Starting in tax year 2011, the Affordable Care Act requires employers to report the value of the health insurance coverage they provide employees on each employee's annual Form W-2. However, to provide employers the time they need to make changes to their payroll systems or procedures in preparation for compliance with this requirement, the IRS will defer the reporting requirement for 2011, making that reporting by employers optional in 2011. The revised Form W-2 for 2011 is now available in draft
for viewing. This is the W-2 that most employees will receive in early
2012. The draft form includes the codes that employers may use to report
the cost of coverage under an employer-sponsored group health plan. For information, see our news release, draft form and guidance. |