If you fail to file a correct W-2 Form by the due date, you may receive a penalty.
The penalty applies if you:
Fail to file timely.
Fail to include all information required to be shown on Form W-2.
Include incorrect information on Form W-2.
File on paper forms when you are required to e-file.
Report an incorrect TIN.
Fail to report a TIN.
Fail to file paper Forms W-2 that are machine-readable.
The penalty amount is based on when you file Form W-2 correctly. Penalties range from $50.00 to $270.00 per Form W-2, depending on the number of forms you have submitted late and the date on which you submitted them.