Working for an employers has some benefits especially during tax season, since it is the employers task to accomplish your W2 form and in this form all your earnings are summarized complete with all the taxes that you have paid. However, there are some employers that don’t issue this to their employers. What should you do when this is the case?
W2 forms are information tax returns. In this form you will find your wages and tax statement. The specific amount that you were actually paid, and the amount the employer paid out in wages is contained in this form. All the W2 forms of employees will be filed by the employer at one time. The IRS will then receive the information on employers wagers and then they will compare it with the deductions and payroll taxes.
All employers are required to issue W2 forms by the end of the first month of the year. A lot of employers, however, have failed to provide the W2 form to their employees. If they don’t send them, nothing happens to them anyway. You might say it sounds fishy, but most of the time, it is just plain negligence. This task is something that you don’t really want to do.
Speak to the person responsible for your payroll if you did not receive your W2 forms and ask for data. It can be that they haven’t finished doing the tax forms because this is not easy work. Ensure that they have your current address if you want things to go smoothly. You can report your employer to the IRS if you see that they are really delinquent in the task. These types of employers will receive their due from the IRS.
If you don’t have your W2 form when it is nearing the deadline for filing your tax return, you need to try to figure our on your own your earnings and the taxes withheld off your paycheck stubs. When this happens, your tax returns should be filed with another form, the form 4825.
If you cant handle it yourself, a tax professional an help you accomplish your W2 form by researching and perhaps approaching your employer and asking for details. With a tax professional, you will be able to complete your tax forms and returns on time and would not be in trouble of filing a late income tax return. The figures on your tax form will also be more accurate. As early as today, ensure that your company is doing something about your W2 forms.