Dangers of Failing to File a W2 Statement Document
The government will be able to predict and plan on their budget when they have an idea total income on tax duties since this a common sources of the government revenue and the calculation is possible through filling. To avoid the risks of not filling the tax you need to be filling the return in every financial year and this will help the auditors to carry out their activities.
There is the process of filing the tax returns files that should be together with the W2c statement and you need to be filling your returns all the time. An error can occur or you forget to file the W2 statement since it is an additional document and this affects most of the staff hence you need to be careful. There are consequences of failing to file a W2 statement and this is the consequences if you don’t file that includes the following.
You will incur penalties fees. There are penalty fee charges that you will pay additionally to the tax that you were to pay as penalties charges for failing to file W2 statement. You may fail to file the W2 statement accidentally or even just assume, therefore you should be ready to pay the huge penalties that will be a loss to you since it an expenses that you can easily avoid when you just file the W2 statement file when filing your tax returns file.
The other outcome of failing to file is that there is interest on the tax to pay. This happens when you don’t file the W2 statement on time as an employee this because there limits and deadline when the filling should be done and therefore, you need to following the deadline filling dates to avoid accruing interest on the taxes you should pay.
You will incur more expenses due to the manual filing procedure. Yiu will manually file the W2 statement once an error occurs when file and this similar to the person who has not done the filing and manual filling that needs you to go to the office is expensive since you have to pay for the service.
There are the consequences of denial to get the green lights cards. The immigration authorities can fail to prepare you traveling document when you fail to file W2 statement. Failing to file the tax returns and the W2 statement complicates you green card processing hence you can fail to have your travel document due to failure to file the returns and the W2 statement.
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