As 2012 approaches its halfway point, it is very important that employers responsible for more than 250 Form W-2s are fully engaged in tracking aggregate health care costs. As background, the health care reform law requires that the aggregate cost of health coverage be reported on the Form W-2. The first reporting requirement applies to 2012 year, due in January 2013.
It is important to remember that if an individual’s health coverage changes during the year, such as from single coverage to family coverage, this must be tracked so that it can accurately be reflected on the W-2.
For more information, please refer to these CBIZ Health Reform Bulletins:
Additional information is also available on the IRS’ website: Form W-2 Reporting of Employer-Sponsored Health Coverage.
The information contained in this Benefit Beat is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations.
As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this Benefit Beat is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.