As an employer you must prepare Form W-2 annually for your employees to show their total gross earnings, Social Security earning, Medicare earnings, federal, and state taxes withheld from wages. The purpose of this form is to provide employees with information that must be included on their income tax form. Form W-2 also gives the Social Security Administration (SSA) and the IRS information to verify your employee’s income tax return. Here is how to successfully file your IRS W-2 and W-3 Forms.
How To Successfully File Your IRS W-2 with Form W-3
When is Form W-2 Due?
As of 2016, W-2 Forms must be filed with the Social Security Administration (SSA) by January 31st. This change was implemented to reduce tax fraud. You must provide W-2 Forms to your employees no later than January 31st, with information pertaining to the previous fiscal year.
All paper file W-2 Forms must include a transmittal Form W-3. The January 31 deadline applies to paper and online submissions to the SSA. If you fail to file by the deadline, it will result in a penalty.
What is Form W-3?
Transmittal Form W-3 is a summary of the information found on all W-2 Forms filed. Form W-3 must be included when paper filing with the SSA. If you paper file and fail to include this form your submissions will not be accepted, and you will incur a penalty.
W-3 Forms are not required if you choose to e-file your W-2 Forms with the SSA. You can directly e-file your W-2 Forms today using ExpressEfile. Upgrade from paper filing to e-filing for just $0.99 per form, that’s right, it’s less than a dollar! Before submission, your W-2 Forms will undergo our built-in error check to ensure error-free IRS form transmissions. Quickly and securely e-file your W-2 Forms in just a few clicks!