IRS Defers Healthcare Cost Reporting
The IRS has deferred for 2011 a new requirement that employers report the cost of coverage under an employer-sponsored group health plan. The reporting requirement is now optional for 2011.
A draft Form W-2 for 2011 shows the codes that employers may use to report the cost of coverage. The IRS says it wanted to give employers more time to adjust payroll systems or procedures in preparation for compliance with the new reporting requirement.
The IRS continues to stress that the amounts reportable are not taxable. The new requirement, included in the Affordable Care Act passed last March, is intended to give employees more information on health care costs.
For more information: www.irs.gov/pub/irs-drop/n-2010-69.pdf.
EXPLORE BY CATEGORY
Stay Connected with CBIA News Digests
The latest news and information delivered directly to your inbox.