Rev. Proc. 71-12

Section 1. Purpose

The purpose of this Revenue Procedure is to provide additional time for employers to furnish copies of the 1971 Form W-2, Wage and Tax Statement, to employees whose employment is terminated during 1971.

Sec. 2. Background

Section 6051 of the Internal Revenue Code of 1954 requires that employers furnish statements to employees for remuneration paid during the calendar year showing, among other information, the total amount of wages paid subject to tax under the Federal Insurance Contributions Act (social security tax), the total amount of social security tax deducted and withheld, and the proportion of the total amount withheld as social security tax which is for financing the cost of hospital insurance benefits under the Social Security Act.

Forms W-2 are required to be furnished to employees on or before January 31 of the year succeeding the calendar year, or, if employment is terminated before the close of the calendar year, within 30 days after the day on which the last payment of wages is made.

Form W-2 for 1971 became available May 3, 1971. These forms were not issued previously because Congress was considering legislation which would affect the social security information on the form. Public Law 92-5 was enacted on March 17, 1971, changing the social security wage base effective in 1972.

Sec. 3. Procedure

To those employees whose employment was terminated during 1971 and whose final wages were paid on or before May 3, 1971, the 1971 Forms W-2 must be furnished by June 2, 1971. For those employees whose employment is terminated after May 3, 1971, Form W-2 must be furnished not later than 30 days after final wages are paid.

¹ Also released as News Release IR-1116, dated March 16, 1971.