Employers must send W-2 forms to employees by January 31 each year. The W-2 reports total wages paid and federal, state, and local taxes withheld during the prior year. This information is essential for completing your federal income tax return and reconciling any difference between taxes withheld and taxes actually owed.
IRS tax refunds typically arrive within 21 days when you file electronically with direct deposit, the fastest method recommended by tax preparation professionals.