West Chester, PA, September 25, 2016 --(PR.com
)-- This year, employer tax reporting responsibilities have expanded and several deadlines have changed. As a result, one of the nation’s largest privately-owned payroll companies, PrimePay, LLC, is urging small businesses to review all relevant employee information over the next month. This is to ensure accurate employee information is filed correctly the first time with the Social Security Administration (SSA). The new deadline to transmit W-2 information to the SSA has moved from March 31st to January 31st.
“While we are seeking to partner with our clients to ensure accurate employer and employee records, the truth of the matter is key information may be missed,” said Jeff Sorrell, PrimePay’s Vice President of Payroll and Benefit Services. “That’s why we are engaging our clients now, before the new deadline gets critically close. If caught early, we can ensure both the employees and the SSA get correct information the first time.”
According to Sorrell, employers should review the accuracy of the following information required for the Form W-2, Wage and Tax Statement:
· Verify employees’ names, addresses, and Social Security numbers
· Make sure employees are being paid in the correct state and local jurisdictions
· Have all wages including bonus and fringe benefits reported as soon as possible
· Ensure that all wages are reported and up to date, including any reversals/voids of wages
For every W-2 not filed or incorrectly filed with the SSA, a $50 penalty may be levied if not received within 30 days of the deadline. If a W-2 or corrected W-2 is not filed by the 30-day mark, the penalty may double and then increase with additional fines as more time passes.
For more information about PrimePay’s Payroll Tax services, visit http://primepay.com/payroll/tax-services.