Today, the Internal Revenue Service notified employers and other companies that the deadline for submitting Form W-2 and other salary statements for Tax Year 2022 is January 31, 2023.
Forms W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, must be submitted by employers to the Social Security Administration by January 31. Topic No. 752, Filing Forms W-2 and W-3, has further instructions on filing.
Forms 1099-NEC, Nonemployee Remuneration, which are used to record non-employee compensation to independent contractors, must also be submitted to the IRS by January 31. Consult the PDF instructions for Forms 1099-MISC and 1099-NEC for further details on this and other deadlines.
File now to avoid penalties
The deadline for submitting Forms W-2 cannot be automatically extended. Only extremely restricted circumstances will result in an IRS extension. Information is included in the general instructions on Form 8809, Application for Time to File Information Returns.
To learn more, see IRS.gov’s Information Return Penalties page and the Forms W-2 and W-3 instructions.
For on-time filing, it’s crucial to have everything ready. Employee information, including names, residences, Social Security numbers, and Individual Taxpayer Identification Numbers, should be verified or updated by employers. They should obtain paper Forms W-2 if necessary and make sure the Social Security Administration has the most recent and accurate information on their company’s account.
Helping with fraud detection
The IRS may more readily identify refund fraud by comparing the income that individuals declare on their tax returns with the Form W-2 and other wage statements’ filing dates. By submitting the documents on time and accurately, employers may assist with the process and prevent fines. The quickest, most accurate, and practical method of submitting these documents, according to the IRS, is via electronic filing. Employers should consult the Employer W-2 Submitting Instructions & Information on the Social Security Administration website for further details on electronically filing Forms W-2.
(Source: This article was originally published by irs.gov IR-2023-08 on January 18, 2023.)