Do businesses need to issue W-2 forms every year?

Virginia Payroll Taxes: Issuing W-2 Forms Annually

In Virginia, businesses are required to issue W-2 forms to employees every year. The W-2 form reports wages paid and taxes withheld during the calendar year.

As of 2026, here are key operational points for managing W-2 forms in Virginia:

• Annual Requirement: Employers must provide W-2 forms to all employees by January 31 following the end of the tax year.
• Federal and State Reporting: Employers submit copies of W-2 forms to the Social Security Administration (SSA) and the Virginia Department of Taxation.
• Accurate Payroll Records: Maintaining precise payroll and tax withholding records throughout the year is essential to generate correct W-2 forms.
• Electronic Filing: For businesses with 250 or more W-2s, electronic filing of W-2 forms is mandatory, which can be streamlined through payroll automation systems.
• Employee Classification: Ensure correct classification of workers as employees to comply with W-2 issuance requirements and avoid misclassification penalties.
• Penalties for Non-Compliance: Failure to issue W-2 forms timely can result in fines and complicate payroll tax compliance.

Properly issuing W-2 forms supports accurate payroll tax reporting and helps maintain compliance with federal and Virginia state payroll tax regulations.