The Internal Revenue Service (IRS) deadline for filing certain tax forms—January 31, 2026—has now passed, and penalties may apply for filings that are either late, incorrect, or not sent to recipients on time.
What Needs To Be Submitted by the Tax Filing Deadline
The IRS issued a deadline of January 31, 2026, for employers and businesses to file the following documents:
Form W‑2, Wage and Tax Statement
According to the IRS, this is a required tax form that employers must file with the Social Security Administration (SSA) and provide a copy to each employee. It reports:
- The employee’s total wages, tips, and other compensation
- Federal income tax withheld
- Social Security and Medicare taxes withheld
- Any state and local taxes withheld (if applicable)
Form W-3, Transmittal of Wage and Tax Statements—Sent With Form W-2
This is an IRS tax form—that employers must submit with the above W-2 form—that reports the total wages paid, total Social Security and Medicare taxes, and total taxes withheld across all their employees.
Form 1099-NEC, Nonemployee Compensation
This is an IRS information return that businesses must file with the IRS, which reports payments made to “nonemployees”—who are typically independent contractors, freelancers, or anyone who performed services but is not an employee.
The “nonemployees” must also receive a copy of Form 1099-NEC.
It generally reports information including:
- Payments of $600 or more made to independent contractors
- Fees, commissions, prizes, or awards for services
- Payments for professional services (e.g., lawyers, accountants, consultants)
- Any compensation not considered wages (i.e., not reported on a W‑2)
What Penalties Could Be Issued and Why?
Penalties could be issued to those who missed the deadline (and did not request a 30-day extension by filling out Form 8809, Application for Extension of Time to File Information Returns), filled the form incorrectly, or failed to provide copies of the required forms to recipients.
According to the IRS, the penalties are assessed per return and increase the later the corrections are made.
For 2026, the penalty amounts are:
- $60 per return if filed within 30 days late
- $130 per return if filed after 30 days but before August 1
- $340 per return if filed after August 1
- $680 per return for intentional disregard, with no maximum limit
Separate penalties apply for failing to file the return on time and correctly with the IRS/SSA, and also for failing to provide copies to recipients.
The IRS also charges interest on unpaid penalties until the full amount is paid.
Taxpayers who cannot pay immediately are advised to “pay what you can now” and then apply for a payment plan, which could reduce further penalties and accrued interest.
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