Employers – Tuesday, January 31, 2017 is the deadline to send out W-2’s to your employees. You can process your employee’s W-2 forms with your payroll service (most common practice), accountant or tax preparer. W-2 forms mailed to employees must be postmarked no later than January 31st. If your process and procedure is to provide electronic access to the employees W-2’s (many payroll services provide this service), then access to that information has to be no later than January 31st as well. Make sure all communications are clear with your payroll service and your employees.
You may be a small company with only one or two employees and you process payroll in-house, you can utilize the SSA website to process and file forms electronically, or for anyone seeking additional information. www.ssa.gov/employer
Employers are also required to file form W-3 (Transmittal of Wage and Tax Statements) along with Copy A of all W-2 forms issued for 2016 with the SSA.
Employees – You will need the information from your W-2 to submit your tax returns. If you do not receive your W-2 form from your employer by the 7th of February, follow up with your employer immediately. Upon receipt of your W-2, cross check the information against your final paycheck for 2016 to make sure your Year to Date (Year End) numbers match. If there is any discrepancy, follow up with your employer immediately. Also, double check your social security number; a simple typo of one number can cause a whole lot of headache if not caught on time.