Instead, if you file your W-2 forms late, they’ll have you count up even more money this year to send them to give you a chance to think about what you’ve done. In previous years, the absolute most the IRS could fine you for late filing was a measly $3 million ($1 million if you’re a small business). Now, that number can get upwards of $3,193,000, or $1,064,000.
Keep in mind that you could be subject to this penalty if you:
- Fail to file your W-2s on time,
- Fail to include all the required W-2 information in your return,
- Include incorrect information in your W-2 return,
- File on paper when you’re required to e-file,
- Report an incorrect TIN (so like an SSN or EIN),
- Fail to report a TIN at all, or
- Fail to file paper W-2 Forms that are machine readable.
- $50 per W-2 Form if you file correctly within 30 days of your due date
- Maximum penalty: $532,000
- Maximum penalty for small businesses: $186,000
- $100 per W-2 Form if you file correctly more than 30 days after your due date but before August 1
- Maximum penalty: $1,596,500
- Maximum penalty for small businesses: $532,000
- $260 per W-2 Form if you file after August 1 or don’t file your returns or corrections at all
- Maximum penalty: $3,193,000
- Maximum penalty for small businesses: $1,064,000
And if you have any questions about the upcoming tax season or e-filing your W-2 Forms, just give us a call! We’re available by phone (704-684-4751) and live chat Monday through Friday, 9:00 a.m. to 6:00 p.m. EST. And we also offer 24/7 assistance by email at support@ExpressIRSForms.com!