What Happens When You Do Not File Your W-2 Statement on Time
The question that we need to answer first is what is a W-2 used for? The W-2 is a form that is filled by an employee in a given company, institution or business and it is offered by the employer to every employee who gets compensation from them. For most people, they will require an expert in the filing of the taxes to ensure that they do not forgo any deductions that need to be shown on the form. You will realize that there are websites that have been developed to help the people with the filing of the W-2 forms. People who fail to file their W-2 files have many implications that will follow them. In the section that follows, you will be able to see some of the implications that those who fail to fill their W-2 forms face.
For every employee, it will be important to have the W-2 forms filled and submitted to the IRS before the expiry of the given time. This is because failure to do so may see you get penalized for the late payment of the taxes. The tax authorities in the country will see you get the income tax refund that has a fee charged and deducted from it that will be used as a penalty for the late filing of the W-2 statement. The penalty that is charged for late payment is equal to 5% of the amount that you get. If you have filed a W-2 statement and still you haven’t paid the tax debt, you will incur a tax penalty that will be between 0.5- 1%.
When you fail to file your W-2 tax reports on time, you will be penalized by having the reimbursement of the income tax refund delayed. The compensation for the income tax refund will be delayed till you pay for the services. The money that you expect is much higher than the one that you get the deductions and therefore, you need to ensure that you have the W-2 form filled in time.
The tax authorities in the country will remind everybody to have their W-2 forms filled and submitted before the end of the specified time. If you completely ignore this, you will be liable for arrest. They will first confiscate all your property and assets such as your car and other important things. When you fail to pay or file your W-2 statement, it will be upon the IRS to have you arrested and charged in the court of law for tax evasion and other tax crimes. It is, therefore, better to ensure that you have the best time to file your W-2 statements.
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