What happens if you file Form W-2 late?
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Last modified 12/22/2020 10:32:30 AM EST
Applicable To
Form 941
Form 1099 / W-2
Form 2290
Form W-2 must be filed for employees every year without fail. If you miss filing Form W-2 or file after the deadline, there will be penalties. The penalty rates will also differ based on when the Form W-2 is filed. Penalties will also be imposed for inaccurate filing.
Below are the penalty rates for Form W-2:
If you file Form W-2 after the deadline |
Within 30 days | After 30 days but before August 1 | After August 1 |
|---|---|---|---|
| Minimum penalty | $50/return | $110/return | $270/return |
| Maximum penalty | $556,500 per year | $1,669,500 per year | $3,339,000 per year |
| Maximum penalty for small businesses | $194,500 per year | $556,500 per year | 1,113,000 per year |
| For incorrect reporting of payee statements or intentional disregard: $550/return For fraudulent filing: $5,000 or more |
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To avoid penalties, file forms on time before the deadline and file electronically. ExpressEfile provides e-filing services for the lowest price in the industry. Also, the in-built audit check validates your returns and reduces the chances of form rejection.