IRS Issues New Guidance on W-2 Reporting for Health Insurance Costs
January 6th, 2012 by JBWK
As part of the comprehensive healthcare reform package passed in 2010, starting in 2012, employers are required to include on employees’ W-2s the cost of employer-provided healthcare coverage. The reporting was optional for 2011.
The IRS has issued extensive guidance on the reporting requirements, including certain items that don’t have to be reported, such as the cost of wellness programs.
For 2012, the reporting requirement only applies to employers who issued more than 250 W-2s in the previous year, so smaller employers don’t have to worry about it. But this threshold may change or eliminated in the future.
As always, make sure you keep up to date with this quickly changing field.
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