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How to file late or corrected W-2's....
How to File Late or Corrected W-2's:
Filing a W-2 form late or submitting a correction may feel like a daunting task, but it's crucial to ensure your tax records are accurate. Whether you're an employer needing to file a corrected form or an employee dealing with a late submission, here's what you need to know:
1. Correcting a Mistake on a W-2 (Form W-2c)
If there's an error on a W-2 after it’s been issued to an employee, a corrected W-2 (Form W-2c, Corrected Wage and Tax Statement) is required. Common mistakes include incorrect names, Social Security numbers, or wage amounts.
Step 1: Complete a Form W-2c with the correct information. The form can be filed electronically through the IRS e-file system or mailed to the employee and the Social Security Administration (SSA).
Step 2: The employee should receive the corrected W-2 before they file their taxes. If you've already filed your return, you may need to amend your tax filing with Form 1040-X.
2. Filing Late W-2 Forms
If you miss the deadline for filing your W-2 forms (January 31st), the IRS may impose penalties. However, if you file late, it's better to file as soon as possible to reduce penalties.
Step 1: Submit your W-2 forms as quickly as possible through the IRS's e-filing system or mail them directly to the SSA.
Step 2: If the form is late, penalties will apply, and they increase the later you file. For instance, the penalty for filing within 30 days is $50 per form, but if it's over 30 days late, the penalty can rise to $280 per form.
3. Key Takeaways
For Corrections: File Form W-2c to fix any errors.
For Late Filings: Submit your W-2s as soon as possible to minimize penalties.
Be Proactive: Ensure your records are accurate to avoid corrections or late filings in the future.
Always keep a copy of the corrected or late filings for your records and notify affected employees of any changes.
Cheers!
P.S. Make sure you get your FREE copy of our SPECIAL REPORT: "The 8 Secrets The IRS Does NOT Want You To Know!" (simply click on the link in the previous sentence, scroll down to the second section of our home page, and download your copy today!)
Or, email us at: info@libertytaxdefenders.com for your FREE copy.
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