Tax

Tax

Missing Your Form W-2?

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2012 earnings and withheld taxes no later than January 31, 2013 (if mailed, allow a few days for delivery).

If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2.

If you still do not receive your W-2 by February 15th, contact the IRS for assistance at 1-800-829-1040. When you call, have the following information handy:

  • the employer’s name and complete address, including zip code, and the employer’s telephone number;
  • the employer’s identification number (if known);
  • your name and address, including zip code, Social Security number, and telephone number; and
  • an estimate of the wages you earned, the federal income tax withheld, and the dates you began and ended employment.

If you misplaced your W-2, contact your employer. Your employer can replace the lost form with a “reissued statement.” Be aware that your employer is allowed to charge you a fee for providing you with a new W-2.

You still must file your tax return on time even if you do not receive your Form W-2. If you cannot get a W-2 by the tax filing deadline, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement (available on the IRS website), but it will delay any refund due while the information is verified.

If you receive a corrected W-2 after your return is filed and the information it contains does not match the income or withheld tax that you reported on your return, you must file an amended return on Form 1040X, Amended U.S. Individual Income Tax Return.

If you have questions about your Forms W-2 and 1099 or any other tax-related materials, please call or email our office.

Tax

IRS Updates Withholding Guidance for 2013

The Internal Revenue Service has released updated income-tax withholding tables for 2013 and supersede the tables issued on December 31, 2012. The newly revised version contains percentage method income-tax withholding tables and related information that employers need to implement these changes.

In addition, employers should also begin withholding Social Security tax at the rate of 6.2 percent of wages paid following the expiration of the temporary two-percentage-point payroll tax cut in effect for 2011 and 2012. Payroll tax rates were not affected by the legislation signed into law on January 2.

Employers should start using the revised withholding tables and correct the amount of Social Security tax withheld as soon as possible in 2013, but not later than February 15, 2013. For any Social Security tax under-withheld before that date, employers should make the appropriate adjustment in workers’ pay as soon as possible, but not later than March 31, 2013.

Employers and payroll companies will handle the withholding changes, so workers typically won’t need to take any additional action, such as filling out a new W-4 withholding form.

As always, it’s prudent for workers to review their withholding every year and, if necessary, fill out a new W-4 and give it to their employer. For example, individuals and couples with multiple jobs, people who are having children, getting married, getting divorced or buying a home, and those who typically wind up with a balance due or large refund at the end of the year may want to consider submitting revised W-4 forms.

Give us a call if you have any questions about income tax withholding in 2013. We’re here to help.

Tax

Who Can’t File Until Later?

Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service delayed the opening of tax season this year, but began processing individual income tax returns on January 30.

The delay is due to late tax law changes in the American Taxpayer Relief Act (ATRA) that required the IRS to update forms and instructions, as well as make critical processing system adjustments before it could begin accepting tax returns.

According to the IRS, the vast majority of tax filers–more than 120 million households–were able begin filing tax returns on January 30. The IRS reports that remaining households will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes. This group includes people claiming residential energy credits, depreciation of property or general business credits. Most of those in this group file more complex tax returns and typically file closer to the April 15 deadline or obtain an extension.

Because the IRS will not process paper tax returns before the anticipated January 30 opening date, there is no advantage to filing on paper before then, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit.

Who Can File Starting January 30?

Most taxpayers were able to file starting January 30, regardless of whether they file electronically or on paper, including those who are affected by the late Alternative Minimum Tax (AMT) patch as well as the three major “extender” provisions for people claiming the state and local sales tax deduction, higher education tuition and fees deduction, and educator expenses deduction.

Several tax forms were affected by the late legislation that require more extensive programming and testing of IRS systems. The IRS hopes to begin accepting tax returns including these tax forms between late February and into March; a specific date will be announced in the near future.

The key forms that require more extensive programming changes include Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization) and Form 3800 (General Business Credit).

Please contact us if you need a full listing of the forms that won’t be accepted until later and rest assured, we are working closely with the IRS to minimize delays and ensure as smooth a tax season as possible under the circumstances.

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