The Internal Revenue Service (IRS) announced January 31, 2018, as the filing deadline for filing 2016 W-2s and 1099 forms, with the Social Security Administration (SSA), including W-3 forms, for 2017 tax. This data which is a month earlier than the former filing date was set up to tax fraud. The new date which is the earlier date applies to all forms of filings, which includes online filing.
Definition of W-2 Forms and W-3 Forms
The forms used to report employee wages and salaries to the Internal Revenue Service (IRS) for the purpose of reporting income are called W-2 Forms. The employer prepares the W-2 and it is made available to the employee and the Social Security Administration (SSA) by the end of January, for the previous tax year. The purpose of this information is to be used for social security and income tax by the Social Security Administration (SSA) and Internal Revenue Service (IRS) respectively. Another name for W-3 Forms is “transmittal forms. The summary of all information on the W-2 Forms sent to the Social Security Administration (SSA) and Internal Revenue Service (IRS) are borne on the W-3 Forms. W-3 Forms are of no use if you file W-2 Forms with the SSA online.
Online Filing of W-2 Forms and W-3 Forms
The Social Security Administration (SSA) requires that for each of your employees’ W-2 Wage and Tax Statements must be submitted each year for all of your employees, for the previous calendar year. The submitted W-2 Forms which are submitted are accompanied by the W-3 Forms which is a summary form.
The due date for W-2 Forms along with the W-3 summary transmittal forms is January 31 of the previous year. The W-2 Forms should be given to employees earlier in January to look them over and this even allows you to make corrections since the Social Security Administration (SSA) Forms and employee forms are due on the same date.
The Social Security Administration’s Business Services Online (BSO) website offers the platform for you to e-file Forms W-2 online. Fill-in versions of these forms can be created and copies printed out for filing with state or local governments, for distribution to employees, and for your own records.
The condition for filing W-2 Forms online: 250 or more Forms
Filing 250 or more Forms w-2 within a calendar year means you have to file them online unless a waiver is provided by the IRS. Failing to do may result in penalty charges. This is according to The Social Security Administrator.
Advantages of Filing W-2 Forms Electronically/Online
Steps to consider before submitting Electronically filed W-2 Forms
1. To be able to submit W-2 Forms online, you must be registered with the Social Security Administration’s Business Service Online (BSO) Section without which you won’t be granted access to filing W-2 forms.
2. The next thing to do is to create the W-2 Forms and the forms are to be saved using a special file format specified by the Business Service Online (BSO) and submit the forms to them.
3. After the files have been saved and submitted, the uploaded files can be viewed and looked over to see error reports which may include name and Social Security Number mismatches and the essential corrections are rendered.
4. Also, the status of your submission can be reviewed. That is you can see if the file you uploaded has been accepted by the Social Security Administration’s Business Service Online (BSO) or it has been rejected because it needs further corrections.
Filing online be confusing especially if you haven’t done it before. However, you can always ask for the help of a tax professional or an accountant who is experienced and experts when it comes to filing tax returns and filling up forms. It’s better to be sure that not to avoid possible penalties for mistakes.
