It’s that time of the year! Don’t forget to let us know of any changes or additions to your employer & employee payroll information by December 4, 2020.
- Avoid significant amendments, reprinting fees, and IRS penalties by making corrections as soon as possible!
- If you process payroll using our online platform please make all applicable employee changes in your system prior to December 4th, 2020.
- Deadline for sending in changes to employee W-2 information via fax, mail, or email ([email protected]) is December 4th, 2020. Please note that our support team is unable to accept W-2 changes via phone.
- Please remember, if we do not receive written documentation from your company of any changes, we will process your company’s W-2s accordingly. Any changes made after December 4th will be subject to administrative fees.
IRS Accuracy Penalties Apply to Forms W-2
Employers file Forms W-2 to the SSA annually. Because Form W-2 is an IRS tax form, IRS information reporting penalties apply under Internal Revenue Code (IRC) Sections 6721 and/or 6722 for failure to file and furnish, respectively, correct Information Returns by the required due date. Penalties may apply if an employer:
- Fails to file timely
- Fails to include all information required to be shown on Form W-2
- Includes incorrect information on Form W-2 (including employee name and/or SSN that don’t match government databases)
Learn more on the IRS website here.