It is important that you know what information you need before you begin preparing Form W-2. We’ve identified the following 5 key topics that may help you to correctly and timely complete your W-2 filing by the deadlines with our Step-by-Step Guide.
Determine Who Must Receive a Form W-2
The IRS instructs that a W-2 form much be completed and filed for each employee who, in the past year, you have made payments to for their services in your trade or business.
Gather Information to Prepare Form W-2
Before preparing your Forms W-2, you will need to gather the tax information for the business(es) and employees you are filing for, including their name, address, tax identification numbers (TINs), and amounts paid to the employees.
Check for Accuracy
In order to avoid potential penalties, it is important to take the time to review and verify the information to be reported on your W-2 forms for accuracy before filing and distributing.
Tools such as TINCorrect can help you verify tax identification numbers for payers and employees in advance.
File and Distribute W-2 Form
Form W-2 is a multi-part form that requires copies to be distributed to several parties, including the IRS, employee and, if applicable, a state tax department.
Deadlines for Form W-2
W-2s must be filed with the Social Security Administration and furnished to employees by January 31, 2019, by electronic or mail filing.
- TY 2018 Penalties
- State W-2 Reporting Requirements
- W-2 vs. 1099-MISC: How to Report Wages
- Form W-2c Guide
- How to Correct Form W-2 Using Form W-2c
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.