I recently noticed a possible error on my W-2 form that was distributed to me from my employer. I have informed my CPA, but did not go into much details because I myself am not competent enough to understand tax law. However, my research indicates that either my company coded something wrong for a deduction in box 12 (which actually favors me) or they illegally claimed a deduction that did not exist. The company is really small (less than 20 people) and their finances have been a mess since I joined so I am not surprised if there is an error. I just don't know how serious it is if it is true. My concern is that if I have my CPA research this matter and we find out it was illegal, can the company fire me? I will likely also have to pay back wages and anger my other colleagues who will also be affected. I am just afraid of my CPA saying he is obligated by law to report this. What should I do?
I think you have to have your CPA report your income and taxes, etc. accurately. If there is some issue with your W-2, it may make sense to report that to your employer first and ask for a corrected, updated W-2.
This answer does not constitute formal legal advice and you should contact this or another attorney to confirm or research further any statements made in this answer. Any statements of fact or law I have made in this answer pertain solely to New York State and Federal law and should not be relied upon in any way in any other jurisdiction.
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