IRS Confirms: All Workers Must File Form W-2 by This Mandatory Deadline

Tax season is upon us, and W-2 forms play a crucial role in ensuring taxpayers can accurately file their returns.

Employers are legally required to provide W-2 forms to employees on time to facilitate accurate and timely tax submissions.

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Below, we’ll cover the key information you need to know about W-2 forms, IRS deadlines, and new tax developments for 2025.

Key Deadlines for W-2 Forms and Tax Filing

To meet filing requirements, Americans must have all their tax documents ready for the 2025 tax season. Although the IRS has not announced the specific start date for processing 2024 tax returns, it is expected to begin later this month.

• Employer W-2 Obligation:
  Employers must deliver W-2 forms to their employees no later than Friday, January 31, 2025. Additionally, they must submit these forms to the IRS and the Social Security Administration (SSA) by the same date.
  • This timeline ensures employees have sufficient time to prepare their tax returns ahead of the Tuesday, April 15, 2025 deadline.

What is a W-2 Form and Why is It Important?

The W-2 form provides a detailed summary of an employee’s income from the previous year, including taxes withheld and any benefits received. It is an essential document for filing both federal and state taxes.

• Purpose of the W-2 Form:
  • Lists income and tax deductions for the prior year.
  • Serves as a record for Social Security and Medicare benefit calculations.
  • Helps employees accurately report earnings and benefits to the IRS.

Filing W-2 Forms: Employer Responsibilities

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Employers must prioritize W-2 filings during tax season to avoid delays and penalties. Here’s what businesses need to know:

• Submission Methods:
  Employers can file W-2 forms either electronically or by mail. However, electronic filing is mandatory if they are submitting more than one information return unless the IRS grants a waiver.
• Extension Option:
  Businesses facing exceptional circumstances can request a 30-day extension by filing Form 8809.

What to Do If You Haven’t Received Your W-2

Employees should receive their W-2 forms by the end of January. If you haven’t received yours by early February:

1. Contact Your Employer:
   • Ask for an electronic version to avoid delays if the paper form hasn’t arrived.
2. Verify Information:
   • Check for errors such as misspelled names or incorrect earnings.
   • Report discrepancies immediately to your employer for corrections.

IRS Guidelines for Accurate Filing

The IRS emphasizes the importance of submitting accurate W-2 forms. Errors on W-2s can lead to complications, such as incorrect tax filings and delayed refunds.

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The information on W-2 forms is also used to determine Social Security and Medicare benefits, making accuracy essential.

What’s New for the 2025 Tax Season?

Anticipated Start Date

The IRS typically begins accepting tax returns at the end of January. While the exact date for 2025 has not been confirmed, taxpayers can prepare by using the IRS’s updated tax software and following their recommendations to streamline the process.

Tax Day Details

This year, Tax Day will fall on its usual date of April 15, 2025, with no holidays affecting the deadline.

Introduction of Form 1099-K for 2025

A significant update for the 2025 tax season is the requirement to report income from online platforms and payment services.

• Threshold for Reporting:
  Individuals earning $5,000 or more through platforms such as Venmo, Zelle, or Google Wallet will now receive a Form 1099-K.
• Taxable Income Clarification:
  All income generated through these platforms must be reported, regardless of whether the $5,000 threshold is met or whether a Form 1099-K is issued.

As the 2025 tax season approaches, it’s essential for both employees and employers to stay prepared. Ensure W-2 forms are issued and received on time, verify their accuracy, and understand the new requirements for reporting online income. By staying informed and proactive, taxpayers can avoid delays and ensure a smooth filing process.

FAQs

What is the deadline for employers to provide W-2 forms?

Employers must issue W-2 forms to employees and submit them to the IRS and SSA by January 31, 2025.

What should I do if I haven’t received my W-2 by February?

Contact your employer immediately and request an electronic version if the paper form hasn’t arrived.

Can employers file W-2 forms by mail?

Yes, employers can file by mail or electronically. However, electronic filing is mandatory for businesses filing more than one return unless a waiver is approved.