For many employees in Las Vegas and across the country, this is the start of the tax return season. Beginning about now, your employees may be anxiously awaiting their Form W-2 so they can file their tax returns. For others, this time of year is not quite so anticipated. Preparing the necessary paperwork and distributing forms to employees is a necessary hassle that every employer must undergo.
If you are new to this process, you will need to understand that there are deadlines to getting Form W-2 to your employees during tax season, as well as deadlines for filing taxes for your company. April 15 of every year is often mistaken as the due date for getting all tax-related paperwork out. In reality, April 15 is the deadline for filing taxes, particularly for those who owe the Internal Revenue Service. The due date for distributing Form W-2 to your employees falls on January 31 of every year. When this date occurs on a weekend or holiday, the deadline is extended to the next business day.
If you plan on mailing Form W-2 to your employees, you will need to ensure that the letters are officially postmarked by January 31 – they do not necessarily need to reach your employees by this date. It is also acceptable to hand-deliver the forms to your staff at work or to email them. If you decide to send tax forms electronically, it may be wise to let your employees know and to advise them to check their spam folders if they do not see their W-2 in their inbox by the deadline.
Preparing tax paperwork for employees is a standardized and relatively straightforward process, when you keep accurate records and understand what is expected of you. Since tax and employment law may be complex, this information should not replace the advice of a lawyer.