We’re officially only four days away from Christmas and I’m pretty sure the last thing on your mind is avoiding late filing penalties from the IRS. It seems like it was just yesterday that our family and friends were gathered around the dining room table celebrating Thanksgiving with lots of Turkey and delicious side items.
The same way time flew by between the Thanksgiving and Christmas holidays, the same can happen with the Form 1099-MISC & Form W-2 filing deadline on January 31.
Employers are responsible for distributing W-2 Forms to each of their employees as well as properly filing with the Social Security Administration (SSA) by the January 31 deadline annually.
If you fail to file Form W-2 by the deadline and cannot show reasonable cause, you may be subject to some pretty hefty penalties.
Reasons for Being Penalized
Against popular belief, there are several ways that business owners can receive W-2 filing penalties outside of failing-to-file by the January 31 deadline. You may be penalized if you:
- Fail to include all required information to complete Form W-2
- File with incorrect information
- File with paper forms when you’re required to e-file
- Report an incorrect TIN (tax identification number) or Forget to include a TIN
- File paper W-2 Forms that are not machine-readable
Although penalty rates for small and large businesses vary, they are both based on the average annual gross receipts for the most recent 3 taxable years.
Avoiding Late Filing Penalties With TaxBandits
Eliminating the worry and concern of missing your Form W-2 filing deadline is simple; just e-file with TaxBandits! With TaxBandits, you can easily handle your tax filings with our simplistic, interview-style filing process in no time.
Our stellar U.S.-based customer support team can guide you through the process step-by-step and you can even begin the e-filing process at anytime, save the return, and complete it at a later date.
At TaxBandits, we understand that mistakes happen, which is why we provide and support W-2 Correction Form W-2c. Even if you didn’t originally file your W-2 Form with us, you can still correct it with us.
If you need any help with your Form W-2 then give our outstanding, US-based TaxBandits support team a call. We will happily answer all of your questions. We’re available Monday – Friday from 9 AM to 6 PM EST at 704.684.4751. Also, you can reach us via live chat and through our 24/7 email support at support@TaxBandits.com.