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TOPIC: "IRS Delays W-2 Reporting of Group Health Plan Cost" (Gregory Boop, About.com 10/14/10)


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"IRS Delays W-2 Reporting of Group Health Plan Cost" (Gregory Boop, About.com 10/14/10)
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Gregory's Business Insurance Blog

By Gregory Boop, Business Insurance Guide

IRS Delays W-2 Reporting of Group Health Plan Cost

Thursday October 14, 2010

Health care reform passed in March. On requirement was that employers were to start reporting the cost of employee group coverage on employee W-2's for tax years after January 1, 2011.

This week, the IRS and Department of Treasury announced, in Notice 2010-69, that the reporting requirement will be delayed one year until 2012 (reporting in 2013).

The IRS also posted draft copy of the W-2 for 2011. Employers adapting the new regulations can report health care group plan costs for 2011 by reporting the cost in Box 12 of the W-2 with the symbol DD. As always, check with your tax professional.

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That's a good move by IRS.  Penalties were not going to kick in for a while anyway.. Meanwhile, the look-see on W-2 of the future is helpful also.



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