Illinois updates publication on W-2, W-2G, and 1099 requirements

The Illinois Department of Revenue (IDOR) has updated an informational publication on Form W-2, personal income tax withholding wage statements, and Form 1099, information returns. The publication provides guidance on who is required to electronically file Forms W-2 and who may voluntarily participate, general procedures for the electronic filing of Forms W-2 and where to obtain current specifications, and the Illinois requirements for storing withholding tax records for Forms W-2, W-2c, W-2G, and 1099. All employers and payroll companies mandated by the Social Security Administration (SSA) to electronically file W-2 and W-2cs (i.e., payroll providers and employers with 250 or more employees) are required to electronically file W-2 and W-2cs with Illinois. A penalty of $5 per W-2 can be imposed for failure to comply with the electronic filing mandate. Form W2s must be filed and accepted by the IDOR no later than February 15 (March 31 for tax years before 2014) of the year following the year of withholding. Forms W-2, W-2c, W-2G, and 1099 must be maintained for recordkeeping purposes for a period of three years from the due date or payment of the tax, whichever is later. (Publication-110, W-2, W-2G, and 1099 Filing and Storage Requirements for Employers and Payers, Illinois Department of Revenue, March 2015, released April 10, 2015.)

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