My former employer went out of business early 2009. I had about 3 weeks salary paid to me, but I suppose I will never get a W2 since there is no acoounting office to send it to me. Q- Do I claim this income on my Federal return? Would they be aware of the income if no w2 was sent? I was witholding at M-1 rate.
No W2 ever coming - Do I Report Income?
- Thread starter ARCOgraphite
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I have had companies that went out of business still send a w2 form.
Surely they have an accountant that is separate from the employer that handles the financial affairs.
Something like this would involve a call to the IRS, of course you would claim it.
Surely they have an accountant that is separate from the employer that handles the financial affairs.
Something like this would involve a call to the IRS, of course you would claim it.
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Did they withhold taxes? If so, then it's assured that there's an electronic tell sitting somewhere. If it was supposed to be a 1099 and didn't show, then you could probably remain silent.
Originally Posted By: ARCOgraphite
My former employer went out of business early 2009. I had about 3 weeks salary paid to me, but I suppose I will never get a W2 since there is no acoounting office to send it to me. Q- Do I claim this income on my Federal return? Would they be aware of the income if no w2 was sent? I was witholding at M-1 rate.
If you had income, you have to report it. Otherwise, it's tax fraud.
My former employer went out of business early 2009. I had about 3 weeks salary paid to me, but I suppose I will never get a W2 since there is no acoounting office to send it to me. Q- Do I claim this income on my Federal return? Would they be aware of the income if no w2 was sent? I was witholding at M-1 rate.
If you had income, you have to report it. Otherwise, it's tax fraud.
I think I can dig up my old pay stub to figure this out. Ive become familiar with typing info from the w2 boxes onto a free TAXACT online filing site. I have no w2 to send with the return proving taxes paid OR income earned if I mailed a paper return. I dont want to call the IRS unless its a matter of Life death and Jail time
I've heard that the IRS are very helpful on the phone. If you don't find you pay stub, give them a call because you will need to know the gross wages and the taxes withheld. The other alternative is to use an estimate to the best of your knowledge - that way if you get audited you can explain why you did that.
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Originally Posted By: ctc
You will get a W2.
If he doesn't get it in a day or two, when is he supposed to file?? ..and who is negligent in getting it out? The deadline is 1/31.
I guess he could file an addendum or whatever.
You will get a W2.
If he doesn't get it in a day or two, when is he supposed to file?? ..and who is negligent in getting it out? The deadline is 1/31.
I guess he could file an addendum or whatever.
You attach a 4852 to the return. Substitute for W-2.It has a space to explain things.
Originally Posted By: ctc
You will get a W2.
From whom? The company is dissoved and the temp accountant would not be paid. Do they have some legal obligation to send the w2?
You will get a W2.
From whom? The company is dissoved and the temp accountant would not be paid. Do they have some legal obligation to send the w2?
Originally Posted By: rshaw125
You attach a 4852 to the return. Substitute for W-2.It has a space to explain things.
Thanks thats helpful. I'll try and contact personally the accountant and see what she has to say.
You attach a 4852 to the return. Substitute for W-2.It has a space to explain things.
Thanks thats helpful. I'll try and contact personally the accountant and see what she has to say.
I still think they have to file a final tax return, or at least they should. Doesn't seem like you wouldn't get any sort of documentation, and no, I probably would not insist relying upon the possibility that the government overlooks it.
Like mentioned above, I believe there to be a form to fix this problem, if you have no W2.
Let us know about updates.
Like mentioned above, I believe there to be a form to fix this problem, if you have no W2.
Let us know about updates.
Most pay stubs have year-to-date number that you can use for your return.
Originally Posted By: dwendt44
Most pay stubs have year-to-date number that you can use for your return.
Yep! Good point.
Most pay stubs have year-to-date number that you can use for your return.
Yep! Good point.
Just got email from the temp accountant that Paychex thought the closing company was doing w2 and vice versa. So I guess its being handled.
Originally Posted By: CivicFan
I've heard that the IRS are very helpful on the phone. If you don't find you pay stub, give them a call because you will need to know the gross wages and the taxes withheld. The other alternative is to use an estimate to the best of your knowledge - that way if you get audited you can explain why you did that.
Surprisingly they can be very helpful on the phone. I had an instance where a band I left played gigs for the rest of the year at this one club and all the pay went under my SS#. I had no idea until I got a 1099 for almost 8k. I called the IRS, talked to a lady and told her the entire situation. She helped me out and I ended up not having to pay a dime for anything. The only thing I had to do that was difficult was provide copies of the checks from the club that didn't have my sig on the back. Besides that it was very easy and the IRS was actually a big help.
So if you are still up in the air on what you should do then call your local IRS office and talk with someone.
I've heard that the IRS are very helpful on the phone. If you don't find you pay stub, give them a call because you will need to know the gross wages and the taxes withheld. The other alternative is to use an estimate to the best of your knowledge - that way if you get audited you can explain why you did that.
Surprisingly they can be very helpful on the phone. I had an instance where a band I left played gigs for the rest of the year at this one club and all the pay went under my SS#. I had no idea until I got a 1099 for almost 8k. I called the IRS, talked to a lady and told her the entire situation. She helped me out and I ended up not having to pay a dime for anything. The only thing I had to do that was difficult was provide copies of the checks from the club that didn't have my sig on the back. Besides that it was very easy and the IRS was actually a big help.
So if you are still up in the air on what you should do then call your local IRS office and talk with someone.
I am a CPA. Last year (2008 actually) a short term client went out of business after a very short while. The employee kept calling me about the W-2, which I really had no control over. However, after discussing the situation with both IRS and Social Security, I went ahead and filed the missing W-2 and W-3 for the employer anyway. The main thing was I knew my figures were accurate and I knew the employer was not going to do anything.
If I had not done this the employee could have filed Substitute W-2 Form 4852. However, this form cannot be used until at least March since employers actually have until February 28th to get W-2s filed without penalty. DO NOT use your pay stub as a W-2. The IRS is now offering to penalize at least preparers who do this. The same applies to some 1099s, but not to the 1099-Misc. You CAN file without receiving your 1099-misc, unless it includes withheld income tax.
Since it appears the former accountant or payroll service is going to take care of it, your problem sounds solved.
I hope I was helpful. Feel free to ask other questions, especially if you are wondering about the Adoption Credit, a specialty of mine.
If I had not done this the employee could have filed Substitute W-2 Form 4852. However, this form cannot be used until at least March since employers actually have until February 28th to get W-2s filed without penalty. DO NOT use your pay stub as a W-2. The IRS is now offering to penalize at least preparers who do this. The same applies to some 1099s, but not to the 1099-Misc. You CAN file without receiving your 1099-misc, unless it includes withheld income tax.
Since it appears the former accountant or payroll service is going to take care of it, your problem sounds solved.
I hope I was helpful. Feel free to ask other questions, especially if you are wondering about the Adoption Credit, a specialty of mine.
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