2020 IRS Forms W2 and W3 - Recent changes, which payments go in what boxes, Deadlines, do's and don'ts for Employees
The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck.
As an employee, the information on your W-2 is extremely important when preparing your tax return. Sounds simple, doesn't it?
There are 20 boxes on the W2, and 34 codes to use in box 12 alone. If your compensation structure includes benefits, are subject to FMLA, grant a myriad of cafeteria plan benefits, have empoloyees who work in more than one state, etc this form is far from simple.
There are changes most every year of one sort or another, and even the most well maintained of payroll systems can miss some important edits. This can result in the forms being kicked back, which results in penalty and interest assessed on EACH W2 filed late. Further, if what’s on them doesn’t match your employees' tax returns, they face penalties and even audits.
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