Filing experts will tell you that when your business files W-2 forms, to make sure you file correctly and on time. It's important to do these things and do them right. Below are three things your business should know as we head into the 2019 filing season.
The federal government requires a business to file W-2 forms with the Social Security Administration (SSA) for each employee, with an additional copy to the worker. If your business employees 250 people or more, the IRS requires the W-2 be e-filed, however, those with fewer employees are still allowed to use paper.
Employers must report wages paid to employees, income taxes withheld, Medicare and Social Security taxes and other applicable withholdings for the calendar year, including wages, tips and other compensation, including vacation allowances, bonuses, severance pay, certain moving expense payments, some kinds of travel allowances.
| Requirement: | SSA | State | Recipient |
| Deadline: | January 31, 2020 | Various* | January 31, 2020 |
*Deadlines and requirements vary by state. View our Deadline Calculator for complete filing information for each state.
Don't let your business lose money needlessly. Adhere to filing deadlines and best practices. Your employees could also end up paying the price for your unpreparedness. Be prepared, know your deadlines and keep your hard-earned money in your pockets.
