FOR IMMEDIATE RELEASE:

WHAT TO DO IF YOU ARE MISSING YOUR W-2

It's that time of year again - time to file your tax return. Before you start, make sure you have all your documents at hand, particularly your Form W-2, Wage and Tax Statement. By Jan 31, you should have received a Form W-2 from each of your employers. It's always a good idea to keep copies of all pay statements in case you need to refer to them when filing your taxes.

If you haven't received your Form W-2 by Jan. 31, follow these three steps:

1. Contact your employer/s - Contact your employer to inquire when it was made available or mailed. If it was mailed, it may have been returned because of an incorrect address. After contacting the employer, allow a reasonable amount of time for them to resend or make it available to you.

2. Contact the IRS - Contact the IRS for assistance at 800-829-1040 after February 15 if you are unable to obtain your Form W-2 from your employer(s). When you call, you must provide your name, address, city, state, zip code, Social Security number and phone number. You must also have the following information:

Your employer's name, address, city, state, zip code and phone number

Dates of employment

Estimate of the wages you earned, the federal income tax withheld, and when you worked for that employer during 2010. (The estimate should be based on year-to-date information from your final pay stub or leave and earnings statement, if possible.)

3. File your return - You still must file your tax return or request an extension to file by the filing deadline which is usually April 15, even if you have not received your Form W-2. If you have not received your Form W-2 by the filing deadline, and have completed Steps 1 and 2 above, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to your return, estimating income and withholding taxes as accurately as possible. There may be a delay in any refund due until the information is verified.

What if you receive your missing Form W-2 after you filed your return using Form 4852? If you receive your missing Form W-2 after you filed, AND the information is different from what you reported on Form 4852, you must amend your return using Form 1040X, Amended U.S. Individual Income Tax Return.

WHAT HAPPENS IF I DON'T FILE?

It's important to understand the ramifications of not filing a past due return and the steps that the IRS will take.

Penalties and interest will be assessed and will increase the amount due.

The IRS will file a substitute return for you. But this return is based only on information the IRS has from other sources. Thus, if the IRS prepares this substitute return, it will not include any additional exemptions or expenses you may be entitled to and may overstate your real tax liability.

Once the tax is assessed, the IRS will start the collection process, which can include placing a levy on wages or bank accounts or filing a federal tax lien against your property.

Even if the IRS has already filed a substitute return, it still makes sense for you to file your own return to make sure you take advantage of all the exemptions, credits and deductions you are allowed. The IRS will generally use the information you provide to correct your account. Avoid the hassle - reach out for the help you need and file your tax return today.

Go to YEAR END TAX PLANNING FOR INDIVIDUALS for more details on what you can do to prepare your personal taxes for year end.

These are just some tax tips you should consider when thinking about your tax planning.

This article was intended to provide general information about tax planning. It does not contain all the rules and exceptions that may apply to your situation. If you have further questions regarding year end tax planning, I can be reached at www.dgoodmancpa.com.

About the Author

Dianne Goodman, CPA, FCPA - Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-888-851-1975.

CONTACT INFORMATION:

Dianne Goodman, CPA, FCPA
Comprehensive Small Business Solutions, PC
505 323-2307
1 888-851-1975 toll free
www.diannegoodman.com