FinanceRegs.com » Surprising risk hidden in your W-2s

Surprising risk hidden in your W-2s

June 18, 2008 by Carol Katarsky
Posted in: Best practices, Fraud prevention, Hiring & training staff, In this week's e-newsletter, Internal controls, IRS regs, Latest news & views

Sure, an error on one of your W-2s can cause a lot of hassle for you and the employee involved. But you can face an even bigger risk from errant forms. If an employee’s W-2 comes back to a company as undeliverable, IRS requires  you to hang on to the document for four years.

If you have multiple undelivered W-2s each year, it won’t be long before you’re holding a stack of forms with invaluable info for would-be identity thieves.

To keep all those forms secure, many companies are scanning the documents to store them as electronic files — and then shredding the originals.

It fulfills IRS requirements and saves you much-needed storage space. Plus, having them in one central place makes retrieval — or eventual deletion — a snap.

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