The government will be able to predict and plan on their budget when they have an idea total income on tax duties since this a common sources of the government revenue and the calculation is possible through filling. Filling of the tax returns and the W2 statement is very important since this will help the auditors to be in a position to know the total tax generation for that year and you should file the returns in every financial year on time.
You should know the procedures of filing the returns and the W2 statement and follow up on the time schedules that you need to file the returns this because most of the people do not know the procedure and the time of doing it. An error may occur when filling the tax returns that can lead to omission and this is risky since you should file the additional W2 statement together with other tax filling returns records . There are dangers of not filling a W2 statement and this what happens when you don't file this include.
Penalties charges are one of the consequences. You will pay a penalty charge when you fail to file the W2 statement that is a lot of cash that you are penalized due to failing to file the W2 statement. You can avoid paying the additional penalty charges when you fill the W2 statement without omission when you are supposed to file the returns.
The other outcome of failing to file is that there is interest on the tax to pay. This happens when you don't file the W2 statement on time as an employee this because there limits and deadline when the filling should be done and therefore, you need to following the deadline filling dates to avoid accruing interest on the taxes you should pay. Check Why You Need To File A W2 Statement to learn more.
There is the consequence of incurring more expenses when you do not file due to a manual procedure of following up. You have to visit the tax returns offices and this will cost, this will be more tedious while filing manually hence you need to be keen while filing your returns as an employee to avoid the error of omission and this will help in avoiding this risks that are expensive to bear. Check What Is A W-2 Used For for more info.
There are the consequences of denial to get the green lights cards. The immigration authorities can fail to prepare you traveling document when you fail to file W2 statement. Tax authorities give the compliance form to the client who has been filling their taxes returns and filling the W2 statement hence you will not be given the compliance certificate when you don't fail hence it will be hard to get the green cards. Check https://www.youtube.com/watch?v=49VmqdMumBE for other references.