The government will be able to predict and plan on their budget when they have an idea total income on tax duties since this a common sources of the government revenue and the calculation is possible through filling. You should file returns in every financial year since this help in accounting purposes for audits to know the total tax generation for that and there are risks of not filing returns.
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 can occur or you forget to file the W2 statement since it is an additional document and this affects most of the staff hence you need to be careful. There are dangers of not filling a W2 statement and this what happens when you don’t file this include.
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.
The other outcome of failing to file is that there is interest on the tax to pay. You also check on all your W2 forms if you have more than one to avoid leaving some of the forms out when filling since there will be more interest to pay for the W2 statements forms that you will not file hence you should check especially when you shift from one working place to another.
There is the consequence of incurring more expenses when you do not file due to a manual procedure of following up. 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 immigration authorities can fail to prepare you traveling document when you fail to file W2 statement. This can hinder you to get green card to travel to other places because when applying for green cards there is a requirement of the tax compliance certificate and this will not be possible to get a clearance from the tax authorities when you don’t file the W2 statement .