Deadlines Are Quickly Approaching...
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W-2 Forms
According to the Internal Revenue Service, W-2 forms should be mailed out to employees by no later than February 1, 2021 for forms derived from the previous calendar year. While employees may not receive them in the mail on this date, they must, at the very least, be sent out at this point.
ACA Reporting
The IRS announced that the deadline to provide employees with the Form 1095-B has been delayed from January 31, 2021 to March 2, 2021. The forms, which outline employer-provided medical benefits, must be submitted annually by businesses with 50 or more full-time workers. The IRS uses these reports to track employer compliance. While the penalty for individuals not having insurance has been repealed with last year's tax reform law, employer mandate penalties remain in full effect for businesses.
EEO-1 Report
In light of the pandemic, the EEOC will not collect 2019 data until March 2021, and states it will notify filers of the precise date the surveys will open as soon as it is available. When the portal opens in 2021, employers will be expected to submit EEO-1 reports for both 2019 and 2020.