Filing Season 2023 has begun: Employer Jan. 31 Wage Statement Deadline Almost Here
As the 2023 tax season has officially started, it’s crucial for employers to be aware of the January deadline for filing Forms W-2 and other wage statements. Not only will timely filing prevent late-penalties, but it will also ensure that employees are able to file their tax returns accurately and help prevent tax fraud.
Important Deadlines for Employers
The deadline for filing Forms W-2 and W-3 with the Social Security Administration is January 31st, 2023. This deadline applies to both paper and electronic filings, making it important for employers to file their documents on time. Employers must also provide employees with copies B, C, and 2 of Form W-2 by January 31st, 2023.
Employer Identification Number (EIN)
When filing wage and tax statements, it’s crucial for employers to use the same EIN assigned to their business by the IRS. Using a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) is incorrect and may result in penalties and delays in processing. Additionally, employers must not truncate the EIN or SSN on any of the forms being filed.
Inconsistent EINs
If an employer has used a different EIN on their payroll tax returns than what is reported on Form W-3, it’s important to review the instructions for Forms W-2 and W-3. Filing wage and tax statements and payroll tax returns with inconsistent EINs or using another business’s EIN may result in penalties and delays in processing returns.
Third-Party Payers
Even if an employer uses a third-party payer, such as a Certified Professional Employer Organization (CPEO), Professional Employer Organization (PEO), or any other third party, the name and EIN on all statements and forms filed must match the EIN assigned to the business by the IRS.
In conclusion, timely filing of wage statements is crucial for employers, employees, and for preventing tax fraud. Employers must make sure to file all necessary forms by January 31st, 2023, and use the correct EIN on all forms. Inconsistent EINs or using another business’s EIN may result in penalties and delays in processing. Employers must also provide employees with copies B, C, and 2 of Form W-2 by the deadline. For more information, please refer to the General Instructions for Forms W-2 and W-3.
Reference:
https://www.irs.gov/forms-pubs/about-publication-15
https://www.irs.gov/instructions/iw2w3
https://www.irs.gov/forms-pubs/about-form-w-2