Who needs to file Form W-2?
All employers engaged in a trade or business that pays remunerations for services performed by an employee must file this form if they meet any of the conditions below.
When is this form filed?
An employer is required to file W-2 online if they:
- Paid remuneration, including noncash payments of $600 or more
- Withheld any income, social security, or Medicare tax
What is the deadline to file Form W-2?
The deadline to file this form with the SSA is the end of February if filing on paper. If filing electronically, the deadline is the end of March. However, the deadline to provide employee copies is the end of January.
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for more information on deadline.
What is the penalty for failure to file Form W-2?
The IRS imposes heavy penalties if a business fails to file or fails to file correct information. There is penalty for not providing recipient copies. The penalty increases with time. So, even if you have not filed your form in time, we encourage you to file as soon as possible.
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here
for more information of penalties.
Do I file Form W-2 with State or Local Tax agencies?
SSA and IRS do not transfer W-2 data to states. You will need to file with the State and Local Tax agencies separately.
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here
for more information on penalties.
Easily create W-2 forms with OnlineFileTaxes.com.
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