IRS clarifies guidelines for W-2 reporting of health coverage costs

This is good timely news for everyone. Take a minute to familiarize  yourself with these new guidelines. With all of the changes coming down in the last year you will have a head start!

The Patient Protection and Affordable Care Act requires employers to report the aggregate cost of employer-sponsored health coverage on the Forms W-2 of its employees. In March 2011, the Internal Revenue Service issued interim guidance on the Form W-2 informational reporting requirement in the form of 31 Q&As. Recently, the Internal Revenue Service revised this interim guidance by issuing Notice 2012-9, which clarifies several of the original Q&As and adds some Q&As.