The government will be able to predict and plan on their budget when they have an idea total income on tax duties since this a common sources of the government revenue and the calculation is possible through filling. You should file returns in every financial year since this help in accounting purposes for audits to know the total tax generation for that and there are risks of not filing returns.
There is the process of filing the tax returns files that should be together with the W2c statement and you need to be filling your returns all the time. An error may occur when filling the tax returns that can lead to omission and this is risky since you should file the additional W2 statement together with other tax filling returns records . There a risk of not filling A W2 statement and this is what happens if you do not fill A W2 statement when filing the returns.
Penalties charges are one of the consequences. There are penalty fee charges that you will pay additionally to the tax that you were to pay as penalties charges for failing to file W2 statement. You may fail to file the W2 statement accidentally or even just assume, therefore you should be ready to pay the huge penalties that will be a loss to you since it an expenses that you can easily avoid when you just file the W2 statement file when filing your tax returns file.
There will be the risk of paying of interest. You need to know the risk of failing to file the W2 state on time and this when you file after the deadline day, you will incur a huge penalty but there will be interest that will accrue to your tax that you need to pay. To learn more, check What Happens If You Don’t File A W2 Statement?
You will incur more expenses due to the manual filing procedure. This is because once the deadline date is up; you will need to file the W2 statement form manually hence you will have to go to their offices. Check Why You Need To File A W2 Statement for more info.
There are the consequences of denial to get the green lights cards. There are high chances of denial of traveling documents even when you are residents of a given area when you fail to file the W2 statement. Tax authorities give the compliance form to the client who has been filling their taxes returns and filling the W2 statement hence you will not be given the compliance certificate when you don’t fail hence it will be hard to get the green cards. Check https://www.youtube.com/watch?v=49VmqdMumBE for other references.