News & Analysis as of

Reporting Requirements Internal Revenue Service W-2

Davis Wright Tremaine LLP

How SECURE 2.0 Options Impact Form W-2 and Form 1099-R Reporting

IRS reminds employers that implementing certain optional retirement plan provisions of SECURE 2.0 affect Form W‑2 and Form 1099‑R reporting starting in 2023 - The IRS recently issued Fact Sheet 2024‑18 to highlight how...more

Faegre Drinker Biddle & Reath LLP

Updated Guidance Released for SB 1162 – California’s New 2023 Pay Data Reporting Requirement for Workers Provided by Third Parties

The California Civil Rights Department (CRD) released amended FAQs providing guidance on compliance with the new pay data reporting requirements. PDR FAQs – 2022 Reporting Year | CRD (ca.gov) As previously reported here and...more

Proskauer - Blockchain and the Law

When Filing Taxes, Don’t Forget Virtual Currency Income

In a March 23 news release, the IRS reminded taxpayers that income from virtual currency transactions must be reported on income tax returns, and that certain virtual currency transactions are taxable like any other property...more

Proskauer - Tax Talks

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

Proskauer - Tax Talks on

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Jackson Walker

Employee Benefits Legislation Proposed (But Not Passed) by the Obama Administration

Jackson Walker on

In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more

Spilman Thomas & Battle, PLLC

Upping the Ante: Fines Increase for Failure to Comply with Affordable Care Act Reporting Requirements

The deadline for employers to comply with the Affordable Care Act (“ACA”) reporting requirements is finally here, with reporting first due in 2016. In keeping with the ACA’s historical pattern of ever-changing regulations and...more

Snell & Wilmer

ACA Information Reporting Penalties Have Been Increased

Snell & Wilmer on

Code Sections 6055 and 6056 require large employers and all employers (even small employers) sponsoring self-funded health plans to file information returns with the IRS and furnish statements to applicable employees...more

McDermott Will & Emery

Affordable Care Act Reporting Penalties Significantly Increased

McDermott Will & Emery on

On June 29, 2015, President Barack Obama signed the Trade Preferences Extension Act (the Act) into law. In addition to containing several revenue offsets, the Act significantly increased penalties for incorrect information...more

Best Best & Krieger LLP

BEST IN LAW: Employers need to heed Obamacare Reporting Rules

Compliance with reporting obligations is always important for any employer, but the employer reporting requirements under the Affordable Care Act pack a significant penalty that makes compliance particularly important. ...more

Akerman LLP

Employee Benefits Update: 2013 Year End Plan Tasks

Akerman LLP on

As we approach the end of the year, employers and plan sponsors of qualified retirement plans and health and welfare plans should take time to meet various upcoming deadlines. Failure to comply with the deadlines may result...more

King & Spalding

The IRS Delays the Information Reporting Requirements and the Employer Shared Responsibility Penalty

King & Spalding on

On July 9, 2013, Notice 2013-45 (the "Notice") was issued to provide transition relief during 2014 from the requirements of Sections 6055, 6056 and 4980H of the Internal Revenue Code ("Code"). Code Section 6055 requires...more

Baker Donelson

IRS Issues Proposed Regulations for Employer-Shared Responsibility under ACA

Baker Donelson on

On December 28, 2012, the IRS issued proposed regulations with respect to employer-shared responsibility regarding health coverage under the Affordable Care Act of 2010 (ACA). Employers are permitted to rely on these proposed...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Guidance to Implement Retroactive Increase in 2012 Mass Transit Benefit Limits—January 31 Deadline

On January 16 the Internal Revenue Service (IRS) issued guidance on the application of the retroactive increase in excludible transit benefits, as enacted under the American Taxpayer Relief Act of 2012 (ATRA). IRS Notice...more

FordHarrison

Legal Alert: Untangling Healthcare Reform Form W-2 Reporting Requirements for PEOs

FordHarrison on

With the re-election of President Obama and the Supreme Court's recent decision upholding portions of the Affordable Care Act (the "ACA"), health care reform is here to stay for the foreseeable future. Though limited...more

Proskauer Rose LLP

IRS Clarifies Previous Guidance on Form W-2 Informational Reporting Requirement

Proskauer Rose LLP on

On January 3, 2012, the Internal Revenue Service ("IRS") released Notice 2012-9, which restates and clarifies its prior guidance on the requirement under the Affordable Care Act to report the cost of employer-sponsored health...more

Proskauer Rose LLP

IRS Releases Guidance on Form W-2 Informational Reporting Requirement

Proskauer Rose LLP on

On March 29, 2011, the Internal Revenue Service (“IRS”) released Notice 2011-28, which provides guidance to employers on the requirement under the Affordable Care Act (the “Act”) to report the cost of employer-sponsored...more

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