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Phase 2 for 2018 W-2s begins

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in Office Management,Payroll Management

W-2s are filed with the Social Security Administration by the end of January; corrections, which are made on Form W-2c, begin immediately thereafter. The earlier you fix errors on your W-2s, the less you’ll pay in penalties to the IRS.

Key: If you correct errors within 30 days, the penalty is $50 a form. If you wait until after Aug. 1, 2019, the penalty spikes to $270 a form. Here’s the whole scoop.

De minimis safe harbor determinations. The IRS has set up a de minimis safe harbor for inadvertent minor math errors—errors that aren’t more than $100 or $25 in the case of withholding—as the default. You don’t have to notify employees of the safe harbor or of any mistakes on their W-2s.

Employees must elect in writing that the safe harbor not apply. Unless they say otherwise, their elections apply to all forms you’re required to file and to all years. If employees opt out, you have 30 days to provide them with W...(register to read more)

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