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 : 

Facebook: AjayKCPA 
Instagram: sai_cpa_services 
Twitter: SaiCPA 
LinkedIn: Sai CPA Services 
WhatsApp: Sai CPA Channel 
Phone: (908) 380-6876 

    (908) 888-8900 

1 Auer Ct, East Brunswick, 
NJ 08816 


 

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