This is important enough to blog about once again since failing to file the W-2s will cause significant penalties.
The Internal Revenue Service reminds employers that they must file Form W-2 and other wage statements by Feb. 1, 2021, to avoid penalties and help the IRS prevent fraud.
A 2015 law made it a permanent requirement that employers file copies of their Form W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31. That is also the date the Forms W-2 are due to workers. This upcoming tax season, however, Jan. 31 falls on a Sunday, pushing the due dates to the next business day, which is Monday, Feb. 1.
If you have a payroll company assisting in your payroll, make sure you receive a copy of the W-2s and verification that the W-2s have been filed with the Social Security Administration. If you are a business owner, it is your responsibility to make sure these types of filings are completed which also include all your estimated tax payments, quarterly payroll tax returns for both federal and state, and 1099’s and 1096’s are issued and filed appropriately. If you find yourself in a situation where you need assistance, give our office a call.
Automatic extensions of time to file Form W-2s are not available.
