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January 30, 2012

W-2 Changes for 2012 – Prepare Now!

We heard it was going to happen and now it is just around the corner.  What am I referring to?  The requirement as part of the Patient Protection and Affordable Care Act (PPACA) which mandates employers must report on employess’ W-2 forms the cost of their group health insurance coverage.  This information must be furnished on 2012 W-2 forms, which generally must be provided to employees by the end of January 2013.

Although this is a year away, some of the calculations may be time consuming so it is advised to begin capturing this data now in order to be prepared when January 2013 rolls around.  The new reporting requirement applies to employers that file 250 or more W-2s.  The reported amount should reflect the aggregate cost of all reportable benefits that the employee received under all group health plans that the employees’ participated in during all or part of the 2012 plan year.   What does this include?  Some examples are:

  • Major medical benefits
  • Integrated vision plan coverage
  • Executive physicals

For more specific information, please go to the IRS’s website and review  Notice 2012-9.

 

 

 

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