File Today, There is No W-2 Form Extension
In years past, employers have had the option to request an extension of time to file W-2 Forms by completing IRS Form 8809. As of this year, a Form W-2 extension is no longer available; requiring all employers to file by the January 31 deadline.
A new federal law, aimed at making it easier for the IRS to detect and prevent refund fraud, has been put into effect and has accelerated the W-2 filing deadline for employers to Jan. 31.
Luckily, there’s no need to panic. Here at TaxBandits, we understand the amount of pressure and responsibility there is in operating a business. For that reason, we provide you with a simplistic e-filing process that can be completed in minutes.
Form W-2 Overview
A W-2 Form is a wage and tax statement that is provided to employees annually. This form must be filed by employers that have one or more employees to whom payments have been made for the employees’ services to their trade or business.
Let’s take a closer look as to who [exactly] should receive a W-2 Form:
- You (employer) withheld any income, social security, or Medicare tax from wages regardless of the amount of wages: or
- You would have had to withhold income tax if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4; or
- You paid $600 or more in wages even if you did not withhold any income, social security, or Medicare tax.
Meeting the January 31 Deadline
With the first half of January already behind us, the January 31 deadline will be here before you know it.
Filing W-2 Forms with TaxBandits is simple! Just create or sign in to your TaxBandits account, select “New W-2 Form,” enter or select employer details, enter employee details, follow the interview-style process, enter state information (if applicable), and then complete the process by reviewing, submitting payment, and transmitting your W-2 Forms directly to the the SSA.
And just like that, you’ve properly filed for the 2017 tax year and remain in good standing with the IRS.
What Information Do I Need In Order to File?
Before you start the filing process, it’s best to have all of your information organized. There are four categories of information you’ll need while filing W-2 Forms:
- Employer Details: Name, EIN, Employer Code, Employer Type, and Address
- Employee Details: Name, SSN, Address, and Contact Information
- Federal Details: Federal Income and Federal Tax Withheld
- State Filing Details: State Income and State Tax Withheld
What Should I Do After I File?
The one big question that most employers have, but rarely ask. Once you have e-filed the W-2 Forms for your business, you are then responsible for providing your employees with a copy. TaxBandits provides you with employer and employee copies that can be accessed or downloaded directly from our print center after filing.
Which copy should I keep as the employer?
Which copy should be given to my employee?
Here’s the answer:
EMPLOYER COPIES of W-2:
- Copy A is a red copy of this form that is provided for informational purposes only. It’s submitted to the SSA with Form W-2 and Form W-3. In order to avoid being penalized download a scannable copy of this form from the IRS.
- Copy D is the W-2 copy the employer keeps it for their records.
- Copy 1 is submitted by employers to their state, city, or local tax department, if applicable.
EMPLOYEE COPIES of W-2:
- Copy B is the W-2 that employees receive. They have black ink and can be downloaded, completed, and printed. This copy is filed with the employee’s federal income tax return.
- Copy C is the W-2 copy that employee keeps for their personal records.
- Copy 2 is given to employees so they can file with their state or local income tax returns if applicable.
We’re Here To Help
Whether you’re having trouble logging in or need some assistance with a tax filing matter, we’re standing by to help. Give the awesome, US-based TaxBandits support team a call Monday – Friday from 9 AM to 6 PM EST at 704.684.4751, reach us via live chat, or take advantage of our 24/7 email support at support@TaxBandits.com.