IRS Form W-2 Deadline for Tax Year 2023
Form W-2 Due Date for 2023 Tax Year
Updated on September 19, 2023 - 10:30am by, TaxBandits
Form W-2 is a wage tax form filed by employers to report the wages paid to employees and the taxes (social security, income, and Medicare tax) withheld from the employees to the SSA (Social Security Administration). The filing deadline of
Form W-2 for the 2023 tax year is January 31, 2024.
In this article, we cover the following topics on Form W-2 filing deadline and penalty charges.
1. When is the deadline to File Form W-2?
The deadline to file your Form W-2 with the SSA is January 31. Employers are also required to furnish copies B, C, and 2 to employees by January 31.
Note: If the date falls on a Saturday, Sunday, or a legal holiday, the form must be filed on the
next business day.
2. How to file Form W-2 for the 2023 tax year?
If you are filing Form W-2 for the 2023 tax year, it must be paper-filed to the IRS or electronically filed using an IRS authorized e-file service provider. Along with Form W-2, the employer may need to file Form W-3, which is the summation of all your employees' W-2 forms. Form W-3 is only required when you paper file W-2 returns.
When you efile with TaxBandits, you don't have to worry about filing Form W-3, as we will take care of your W-3 filing for you. You can e-file Form W-2 in minutes with TaxBandits and get instant notifications from the SSA.
3. What happens if I submit Form W-2 late?
If you fail to file your Form W-2 on time, you will be imposed with a penalty. This applies to both e-filers and paper-filers.
4. What is the penalty for late filing of Form W-2 2023?
The penalty for late filing Form W-2 will vary based on your business size and when you filed the return. We have provided an overall breakdown of penalty rates.
| Time Limit | Minimum | Maximum |
|---|---|---|
| Filed within 30 days | $60 /form | $630,500 per year ($220,500 for small businesses) |
| After 30 days and before August 1 | $120 /form | $1,891,500 per year ($630,500 for small businesses) |
| After August 1 | $310 /form | $3,783,000 per year ($1,261,000 for small businesses) |
In case of intentional disregard of failing to file and incorrect payee statements, the penalty is $630 per statement, and for fraudulent filing, the penalty will reach about $5000 or more.
Visit https://www.taxbandits.com/w2-forms/form-w2-penalty/ to learn more about W-2 penalties.
5. How to avoid Form W-2 Late Filing Penalties?
There are many reasons an employer who filed Form W-2 can be charged with penalties, including failure to
file Form W-2 on time, missing out on necessary information, etc.
Here we have provided some simple ways by which you could avoid such penalty charges.
- Choose the right Form
- Do your tax filing on time
- Provide all necessary information
- Be aware of the right filing method
- Fill the entries correctly
- Always double-check the TIN
- Review the form before Pay & Transmit
- Send employee copies on time
6. How do I file Form W-2 before the deadline?
Choose an IRS authorized e-file service provider like TaxBandits and seamlessly file your Form W-2 before the deadline. It provides easy-to-use Dashboard access for employers to manage forms and keep track of filing status, TIN matching all from a single account.
Also, being a cloud-based software, you can always access your TaxBandits account from anywhere at anytime without any trouble.
7. Why Should I Choose TaxBandits?
TaxBandits is an IRS authorized e-file service provider that provides you with the best form W-2 e-filing experience!
With TaxBandits,
- You can file Form W2 Online with the SSA and the state.
- You can file W2s for both the current and prior tax years.
- Validate your employees’ TIN against SSA Database.
- Send your employee copies on time by postal mail and through secure online access.
Our live Customer support team is always ready to assist you all the time via phone, email, and live chat
round the clock!
Contact us at (704) 684-4751 or mail at support@TaxBandits.com, and our support agents will address all our form-related queries in the best way possible!
