
Form W-3, Wage and Tax Statement Delivery
This form needs to be submitted alongside Form W-2, and it reports the total wages paid, along with total Social Security and Medicare taxes and the total taxes withheld for all employees.
Form 1099-NEC, Nonemployee Compensation
This IRS information return must be filed by businesses to report payments made to “non-employees,” which typically means independent contractors or freelancers. Non-employees should also get a copy of this form.
Generally, the reported information includes:
- Payments of $600 or more to independent contractors
- Fees, commissions, or prizes for services rendered
- Payments for professional services (like those from lawyers or accountants)
- Compensation that isn’t categorized as wages (i.e., not reported on a W-2)
Penalties for Noncompliance
Missing the deadline—without a timely extension request via Form 8809—making mistakes on the forms, or not providing required copies can lead to penalties. According to the IRS, penalties are applied to each return, and they escalate the longer corrections are delayed.
For the year 2026, the penalty amounts are as follows:
- $60 per return if filed late within 30 days
- $130 per return if filed after the 30 days but before August 1st
- $340 per return if filed after August 1st
- $680 per return filed with willful neglect, with no specified limit
Additional penalties exist for failing to file correctly and on time with the IRS/SSA, as well as for not providing a copy to the recipient. Furthermore, the IRS charges interest on any unpaid penalties until fully settled.
Those who find themselves unable to pay immediately are advised to make partial payments and then seek a payment plan, which might help lessen additional penalties and interest owed.
