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Forms W-2c/W-3c … because mistakes happen

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in Office Management,Payroll Management

The consolidated, accelerated W-2 filing deadline of Jan. 31, coupled with no more automatic 30-day filing extensions, will no doubt result in you having many more 2016 W-2s to correct than you did in years past.

Here’s what you need to know to correct W-2s.

Early birds catch the worm. The earlier you fix errors on your 2016 W-2s, the less likely it is you’ll be penalized by the IRS. If you correct your errors within 30 days, the penalty is $50 per form. If you wait until after Aug. 1, 2017, the penalty is $260 per form.

Filing rules. Corrections to W-2s are reported on Form W-2c; Form W-3c is the transmittal. W-2c forms may be filed on paper or electronically. E-filing is mandatory if you’re filing 250 or more W-2c forms. Count carefully: If you file 200 W-2c forms in March, and another 30 forms in May, you don’t have to e-file. But if you file an additional 100 W-2c forms in May, e-filing applies to those 100 forms.

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