IRS Notices & W2 Corrected Forms

This tax season at Thomann Tax there has been a significant increase of tax clients receiving W2 forms that were corrected by the City of New York.  The issuance of the corrected W2 forms was common with certain FDNY employees.  Individuals that received a corrected W2 should be aware that they MAY receive an IRS notice in the mail in one or two years.  The IRS notice requests payment of tax for under reported income, interest, and penalties.  The notice is generated due to the income that is reported on the tax return does not match IRS records.  In order to resolve this issue, the taxpayer will need to respond to the IRS in writing and provide a copy of their corrected W2 form.  Therefore, if you received a corrected W2 make sure you maintain a copy of the form because it will be needed if you receive an IRS notice.