Want to avoid penalties? Until now, employers had the option to wait until February 28th to file the government copies of either form set. Beginning 2017, the IRS has changed the deadline for submission of government copies of W2 and 1099 forms to January 31st.
It means that you will not only be required to provide W2 forms to your employees by January 31st, but you must also file W2 forms with the Social Administration on that same January 31 deadline.
You also must issue your 1099-Misc forms to your contractors and the IRS by January 31st as well, if you are reporting amounts in Box 7: Nonemployee Compensation. Submitting the forms with the correct information on time will allow you to avoid fees and penalties.