Consequences Of Not Filing W2 Statement
W2 is a wage and tax statement that is required by the government from the employers from their employees to comply that reflects or shows the record of their wages and whatever taxes withheld from them in their paycheck in a yearly period and this should be complied duly on an annual basis.
For most, this is the least of the things that they will have in mind as some would think that their employer will automatically make all the updates when necessary, however, there can be chances that the information you had written when you first filled out the form may have changed. The government reason for this is to ensure that each employees tax return is accounted for, that is why it is important that timely filing of this W2 form is done accordingly especially when there are changes to be made on your details.
You must be accurate as much as possible in all the details in your W2 form because any mistake might lead you to owe taxes from the government and making the amendment when it is already sent to IRS may incur several fees and penalties.
As the saying goes “better be sure than sorry”, this clearly means that when you are uncertain about anything in the form you are filling out, care to ask and do make a brief research on your own as many information online about W2 that can be very useful and helpful for you.
As much as possible, you have to keep track of dates to make sure you don’t miss your responsibilities because even the slightest of delays could lead to penalties and payments that will most certainly give you nothing but problems, a reason why you need to be responsible at all cost.
By ensuring that you are also up to date, though, tax filing may have its extension for due dates, you can escape from the possibility of going to IRS yourself and file the tax on your own and join the crowd of people who just like to forget their responsibilities. This way, you can actually save time and a few more, or even an entire day’s off from work, giving you the security of not missing a day’s work.
Be a more responsible citizen and comply your W2 duly every year to save yourself from liabilities of possible penalties.
Now that you know what the consequences are, it is very important that you have to keep track of the dates, especially your due dates, to make sure you are not risking or putting yourself in a very bad situation of fees and more payments.