Filing 2018 Form W-2
The Basics of Form W2
An employer must report the wages paid to the employees, amount of taxes withheld from the employee’s paycheck for the tax year to the IRS/SSA. It can be achieved by the Form W2.
As an employer, if you paid more than 600$ or more than a year including noncash payments (all amounts if any income, Social Security, or Medicare tax was withheld) to your employees, then you must file Form W-2.
Also, you must send the copies of the W2 form to your employees.
It’s about more than just wages & taxes
Form W-2 providing the details of how much you paid in wages and tips.
But it also contains other details, such as
- The social security taxes withheld, medicare taxes withheld, amount you contributed to the employee's retirement plan during the year,
- How much you paid for your employee's health insurance,
- Even the amount you’ve received in dependent care benefits.
Employer has to file a W-2 Form by the end of January
The IRS requires employers to file their W-2s to the IRS and send copies to employees by January 31, 2019. If you fail to file before the due date you must face penalties imposed by the IRS.
In case if an employee who quits, you are supposed to provide Form W-2 within 30 days after the request, or if not requested, you can provide by January 31, 2019 as for others. And if an employee dies in-between, you need to still send form W-2 for that year to the employee.
Every Employer might make an error
Mistakes might happen for everyone while filing the tax returns. The IRS provides a solution for correcting the errors on your forms that have already filed, Yes. you have the option for correcting the errors & file the W2 form again to the IRS/SSA. Also, you are responsible for sending the corrected copies to your employees again.
The errors such as left decimal point, incorrect name or a wrong dollar amount, or reported information on the wrong box can be again rectified by filing the form with the correct information.
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Note: The IRS might impose the penalty if the error involves a dollar amount or “a significant item” in your address.
As an Employer, you must also aware of the penalty
Changes in Penalty for 2018 Tax Year
The penalty amounts have increased for the 2018 tax year returns.
The penalty is:
- $50 per Form W-2, if you correctly file within 30 days of the due date. The maximum penalty is $545,500 per year ($191,000 for small businesses).
- $100 per Form W-2 if you correctly file more than 30 days after the due date but by August 1. the maximum penalty is $1,637,500 per year ($545,500 for small businesses).
- $270 per Form W-2 if you file after August 1, do not file corrections or do not file required Forms W-2; the maximum penalty is $3,275,500 per year ($1,091,500 for small businesses).
File your Year-End Tax Returns on time before Deadline
If you prefer to file W2 Online, then the wise choice is to go with TaxBandits.com. TaxBandits is a trusted source for e-filing your W2 tax returns with the IRS. You can simply manage all your year-end filing with TaxBandits and you will be provided with the various filing features which simplify your filing process.
Why choose TaxBandits for your Year End Filing?
File w2 tax returns to the Federal as well as directly to your state in just a few simple steps.
If you have bulk employee/business information, you can upload all your W2 forms details with your own templates to facilitate e-filing in bulk.
We print and send W-2 copies to your employees after your return has been filed with the IRS.
You can always access your W2 returns at any time for the copies and print it anytime with our software.
With our e-filing software, you can correct the previously filed W2 Forms easily and re-submit again with the IRS.
Learn More about our tax e-filing software & Go ahead!
