By what date must employers furnish W-2 forms to their employees?

Employers are required to furnish W-2 forms to their employees by January 31 each year. This deadline ensures that employees receive their wage and tax statements promptly, allowing them sufficient time to prepare their income tax returns. By making this information available by January 31, the Internal Revenue Service (IRS) ensures that employees can accurately report their income and pay any taxes owed by the April 15 deadline. This timeline also helps to streamline the tax filing process and reduces the potential for disputes related to income reporting. Other dates suggested, such as February 15 or March 1, would not provide employees with the timely information needed for their tax obligations, while December 31 would be too early since it falls before the calendar year has officially ended. Hence, January 31 is the correct date for the furnishing of W-2 forms.