What is true regarding an employer's responsibility with the W-2 form?

An employer is required to provide the W-2 form to each employee by the end of the tax year. This form is important because it summarizes an employee's earnings, tax withholding, and other contributions for the year, which the employee will need to file their income tax return accurately.

Providing the W-2 by the deadline ensures that employees have ample time to prepare their taxes and meet filing obligations. The deadline for employers to issue W-2 forms typically falls on January 31 of the year following the tax year in question, reinforcing the timely communication of financial information essential for tax reporting purposes.

Understanding the importance of the W-2 form promotes awareness of one's tax responsibilities and helps to ensure compliance with IRS regulations.