The good thing about working for an employer is that you get a W2 form which summarizes all your earnings and taxes paid. But, the reality is that not all employers are this diligent. What should you do when this is the case?
W2 forms are information tax returns. In this form you will find your wages and tax statement. The specific amount that you were actually paid, and the amount the employer paid out in wages is contained in this form. Then the W2 forms will be gathered by the employer so that he can file al the forms at one time. The IRS will then receive the information on employers wagers and then they will compare it with the deductions and payroll taxes.
By the end of the first month of the year, all employers are required to give the W2 forms to their employees. However, many employers fail in this task. If they don’t send them, nothing happens to them anyway. It is like there is something fishy going on. This task is something that you don’t really want to do.
Get data form the person responsible for the payroll so that you. can accomplish the W2 form yourself. You can understand why the form is delayed since doing this type of job is not an easy one. Make sure that you current address in their records is correct so that the form will not be lost in the mail. You can report your employer to the IRS if you see that they are really delinquent in the task. Action will be taken against these employers by the IRS.
It is time to put things in your hands. By requesting figures from your payroll or trying to figure it out yourself. With this you will also need to accompany it with another tax form, the Form 4825.
If you cant handle it yourself, a tax professional an help you accomplish your W2 form by researching and perhaps approaching your employer and asking for details. With a tax professional, you will be able to complete your tax forms and returns on time and would not be in trouble of filing a late income tax return. The figures on your tax form will also be more accurate. As early as today, ensure that your company is doing something about your W2 forms.