Rev. Proc. 72-19

Section 1. Purpose.

The purpose of this Revenue Procedure is to provide additional time for employers to furnish copies of the 1972 Form W-2, Wage and Tax Statement, to employees whose employment is terminated during 1972.

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 Contribution 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 became available June 5, 1972. This form was not issued previously because Congress was considering legislation which would affect social security information on the forms. As of May 1, 1972, Congress was still considering the proposed legislation. Therefore the Form W-2 was printed reflecting the current law.

Sec. 3. Procedure.

The 1972 Form W-2 must be furnished on or before July 5, 1972, to those employees whose employment was terminated during 1972 and whose final wages were paid on or before June 5, 1972. Form W-2 must be furnished not later than 30 days after final wages are paid to those employees whose employment is terminated after June 5, 1972.

¹ Also released as News Release 1205, dated January 26, 1972.