To combat the recent tidalwave of identity theft cases across the United States, the Internal Revenue Service is fighting back. Beyond implementing various new security measures and working with other government agencies to fight fraudulent filing, the IRS is now removing automatic extensions of W-2 forms. The current extension will remain in effect for another year, with the change going into effect in 2017.
The current extension allows for a 30-day automatic extension to file information returns coupled with an additional 30-day nonautomatic extension; the new change will transition individuals toward the option of a 30-day nonautomatic extension only. The IRS is hopeful that this change will speed up the filing of W-2 forms, which will allow for fraud detection and identity theft processes to catch false filings sooner.
Click here to read the full article by Michael Cohn for Accounting Today.