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New Guidance on W-2 Reporting Requirement

The IRS published new guidance on the W-2 reporting requirement that sheds much-needed light on this requirement of Health Care Reform, including:

  • Employers who issue fewer than 250 Forms W-2 for the 2012 tax year are not required to report the cost of coverage on their 2012 W-2s; these employers will not be required to report the cost of coverage until the 2013 tax year.
  • Employers are not required to issue a Form W-2 to individuals they are not otherwise required to provide a W-2 for, such as a retiree or former employee receiving no compensation.
  • Employers are not required to report the cost of coverage on any W-2 issued before January 2013.
  • Detailed information on what coverage is included in the cost of coverage and how to calculate the aggregate cost of coverage.

W-2 Reporting Requirements includes the full details of this new guidance, which can be found under ‘Forms’ at our website:www.princetonhrsolutions.com.