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IRS Delays Mandatory W-2 Reporting of Health Care Coverage Costs - Emil Estafanous, CPA : Emil Estafanous, CPA

IRS Delays Mandatory W-2 Reporting of Health Care Coverage Costs

On Oct 12, a IRS released a notice providing halt service to employers per stating a costs of organisation health devise coverage to employees (Notice 2010-69).  Under a notice, presentation to employees on Form W-2 will not be compulsory for 2011. The IRS also posted a draft 2011 Form W-2 on a site.

The health caring remodel legislation enacted in Mar requires employers to embody a total cost of germane employer-sponsored health caring coverage on employees’ W-2s for taxation years starting on or after Jan 1, 2011 (new Sec. 6051(a)(14)). The IRS motionless that employers need additional time to make changes to their payroll systems and procedures to approve with this rule. Therefore, a notice says a stating requirement will not be imperative for W-2s released for 2011 and employers will not be theme to penalties for disaster to accommodate a mandate of Sec. 6051(a)(14) for 2011 taxation years.

Employers who select to news 2011 health caring coverage costs to their employees will do so in Box 12 regulating a formula “DD.” The IRS anticipates arising superintendence on a stating requirement before a finish of a year.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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