Filing Deadlines For W-2's
Form W-2 is an annual payroll report that shows the amount of taxes withheld from the employees’ paycheck for the year and is used to file federal and state taxes. Employers are required to issue Form W-2's to their employees, file copies of W-2's with the Social Security Administration (SSA) along with Form W-3, Transmittal form, and file with state governments.
The following deadlines apply for Forms W-2:
|Issue W-2 Forms To the employees||January 31|
|File with The Social Security Administration||January 31|
W-2 Penalties For Late Filing For Small Businesses
It’s important for the employers to send W-2s to their employees and file them to SSA before the W-2 deadline otherwise heavy penalties for late submissions or wrong information will be imposed.
The penalties range from $50-$530 per missed W-2 tax form, depending on how late the forms were submitted.
You can ask for a 30-day extension from the IRS by filing the Form 8809, Application for Extension of Time to File Information Returns if you think you will miss the deadline. However, the extension is not automatic and it will be granted only in “extraordinary circumstances or catastrophe.” If you suffer from a natural disaster such as a hurricane, flood, tornado, or your books and records are destroyed by a fire, then you will get a favorable response to your extension request.
The reason for the extension should be explained clearly on the Form 8809 and it must be signed under penalty of perjury.
It will be best if you file Form 8809 between January 1 and January 31 or as early as possible when you need an extension.
Note: You cannot request a second extension.
If you have any questions about the W-2 filing, you can reach us at any time. We’d be happy to help you out.