Electronic W-2 filing is paying off for the Social Security Administration (SSA)—it’s now able to process hundreds of millions of W-2 files per day and send that information to the IRS by the next business day.
Result: The IRS is better able to flag W-2 errors earlier in the process, which means you need to be ever more vigilant that your forms are correct.
Time is running out for you to find and fix W-2 errors without being walloped by penalties. On Aug. 3, penalties leap from $30 to $100 per form, up to $1.5 million for the following W-2 errors: failing to file 2014 W-2s in the first place or filing incorrect 2014 W-2s that you haven’t yet corrected. Incorrect W-2s are corrected by filing Forms W-2c/W-3c with the SSA.