The Internal Revenue Service (IRS) has scheduled a free webinar for employers, tax professionals, small businesses and other affected parties about the new requirement to report employer-provided health care coverage on Form W-2. The webinar will take place on October 31, 2011, at 2:00 p.m. (ET); 1:00 p.m. (CT); Noon (MT); and 11:00 a.m. (PT).
Reporting Employer-Provided Health Care Coverage on Form W-2
Starting in tax year 2011, the Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. To give employers more time to update their payroll systems, last fall the IRS made this requirement optional for all employers in 2011. The IRS subsequently provided further relief for smaller employers filing fewer than 250 W-2 forms by making the reporting requirement optional for them at least for 2012 and continuing this optional treatment for smaller employers until further guidance is issued.
Free IRS Webinar on Requirement to Report Employer-Provided Health Coverage on Form W-2
Topics to be addressed in the upcoming IRS webinar include:
- What changes employees will see in their Form W-2 due to the coverage reporting;
- When employers must begin reporting the cost of coverage on the Form W-2;
- Transitional relief for certain employers, plans, and situations;
- Which employers need to report the cost of coverage on the Form W-2;
- How employers will report the cost of coverage on the Form W-2; and
- What valuation methods employers can use to determine the amounts to report on the Form W-2.
For more information about the requirement for employers to report the value of health insurance coverage on Form W-2, please visit the Affordable Care Act page on IRS.gov. For more on the Affordable Care Act, please visit our Health Care Reform section by clicking here.