PPACA will affect employer-sponsored health care plans
The Patient Protection and Affordable Care Act (PPACA) will require employers to include the cost of employer-sponsored health care coverage on the W-2 forms they issue to employees, according to a Health Care Reform Management Alert issued by Seyfarth Shaw LLP, Chicago.
The reporting requirement originally was effective for the 2011 tax year. In October 2010, the Internal Revenue Service (IRS) issued Notice 2010-69, which stated reporting would be optional for 2011 but required for 2012. In 2011, the IRS issued Notice 2011-28, which provided interim guidance regarding the W-2 informational reporting requirement and invited comments regarding the interim rules.
During the week of Jan. 2, the IRS issued new interim guidance in Notice 2012-9, which supersedes Notice 2011-8 and replaces it with a modified and expanded explanation of the PPACA's W-2 reporting mandate. Additionally, certain provisions provide transitional relief intended to facilitate compliance. The IRS will continue to consider comments submitted in response to Notice 2011-8 as it works to develop regulations, but the new guidance and transitional relief may be relied upon until the IRS issues additional guidance.
The Health Care Reform Management Alert addresses Notice 2012-9's modifications to the previous interim rules, as well as Notice 2012-9's new guidance. To view the alert, click here.
1/13/2012
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