Employer Provided Healthcare Coverage Reporting
Back in January of this year, we provided a HealthCare Reform Checklist. On that checklist was a reminder to all to “Consider necessary changes to your payroll system in preparation for compliance with the requirement to report employer-provided health coverage on Form W-2. Reporting by employers is optional in 2011.”
This is a timely update to that post.
A week from today, on Monday 10/31 at 11:oo am PST, the IRS will be holding a webinar about the requirements for reporting on employer sponsored health coverage. You’ll learn what changes employees will see in the future on their Form W-2 when reporting becomes required. You’ll learn WHEN you’ll be required to start reporting. The IRS will also talk about transitional relief for specific employers, plans and situations. Furthermore, you’ll learn which employers will need to report, how you will be required to do so, and what valuation methods employers are allowed to use to determine the amounts to report on Form w-2.
Sign up for the IRS W-2 Reporting webinar by clicking here.
Ascentis Payroll already fully supports this reporting function. If your current payroll provider doesn’t, you should consider changing partners. If you’re an Ascentis customer already, and you have questions about getting this reporting function set up, please contact your Ascentis representative.
For an informative (and fun) lesson on what to expect for upcoming changes in healthcare reform, and what is required of you, the employer, watch the video below from the Kaiser Foundation.