What happens if you can’t get your W-2 forms out to your employees on time?
An employer who pays an employee more than $600 per year (in cash and noncash payments, such as benefits) has an obligation to file a W-2 with the Social Security Administration and must also provide W-2s to employees.
Being late on either of these two things can cost an employer by way of penalties from the IRS. And the IRS isn’t kidding around when it hits taxpayers with penalties.
What happens if you just can’t get your W-2 forms out to your employees by the February 1 deadline? Here’s what you should do, if you find yourself in that boat:
Failure to furnish W-2s and sending out your W-2s late aren’t your only concerns. The IRS cares a great deal about accuracy. If you’ve been timely in furnishing the W-2s but left out accurate details, you will still be fined.
Related Resources:
- Find Business and Commercial Lawyers Near You (FindLaw’s Lawyer Directory)
- Tax Penalties: Quick Reference Guide (FindLaw)
- Penalties and Interest (FindLaw)
- What to Do When You Hire an Employee for the First Time (FindLaw)
- 5 Signs You Need a Tax Lawyer, Not a CPA (FindLaw’s Free Enterprise)
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