You will not only be required to provide W-2 forms to your employees by January 31st, but you must also file W-2 forms and their W-3 transmittal with the Social Security Administration by January 31, 2017 deadline.

You must issue and file 1099-Misc forms to your contractors and form 1096 transmittal to the IRS by January 31 as well. You no longer have the option to wait until February 28th to file the government copies of either form set.

As a result of this shortened deadline period between year-end and the filing date, it is extremely important that you implement practices to insure you are obtaining all the necessary information, and tracking all the appropriate expenditures. Make certain that all of your 1099-Misc contractors have completed and signed form W-9 with their current identification and filing information. Verify your employees filing status, and confirm their mailing addresses prior to the end of the year.