(Tax Year 2024 – To Be Filed in 2025)
Overview
Every year, employers are legally required to issue Form W-2 (Wage and Tax Statement) to their employees. This form reports wages paid and taxes withheld for the calendar year and is necessary for filing federal and state income tax returns.
According to Internal Revenue Code § 6051, and reinforced by Treasury Regulation § 31.6051-1, employers must provide Form W-2 to employees no later than January 31 of the year following the tax year. For the 2024 tax year, the deadline is January 31, 2025.
Missing this deadline can result in IRS penalties for the employer and delayed tax filing for the employee.
Key Deadlines for Form W-2 (2025)
| Action | Due Date |
|---|---|
| Provide W-2 to employees | January 31, 2025 |
| File W-2 with SSA (paper or electronic) | January 31, 2025 |
| File state W-2s (if applicable) | Varies by state, but usually January 31, 2025 |
Who Needs to Issue a W-2?
Any business or employer that paid an employee $600 or more in wages during the calendar year and withheld federal income tax, Social Security, or Medicare taxes must issue a W-2.
This includes:
- Corporations
- Partnerships
- Sole proprietors
- Nonprofit organizations
- Government agencies
Even employers with only one employee are required to comply.
Legal Authority
- IRC § 6051 – Requires issuance of wage and tax statements to employees
- IRC § 6041 – Covers reporting of payments in the course of business
- Regulation § 31.6051-1 – Specifies timing and content requirements for W-2
Example: Timely vs. Late W-2 Issuance
Case 1 – On Time:
BrightTech Inc. issues all W-2s to employees by January 25, 2025. Employees have time to review, correct errors, and file tax returns early.
→ Compliant and avoids penalties.
Case 2 – Late Filing:
GlowCorp forgets to send W-2s until February 10, 2025.
→ Faces IRS penalties, possibly ranging from $60 to $310 per form, depending on how late the filing is, and whether the delay was intentional.
IRS Penalties for Late W-2s (2025)
| Days Late | Penalty per Form | Max Penalty (Small Businesses) |
|---|---|---|
| Up to 30 days | $60 | $220,500 |
| 31 days–Aug 1 | $120 | $630,500 |
| After Aug 1 or not filed | $310 | $1,261,000 |
| Intentional disregard | $630 minimum | No limit |
Step-by-Step for Employers: Sending Form W-2
- Verify Employee Info – Name, SSN, and address must be accurate.
- Calculate Wages & Withholdings – Include regular wages, tips, bonuses, etc.
- Use Correct Form W-2 (2024 version).
- Distribute to EmployeesÂ
- Mail or electronically deliver by Jan 31, 2025.
- File with SSAÂ
- Use Form W-3 as a summary if filing on paper.
- File online via the SSA’s Business Services Online (BSO).
Conclusion
Employers must send Form W-2 to all employees by January 31, 2025. Delays can lead to financial penalties and employee dissatisfaction. It’s important to plan ahead, verify data, and file both employee copies and SSA filings on time.
Call to Action
If you’re an employer unsure about your W-2 filing responsibilities or facing penalties for late filings, book a session with Anshul Goyal, CPA EA FCA. He can help you meet IRS requirements, avoid penalties, and stay compliant with federal and state deadlines.
Top 5 FAQs: W-2 Deadlines
When are W-2s due to employees for 2024 income?
By January 31, 2025.
What if the W-2 is incorrect?
Employers must issue a corrected Form W-2c as soon as possible.
Can I file W-2s electronically?
Yes. Employers can use the SSA’s online portal. Electronic filing is required if you’re submitting 10 or more forms.
What if I miss the deadline?
You may face IRS penalties starting at $60 per form and increasing with delay.
Does the deadline apply to state W-2s?
Yes, most states follow the same deadline (January 31), but it’s best to check specific state requirements.
About Our CPA
Anshul Goyal, CPA EA FCA is a Certified Public Accountant licensed in the United States, and an Enrolled Agent authorized to represent clients before the IRS. He works with U.S. businesses and Indian residents in the U.S., helping with IRS filings, payroll compliance, and late W-2 resolution.
Schedule a meeting with Anshul by clicking here: https://calendly.com/anshulcpa/
Disclaimer
This blog is for informational purposes only and does not constitute tax or legal advice. Please consult a licensed tax professional for personalized assistance.