Well, the January 31 deadline is here! As an employer, you are responsible for distributing W-2 Forms to each of your employees and correctly filing with the Social Security Administration (SSA) by today.
If you fail to file Form W-2 by the deadline and cannot show reasonable cause, you may be subject to penalties.
There are also other reasons that you could penalized for. These penalties can be accumulated because of the following reasons:
- Fail to file by the deadline
- Fail to include all the required information to complete your Form W-2
- File with incorrect information
- File with paper forms when you are required to e-file
- Report an incorrect TIN or Forget to include a TIN; or
- File paper W-2 Forms that are not machine-readable.
Depending on the size of your business and how late you file, penalties could range from $30 – $250 per return and accumulate to over $3 million overall.
Avoid Penalties By Quickly Filing with TaxBandits
Although the clock is ticking, you still have time to file with TaxBandits!
The best way to file, especially under a time crunch, is with TaxBandits! Once you sign up or log in to your free TaxBandits account, you’ll only need four categories of information:
- Employer Details
- Employee Details
- Federal Details
- State Filing Details
Once you enter this information, all you have to do is review your form, pay and transmit it directly to the IRS just in time to meet the deadline!
Let Us Help You
If you need any help with your Form W-2 or Form 1099 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.