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W-2 Update
On or about 10/16/10, the IRS posted on their website Notice 2010-69 that "provides interim relief to employers with respect to reporting the cost of coverage under an employer-sponsored group health plan on Form W-2". "Specifically, this notice provides that reporting the cost of such coverage will not be mandatory for Forms W-2 issued for 2011.
The Treasury Department and the IRS have determined that this relief is appropriate to provide employers with additional time to make any necessary changes to their payroll systems or procedures in preparation for compliance with the reporting requirement." Thus, providing the health insurance coverage on Forms W-2 is voluntary for tax year 2010 but will be mandatory for tax year 2011 W-2s that come out in January 2012. The official statement continues to state that this information is requested for the benefit of the employees and not for the federal government.
Comment
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Comment by Patriot Eagle on October 30, 2010 at 3:49am -
Rage, you are correct. They changed the original statement that the data will be used to fine employers who do not provide health insurance to a statement that this is all about giving the employees a report on how much the employer pays for the health insurance. What a joke. That could be done with a simple piece of paper given to the employee at any time of the year. Now they delay the reporting for a year. It is all about public relations. The more the public knows about the health care bill, the more outraged they will be. This W2 mess is a big one and the gov't wants to quiet the masses at this time over this issue. It will come up again next year for sure. I guess this current action will supposedly make the public outrage go away but it will not.
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Comment by RageforOrder on October 29, 2010 at 8:56pm -
thanks of the update......They're going back to the usual methods of slowly phasing it in so as to not shock the system and alarm the people
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