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. Filling of the tax returns and the W2 statement is very important since this will help the auditors to be in a position to know the total tax generation for that year and you should file the returns in every financial year on time.
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. An error may occur when filling the tax returns that can lead to omission and this is risky since you should file the additional W2 statement together with other tax filling returns records . 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 penalties that a person incurs if you completely fail to file the W2 statement with a given year and this penalty is added to the actual tax you could pay. 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.
There will be the risk of paying of interest. 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.
There is the risk of paying more expenses since when you fail to file you will have an option of doing the filing manually since through the electronic it will be impossible. 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.
Failing to file W2 statement will hinder you getting the green lights. 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. 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.