To stay on top of changes, efile4biz has an in-house compliance team that monitors regulatory activity year-round. We monitor forms so that we can release the new forms in November of each year.
One of the changes this year is W-2 Box 9. For those that are selected to participate in this initiative, this box will contain a verification code that is assigned by IRS and unique for each payer.
The verification code is not applicable to Forms W-2AS, W-2CM, W-2GU or W-2V. If you are participating in the W-2 Verification Code Initiative, enter the appropriate verification code in box 9; otherwise, leave box 9 blank.
Each verification code number is calculated based on a formula and key provided by the IRS using data from the actual form so that each verification number is known only to the IRS and the payroll provider. This verification number is another way that the IRS and SSA are working to combat tax-related identity theft and refund fraud.
If you need to have a verification number, the IRS will contact you. This program is being rolled out gradually and not all payers will have one assigned for 2017 forms.