Update: IRS Defers W-2 Reporting
The IRS recently issued a draft Form W-2 for 2011 and announced that it will defer the new requirement for employers to report the cost of health coverage for employees on their W-2. Reporting by employers will be optional in 2011.
In an official statement the IRS said it had determined that this relief is necessary "to provide employers the time they need to make changes to their payroll systems or procedures in preparation for compliance with the new reporting requirement." The IRS said it will publish guidance on the new reporting requirement later this year. The IRS also continues to stress that the new reporting requirement is informational only and is intended to provide employees with greater transparency into overall health care costs.
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This information is provided for informational purposes only and does not constitute legal advice. Please consult your legal counsel regarding your specific situation.
Please note that this content is only intended to describe national health care reform requirements under the Patient Protection and Affordable Care Act (PPACA). It does not address Massachusetts law requirements or the potential impact of Massachusetts law on federal PPACA requirements.
For purposes of PPACA implementation, Blue Cross Blue Shield of Massachusetts assumes the plan year is the policy year, unless an account notifies us otherwise.