Ineo expertise in tax for relocated employees shines through once again! Earlier in 2019 we advised our clients not to send out W-2c forms.
Now newly released IRS guidelines state that employers who reported 2017 moving expenses that were paid in tax year 2018 in Box 12 with a code P must inform their employees to disregard that amount. No corrected 2018 W-2 forms need to be filed with the SSA or the IRS or need to be furnished to employees for 2018 to remove amounts reported under code P for 2018 that should not have been reported.
Those that followed Ineo’s guidance and did not issue W-2cs as others had advised, saved time and money. See the IRS guidelines here.