IRS Form W-2, the “Wage and Tax Settlement,” has an important role to play when it comes to reporting an employee’s income from the previous year. In addition, it specifies how much tax the employer withheld together with other additional information. Employees make use of Form W-2 to prepare their tax returns and employers have to share the form in January (and a copy to the IRS). For many people, the information on the W-2 is going to determine whether they can get a refund or write a check when April comes.
Quite a number of people do not seem to understand when are w2s sent out. Well, employers need to share their W2s via email or make it available online but not later than January 31st. The good news is that you can always request a deadline extension but you need to understand the new requirements regarding this. However, you ought to keep in mind that you are only entitled to a single 30-day extension. If you are planning to submit a deadline extension, then you need to ensure everything is done by January 31st.
Some might wonder why there is need for a deadline when sending out W2s. Well, there are times when the IRS may come across errors when checking individual returns. By setting deadlines, they have ample time to go over each return. If this is not enough, submitting the W2s before the set deadline will make it easier for the IRS to prevent fraud. Luckily, innovations in the world of technology have made it possible for individuals to submit W2s before the set deadline.
What is even moiré fascinating is the fact that you can now get your copy of W2 online. Actually, many employers are now choosing to share the form online with their employees. For this to work perfectly, the employer needs to let employees know once they hire a payroll or W-2 delivery company. Through this action, you will find it easy in downloading the forms online from the tax filing without having to pay a single cent.