Cox Padmore Skolnik & Shakarchy LLP
866-716-3813 Blog Contact

It’s tax time again – what do your employees need?

If you employ others at your New York City business, you have obligations regarding their federal and state withholdings, as well as wages that can be taxed. The W-2 form is an important document that you will need to supply to your employees when they begin employment, and it also comes into play at the end of the year.

What is the W-2 form? The Internal Revenue Service uses this form to keep track of wages earned during the calendar year. When they first start their job, your employees will fill it out with information such as their address, Social Security number, number of household dependents they wish to claim and their salary. At the end of the year, they receive the form from your company that details how much money they made that year, as well as the taxes that were withheld from their paychecks.

Your employees must have their W-2 forms for the previous year by the end of January – for example, they should receive their 2015 W-2s by January 31, 2016. You have the option of sending a W-2 either by regular mail or digitally. If an employee only worked the last few weeks of the previous year, you should still send them a W-2 form for those weeks they were employed by you.

To avoid legal consequences and make it easier if you are in an audit, you must keep all employees’ W-2 forms on record for four years or longer. By complying with the IRS’s tax regulations, you are protecting your business’s best interests. This information should not be substituted for legal advice.

No Comments

Leave a comment
Comment Information

Consult Our Skilled, Pragmatic Manhattan Commercial Litigation Attorneys

Tap To Request An Exploratory Consultation »

Entrepreneurial, Corporate and Individual Legal Services For Domestic And International Clients

To Request A Consultation By Phone, Call: 917-512-4332 (NY/NJ) | 917-512-4332 (CO) | 866-716-3813 (Toll Free)

New York Office
630 Third Avenue 19th Floor
New York, NY 10017

Toll Free: 866-716-3813
Phone: 917-512-4332
New York Office Map

Great Neck Office
98 Cutter Mill Road, Suite 310N
Great Neck, NY 11021

Toll Free: 866-716-3813
Phone: 917-512-4332
Great Neck Office Map

Hackensack Office
27 Warren Street, Suite 304
Hackensack, NJ 07601

Toll Free: 866-716-3813
Phone: 917-512-4332
Hackensack Office Map

Denver Office
1060 Humboldt Street
Denver, CO 80218

Toll Free: 866-716-3813
Phone: 917-512-4332
Denver Office Map