W2s: Stockholder Dividends & Auto Use
W2s, also known as Wage and Tax Statements, are essential documents that provide a summary of an employee's earnings and tax withholdings for a...
It’s the time of year that all employees and employers look forward to most - the end of the year and the beginning of tax preparation season. The first deadline to work toward is the annual W2 and W3 forms.
Who Must File
You must file W2's if you have one or more employees to whom you made payments (including non-cash payments) during 2023.
You do not have to file a W2 if you did not withhold any income tax, social security tax, or Medicare tax and you paid the employee less than $600 (i.e. election workers).
Due Dates
The deadline to file W-2s using Business Services Online or to submit paper Form W-2 is January 31, 2024. This pertains to both paper and electronically submitted returns.
The deadline to distribute the Form W-2 to employee(s) is January 31, 2024.
Requirements
You are required to file electronically if you are an employer with 10 or more employees.
Penalties
You can be assessed a penalty if:
Penalties can range in price from $60 - $630:
The Baldwin CPAs Elevate Team is geared up and ready to process year-end payroll tax returns and W2’s for your organization. We are here to assist you with any questions you have in preparing your W2’s / W3.
This article was written by Debbie Woodcock. Debbie is a Senior Payroll Specialist with Baldwin CPAs. For more information on the support Baldwin CPAs can provide you, contact debbie.woodcock@baldwincpas.com.
W2s, also known as Wage and Tax Statements, are essential documents that provide a summary of an employee's earnings and tax withholdings for a...
Cloud accounting is the way of the future and is reinventing the landscape of accounting services everywhere. When a business switches to a cloud...
Understanding Assets and Liabilities