SAI CPA Services Guide: Critical W-2 Filing Deadlines & Compliance Requirements

As tax season approaches, SAI CPA Services reminds employers of the crucial January 31st, 2024 deadline for W-2 filing obligations. This deadline applies to both distributing W-2s to employees and submitting them to the Social Security Administration (SSA).

Key Filing Requirements:

Employers must provide Form W-2 to all employees who received wages, tips, or other compensation during the previous year

Electronic filing is mandatory for businesses submitting 250 or more W-2 forms

Both paper and electronic submissions must be complete and accurate to avoid penalties

Deadline Details: The January 31st deadline is firm for both:

Distributing W-2s to employees (either electronically or by mail)

Submitting W-2s to the SSA (via paper forms or electronic filing)

Penalty Awareness: Failing to meet these deadlines can result in significant penalties:

$50 per W-2 if filed within 30 days of the deadline

$110 per W-2 if filed more than 30 days late but before August 1

$280 per W-2 if filed after August 1 or not at all

To ensure compliance, SAI CPA Services recommends employers:

Verify all employee information is current and accurate

Double-check all wage and tax withholding calculations

Maintain copies of all W-2s for at least four years

Consider early filing to avoid last-minute technical issues

Need assistance with W-2 filing or other tax matters?

Contact Us :

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Phone: (908) 380-6876

(908) 888-8900

1 Auer Ct, East Brunswick,
NJ 08816