Deadline for Employers To File Wage Statements Is Approaching

The deadline for employers to file Forms W-2 and other wage statements is January 31.

Reasonable CompensationEmployers are required to 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 January 31. Forms W-2 are normally due to workers by January 31. Forms 1099-MISC, Miscellaneous Information and Forms 1099-NEC, Nonemployee Compensation, are also due to taxpayers by January 31.

The early filing date means that the IRS can more easily detect refund fraud by verifying the income that individuals report on their tax returns. Employers can avoid penalties by filing the forms on time and without errors. The IRS recommends e-file as the quickest, most accurate, and convenient way to file these forms.

Employers should verify employees’ information, including names, addresses, and Social Security or individual taxpayer identification numbers. In addition, employers should ensure the employer identification number (EIN) on their wage and tax statements (Forms W-2, W-3, etc.) and their payroll tax returns (Forms 941, 943, 944, etc.) match the EIN the IRS assigned to their business. They should not use their Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) on forms that ask for an EIN. Filing these forms with inconsistent EINs or using another business’s EIN may result in penalties and delays in processing an employer’s returns.

Questions

If you have questions about filing wage statements, contact us to discuss your specific situation.

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