IRS Notifies Employers to File Wage Statements With Social Security Administration by Jan. 31

The Internal Revenue Service (IRS) reminded employers about filing certain wage documents by the Wednesday deadline, failing which they could face penalties. The deadline for filing 2023 Form W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration (SSA) is Jan. 31, the IRS said in a press release on Monday. W-2 forms are prepared by an employer for every employee for whom they pay $600 or more per year. In addition to income that is paid, all income, social security, and Medicare tax that were withheld also have to be reported. “Employers must also provide copies B, C, and 2 of Form W-2 to their employees by Jan. 31,” the agency stated. W-3 is a form that an employer uses to report the combined employee income. Such forms are filed by employers who file more than one W-2....