It is important to ensure that we know the use of the W-2 form. The employer provides the W-2 form to all the employees who offer their services to the institution, facility, company or business. When most people are filling the W-2 form, they tend to ask for assistance from the experts and this will be of importance to ensure that they do not omit any deductions. Today, there are also the websites that will ensure that people can file the taxes by themselves without the help of an expert. The IRS will have the people who fail to file their W-2 statements receive punishment for this in different ways depending on how stubborn they are. In the section that follows, you will be able to see some of the implications that those who fail to fill their W-2 forms face.
For every employee, it will be important to have the W-2 forms filled and submitted to the IRS before the expiry of the given time. Those who are late on the filing of the tax statements will face penalties that are imposed by the tax authority in the country. The tax authorities in the country will see you get the income tax refund that has a fee charged and deducted from it that will be used as a penalty for the late filing of the W-2 statement. This will see you receive a penalty of 5% if you fail to file your W-2 statement. If you have filed a W-2 statement and still you haven't paid the tax debt, you will incur a tax penalty that will be between 0.5- 1%. To learn more, check What Is A W-2 Used For.
When you fail to file your W-2 statement on time, you will have the reimbursement of your money delayed. It is important to ensure that you file your taxes on time because this will have the money that you should have an income tax refund delayed. It would be nice if you had filed your W-2 report on time because much money is delayed for the failure to file a low amount. For more info, check What Happens If You Don't File A W2 Statement?
The IRS will continually remind everybody of the need to file the taxes before the end of the deadline day through the media and the messages to people's phones. When the people who do not file the W-2 reports ignore this completely, then they can be arrested. When you are ignorant, you will then have valuable assets taken by the IRS. People who fail in all this will then have the tax authority order for their arrest and they will be presented to the court of law for tax evading taxes. It is hence necessary to have the W-2 forms filled and submitted on time. Check https://www.youtube.com/watch?v=o5W2GM0cubE for other references.