IRS Eases Reporting Requirement for Small Businesses1 min read
The “Affordable Care Act of 2010” requires employers to report the cost of coverage under an employer-sponsored group health plan on the employee’s W-2 for 2012.
However, the IRS is easing this requirement for small companies. Employers issuing fewer than 250 W-2s will not need to include the cost of health care on W-2s for 2012. For these employers, the 2012 reporting is optional. Also, such reporting will not apply for future years until the IRS publishes guidance giving at least six months of advance notice of any change in the filing requirement.
With questions or for more information, please contact Simons Bitzer at (317) 782-3070.
By Simons Bitzer
Here are a few additional articles you might be interested in:
Should You Elect Out of the New Partnership Audit Rules?
The Bipartisan Budget Act signed into law in 2015 and effective for partnership returns filed for taxable years beginning after 2017 has significant impacts on partnership audits. Most notably that audit adjustments are to be recognized in the year an audit is...
Accounting Manager
Helping Businesses Succeed. Helping Professionals Thrive. Simons Bitzer is a boutique CPA firm established in 1995 that focuses on helping Central Indiana companies reach their business goals. Our clients are progressive and they desire more than just accounting and...
The Business Checkup
No one starts a business hoping that it will fail, yet a quick check of business statistics shows that half of all businesses will. Large businesses have teams of experts who comb through complex reports to make decisions that affect hundreds of employees and ensure...