You have to file an information return and give information slips to your employees by the last day of February following the calendar year to which the information return applies. If the last day of February is a Saturday or Sunday, your information return is due the next business day.
You may need to file early due to bankruptcy or if your business stops operating. In these situations you are required to file within 30 days.
If you fail to do this, the penalty for each failure is $25 a day, with a minimum penalty of $100 and a maximum of $2,500.