With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file W-2 and W-3 forms.
Form W-2, Wage and Tax Statement
W-2 forms show the wages paid and taxes withheld for the year for each employee. They must be provided to employees and filed with the Social Security Administration (SSA). The IRS notes that “because employees’ Social Security and Medicare benefits are computed based on information on Form W-2, it’s very important to prepare Form W-2 correctly and timely.”
Form W-3, Transmittal of Wage and Tax Statements
Anyone required to file Form W-2 must also file Form W-3 to transmit Copy A of Form W-2 to the SSA. The totals for amounts reported on related employment tax forms (Form 941, Form 943, Form 944 or Schedule H for the year) should agree with the amounts reported on Form W-3.
Don’t Miss the Date!
Failing to timely file or include the correct information on either the information return or statement may result in penalties. If you have any questions about filing Form W-2 or Form W-3, contact us.