Legal Question in Tax Law in Nebraska

Re: W-2 deadline

Furnishing Statements to Employees

You must furnish W-2 statements to employees by the end of January each year (February 2 for 2009). These W-2 statements must be complete and accurate. If you fail to furnish the statements in a timely manner, or if your errors or omissions are "consequential," the IRS may impose a penalty on you. "Consequential," as defined by the IRS, means relating to a dollar amount, a significant item in the payee's address, or a missing or incorrect Taxpayer ID Number (TIN).

The penalty for a failure to furnish a W-2 is $50 per statement, no matter when the correct statement is furnished.

Source: http://biztaxlaw.about.com/od/employmenttaxes/a/latefilingpenal.htm