Crunch time is now for W-2s — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Crunch time is now for W-2s

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in Office Management,Payroll Management

Fasten your seat belt: It’s going to be a bumpy two months. Everyone—employees and the Social Security Administration (SSA)—must have their W-2 copies by Jan. 31, 2017. Plus, you’ll only be able to apply to the IRS for one for-cause 30-day filing extension, which means your data must be correct, as filed.

It’s time to roll up your sleeves and get to work.

Safe harbor for de minimis errors. The paper and electronic filing date for W-2s was accelerated and consolidated to Jan. 31 to give the IRS a fighting chance to stanch tax-related identity theft, which has exploded in recent years. However, because forms are due to the SSA on the same day they’re due to employees, the odds of you filing incorrect forms have increased.

Under the new safe harbor for de minimis errors, you won’t be liable for penalties for filing incorrect forms if the error for any single amount is $100 or less ($25 or less if the errors involve tax withhold...(register to read more)

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