480-354-1040 | hello@cdtax.com

CD Tax & Financial
Schedule your free consultation today
  • Home
  • Services
    • Accounting Services
    • Tax Preparation and Planning
    • Tax Resolution
      • Help with Your IRS Audit
      • Filing Prior Years Return
      • Owing the IRS Money
      • Behind on Payroll Taxes
      • When Your Spouse Owes the IRS
    • PPP Loan Forgiveness Assistance
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Cloud Accounting
  • Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Mobile Accounting
  • Testimonials
  • Blog
    • Blog
    • Newsletter
    • Weekly Tax Tip
  • About us
  • Contact
  • Home
  • Services
    • Accounting Services
    • Tax Preparation and Planning
    • Tax Resolution
      • Help with Your IRS Audit
      • Filing Prior Years Return
      • Owing the IRS Money
      • Behind on Payroll Taxes
      • When Your Spouse Owes the IRS
    • PPP Loan Forgiveness Assistance
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Cloud Accounting
  • Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Mobile Accounting
  • Testimonials
  • Blog
    • Blog
    • Newsletter
    • Weekly Tax Tip
  • About us
  • Contact

File Form W-2 and other wage statements by February 1, 2021

December 14, 2020 In Accounting, For Your Business, Payroll Tips
ShareTweetPinterestLinkedin

Every employer engaged in a trade or business who pays remuneration, including noncash payments of $600 or more for the year (all amounts if any income, social security, or Medicare tax was withheld) for services performed by an employee must file a Form W-2 for each employee (even if the employee is related to the employer) from whom:

  • Income, Social Security, or Medicare tax was withheld.
  • Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4, Employee’s Withholding Allowance Certificate.

Employers must file Form W-2 and other wage statements by February 1, 2021, to avoid penalties and help the IRS prevent fraud.

A 2015 law made it a permanent requirement that employers file copies of their Form W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. That is also the date the Forms W-2 are due to workers. This upcoming tax season, however, January 31 falls on a Sunday, pushing the due dates to the next business day, which is Monday, February 1.

Certain Forms 1099-MISC, Miscellaneous Income and Forms 1099-NEC, Nonemployee Compensation, are also normally due to taxpayers on January 31, but this tax season they too will be due on the next business day, February 1, 2021. Various other due dates related to Form 1099-MISC, including dates due to the IRS, can be found in the instructions PDF on IRS.gov.

Helping fraud detection

The normal January filing date for wage statements means that the IRS can more easily detect refund fraud by verifying income that individuals report on their tax returns. Employers can help support that process, and avoid penalties, by filing the forms on time and without errors. The IRS recommends e-file as the quickest, most accurate and convenient way to file these forms.

Start early

Good preparation now can help businesses avoid problems later. For instance, employers can get an early start verifying or updating employee information like names, addresses and Social Security numbers or Individual Taxpayer Identification Numbers. They should also ensure their company’s account information is current and active with the Social Security Administration before January. Businesses should also order paper Forms W-2 early if needed.

Automatic extensions of time to file Forms W-2 are not available. The IRS will only grant extensions for very specific reasons. Details can be found on the instructions for Form 8809, Application for Time to File Information Returns.

For more information, read the instructions for Forms W-2 & W-3 page at IRS.gov.


As always, should you have any questions or concerns regarding your tax situation please feel free to contact us.

Stay Up To Date on Taxes that Affect You!! Subscribe to our General Taxpayer Weekly Tax Tip that includes bite-size and informative tips on tax and financial changes, Monthly Client Update Newsletter, and updates on our events and seminars. Follow CD Tax on Facebook!

employee form filing small business w2 w3 withholdings

Monthly Archives

Categories

  • Accounting (41)
  • Accounting Software (12)
  • Amended Tax Return (4)
  • Blog (2)
  • Bookkeeping (2)
  • Bookkeeping Tips (11)
  • Business Development (25)
  • Business Growth (23)
  • Business Tips (83)
  • College (3)
  • Cool Tech Tools (13)
  • Cost-Saving Tips (14)
  • Cost-Savings Tips (5)
  • COVID-19 (46)
  • Customer Service Tips (6)
  • Decision-Making Tips (13)
  • Deductions (7)
  • Divorce (2)
  • Expense Reduction Tips (4)
  • Finance Management (9)
  • For Your Business (62)
  • Identity Theft (13)
  • Individual Tax (93)
  • IRS (39)
  • IRS Audit & Representation (4)
  • Legacy Planning (31)
  • Management Tips (9)
  • Marketing Tips (1)
  • Money Management (16)
  • News (19)
  • Payroll Tips (17)
  • Personal Development (5)
  • Profitability Tips (11)
  • QuickBooks Help (1)
  • QuickBooks Software (1)
  • QuickBooks Training (1)
  • Tax (51)
  • Tax Dates (21)
  • Tax Planning (21)
  • Tax Rates (4)
  • Tax Records (8)
  • Tax Resolution (2)
  • Time Management Tips (4)
  • Uncategorized (5)

Sitemap

  • Home
  • Services
  • Products
  • Industries
  • Resources
  • Testimonials
  • Blog
  • About Us
  • Contact

Contact Us

Tax Services, Accounting Services and Services for QuickBooks®

CD Tax & Financial
Tax Girl Enterprises LLC

8257 E. Guadalupe Rd Suite 115
Mesa, AZ 85212 United States

480-354-1040 | hello@cdtax.com


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.

Client Portal Login CD Tax & Financial Mesa AZ

Schedule your free consultation today CD Tax & Financial Mesa AZ

©2020 CD Tax & Financial | Tax Girl Enterprises LLC
Site Design by Accelerator Websites