With the Health Care Reform came lots of new changes. With so many balls in the air, it’s hard to keep it all straight. But earlier this week, the Internal Revenue Service (IRS) announced we have one less thing to keep an eye on. On Oct 12, they announced that employers do not have to report the cost of employer-sponsored health care coverage on the W-2. The new requirement is now optional for 2011.
The IRS claimed that the delay is needed to provide employers the time they need to make changes to their payroll system and procedures. If you’d like more information on this story, read “Health Care Reform: Form W-2 Reporting Requirement Delayed” by our partners at Barran Liebman by clicking here.
Want more? Check out the IRS press release, “IRS Releases Draft W-2 Form for 2011; Announces Relief for Employers,” by clicking here.
According to the IRS website, the W-2 is “for informational purposes only and to provide employers with greater transparency in overall healthcare costs.” If you’re looking to download a draft copy of the new W-2, you can find that by clicking here.