One of the top responsibilities of employers is handling annual tax filing requirements for their employees. Form W-2 must be sent to employees each year and filed with the IRS.
Failing to file W-2 Forms annually can result in severe financial penalties that no employer wants to add to their ever-growing list of business expenses.
Form W-2 shows the wages and other money paid to your employee for the year and the taxes withheld from these payments. These forms are used by employees to file their [personal] tax returns and cannot do so without them.
These forms should have been filed and supplied to employees no later than Wednesday, January 31, 2018. If you missed this deadline, your business could receive penalties for not filing by the January 31 deadline.
FYI: There is no longer an extension of time to file Form W-2.
According to the IRS, forms should be postmarked and in the mail by this date, even if it has yet to be received by the employee. Copies of the W-2s, along with Form W-3 to the IRS by February 29. W-3 Forms are automatically generated when you file with TaxBandits.
Penalties for Not Filing
Not filing your W-2s on time can result in a penalty of $50 per W-2 if you file the correct form within 30 days of the due date. Penalties can reach up to a maximum of $536,000 per year for large businesses or $187,500 for small businesses.
Avoid the accumulation of these costly expenses by quickly filing with TaxBandits. Although the January 31 deadline has passed, TaxBandits can still process and transmit your forms directly to the IRS. Not only that, TaxBandits can also mail copies of Form W-2 to the appropriate recipients in a timely manner.
Let Us Help You
Handling taxes can be quite intimidating. At TaxBandits, our aim is to make the filing process simple, quick, and stress-free. If you need any assistance with filing your Form W-2, please don’t hesitate to contact the amazing US-based TaxBandits support team. We’re available Monday – Fridays from 9 AM to 6 PM EST at 704.684.4751. We also offer live chat and provide 24/7 email support at support@TaxBandits.com.
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