Things You Need to Know About Form W-2 for the 2022 Tax Year
2023 is almost here! That means employers must file their W-2 Forms and distribute paper copies to employees by the January 31st deadline!
If you haven’t filed yet, don’t worry! TaxBandits is a market-leading employment tax solution created to help you file your W-2 online efficiently. We also help you distribute copies to your employees and contractors.
What is IRS Form W-2?
Form W2 is a wage tax form used to report wages paid to employees and taxes withheld from employees to the SSA. A copy of the W-2 form must be given to employees.
When is the Deadline to File Form W-2 for the 2022 Tax Year?
Form W-2 is due on January 31st, 2023. This means you must file with the SSA and distribute copies to employees by this date. You can file Form W-2 electronically or by paper, but if you choose to file by paper, you’ll also have to file Form W-3. When you efile W2 with TaxBandits, we handle Form W-3 for you.
Are there any penalties for filing Form W-2 late?
If you fail to file your W-2 by the deadline, you will be penalized. The penalty will vary depending on the size of your business and the date you file.
- If you file within 30 days, the minimum penalty is $50 per form. The maximum is $588,500 per year or $206,000 for small businesses.
- If you file after 30 days and before August 1st, the penalty minimum is $110 per form. The maximum is $1,766,000 per year or $588,500 for small businesses.
- If you file after August 1st, the penalty minimum is $290 per form. The maximum is $3,532,500 per year or $1,177,500 for small businesses.
For intentional disregard of failing to file and incorrect payee statements, the penalty is $580 per statement. In the case of fraudulent filing, the penalty will be about $5000 or more.
Can I request an extension for filing Form W-2?
As of 2016, the Form W2 extension is no longer automatic. Extensions are only granted under special circumstances and only for 30 days. You can apply for this extension by filing paper Form 8809, Application for Extension of Time to File Information Returns. You must provide a detailed explanation for why you need an extension and sign under penalties of perjury.
Benefits of filing Form W2 with Taxbandits
Choose an IRS-authorized e-file provider like TaxBandits to easily file your W-2s. TaxBandits allows clients to file W2 online with the SSA and the state. You can file for the current and previous years. We also offer postal mailing for your employees.
In addition to providing a seamless filing experience, TaxBandits has a live customer support team full of experts who are ready to assist you via phone, email, or live chat. Contact us today at (704) 684-4751 or support@TaxBandits.com.
How to file Form W2 With TaxBandits?
Filing your W-2 forms has never been easier. Just follow these steps!
- Create a free account with TaxBandits and select “new W-2 form”
- Enter employer details including name, EIN, employer code, employer type, and address
- Enter employee details for each worker including name, SSN, address, and contact information
- Follow the step-by-step instructions for entering federal details including the amount of federal income and federal tax withheld
- Review your information
- Pay and transmit to the SSA/IRS.
- You can choose to use our postal mailing feature to have us print and mail hard copies of your W-2 form to your workers, saving you time and money
Don’t wait until it’s too late! Avoid penalties and get started on your filing today at TaxBandits.com.
