Risks of Not Filling the W2 Statement Consequences of Failing to File a W2 Statement Document
It is essential for every individual to be filling returns thus this help the government auditors to know the total sum of the tax revenue income collection for a given year. You should file returns in every financial year since this help in accounting purposes for audits to know the total tax generation for that and there are risks of not filing returns.
You should know the procedures of filing the returns and the W2 statement and follow up on the time schedules that you need to file the returns this because most of the people do not know the procedure and the time of doing it. A W2 statement is an additional document for employees to file and during the tax returns filling most people forget to file while others leave it hence you risk by not filling. There a risk of not filling A W2 statement and this is what happens if you do not fill A W2 statement when filing the returns.
You will incur penalties fees. You will pay a penalty charge when you fail to file the W2 statement that is a lot of cash that you are penalized due to failing to file the W2 statement. When you fail to file the W2 statement you need to prepare to pay huge penalties as a fine that will be huge expenses and you can avoid by just filing the W2 statement during the file tax returns.
There will be the risk of paying of interest. You also check on all your W2 forms if you have more than one to avoid leaving some of the forms out when filling since there will be more interest to pay for the W2 statements forms that you will not file hence you should check especially when you shift from one working place to another.
There is the consequence of incurring more expenses when you do not file due to a manual procedure of following up. You have to visit the tax returns offices and this will cost, this will be more tedious while filing manually hence you need to be keen while filing your returns as an employee to avoid the error of omission and this will help in avoiding this risks that are expensive to bear.
There are the consequences of denial to get the green lights cards. There are high chances of denial of traveling documents even when you are residents of a given area when you fail to file the W2 statement. Tax authorities give the compliance form to the client who has been filling their taxes returns and filling the W2 statement hence you will not be given the compliance certificate when you don’t fail hence it will be hard to get the green cards.