Risks of Not Filling the W2 Statement Consequences of Failing to File a W2 Statement Document
It is significant to pay tax duties to the national government since the tax is a main source of income thus this taxes collection help in government in planning. 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 dangers of not filling a W2 statement and this what happens when you don’t file this include.
There is a danger of paying high penalty fee charges. 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.
You will incur more expenses due to the manual filing procedure. This is because once the deadline date is up; you will need to file the W2 statement form manually hence you will have to go to their offices.
Hindrance of getting a green light to travel another risk of failing to file the W2 statement. The failure of not filing the W2 statement can act as barrier of you failing to get the green card services even when you are a resident. This can hinder you to get green card to travel to other places because when applying for green cards there is a requirement of the tax compliance certificate and this will not be possible to get a clearance from the tax authorities when you don’t file the W2 statement .