|
Greetings!
MacCorkle Insurance Service is pleased to provide you with this update - we hope you find the presented topic both interesting and informative. Please look for future editions providing the HR professional with compliance and legislative briefs throughout the year.
|
|
IRS Issues Additional Guidance on W-2 Reporting
The Affordable Care Act (ACA) requires employers to report the aggregate cost of employer-sponsored group health coverage on employees' Forms W-2. The purpose of the reporting requirement is to inform employees about the cost of their health coverage. The reporting does not cause employees' health coverage to become taxable to them.
This reporting requirement was initially set to take effect beginning with the 2011 tax year. However, in October 2010, the Internal Revenue Service (IRS) delayed the compliance date by making health coverage cost reporting optional for the 2011 tax year. In April 2011, the IRS  issued Notice 2011-28, which further delayed compliance with this requirement for small employers (those filing fewer than 250 Forms W-2) and provided interim technical guidance on the reporting requirement.
On Jan. 3, 2012, the IRS issued Notice 2012-9, which replaced Notice 2011-28, and updated the interim technical guidance on the Form W-2 reporting requirement.
This MacCorkle Insurance Service Legislative Brief summarizes the IRS's interim guidance on the Form W-2 reporting requirement.
Click here for your Legislative Brief...
|
