Here’s the thing, the W-2 Form deadline is only a few days away. This means that you need to correctly file by the deadline to avoid facing W-2 penalties from the IRS. W-2 penalties are expensive and may lead to an audit.
You Need To Avoid W-2 Penalties
How expensive are W-2 penalties? Well, the penalty for missing the deadline is $30 per W-2 form. Then the penalty continues to grow. If your W-2 form is more than 30 days late the fee rises to $60 per W-2 Form, with a maximum fine of $500 and $200 if you operate a small business.
The longer you wait to file, the more expesnive your w-2 penalties will get.
If you fail to file by August 1st you will be penalized $100 per W-2 Form with a maximum fine of $500 for small businesses and $1,500 for others. Your business is classified as small if it has $5 million or less in gross receipts for the three most recent tax years.
You Still Can Avoid W-2 Penalties
Don’t worry, you still have plenty of time to file your W-2 form by the deadline and avoid W-2 penalties with the help of TaxBandits, the market leading business tax solution. Whether you’re a small business with only a few W-2s to file or an accounting firm with tons of forms to file, you can do it all with our help.
Simply create your free account and follow our step-by-step e-filing guide to instantly complete your form and transmit it to the Social Security Administration in a matter of minutes. Plus, the process is incredibly convenient with our innovative e-filing features.
For example, you can import all of your employee information at once with our bulk upload feature so you won’t have to enter everything one at a time. Plus, you can take advantage of the postal mailing feature to have us print hard copies of your forms and mail them to each of your recipients.
Please contact the live US-based TaxBandits support team for any assistance or more information.