One of the many changes brought by health care reform requires employers to report the value of employer-sponsored health coverage on employees’ W-2s.
One of the many changes brought by health care reform requires employers to report the value of employer-sponsored health coverage on employees’ W-2s. For many employers, this change will first take effect with respect to health coverage provided to employees during 2012. This means the W-2 sent to an employee in January 2013 will include information regarding employer-sponsored health coverage provided for that employee during 2012. Addressing this change now allows employers to proactively prepare their systems to track the requisite data that will be needed to issue accurate W-2s in 2013.
Earlier this year, the IRS provided guidance on this new W-2 reporting obligation in Notice 2011-28. Highlights from this notice include the following...
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