This is the time of the year when employees all over the nation start checking their mailboxes for financial information — including W2 forms showing wages and withholdings — needed to file taxes.
But what if your employer went out of business? Or, as happened to hundreds of local Bitwise workers, collapsed and ended up in bankruptcy court?
According to bankruptcy experts, former Bitwise employees shouldn’t expect to receive their 2023 W2s. Compounding the problem: the employees lost access to payroll and tax information through Bitwise’s Paylocity account after they were furloughed on May 29, 2023.
But they do have recourse.
“Your employer must provide you with a Form W-2 showing your wages and withholdings for the year by January 31 of the following year,” says the Internal Revenue Service. “You should keep up-to-date records or pay stubs until you receive your Form W-2.
“If your employer or its representatives fail to provide you with a Form W-2, contact the IRS and we can help by providing you with a substitute Form W-2.”
The substitute is Form 4852, which you can view at this link.
The IRS has a tool that answers many tax questions at this link.