W-2 Health Value Reporting Reminder
Based on the guidance from the IRS, the 250 requirement still applies for large/small employers. As such, if 250 W-2s were not reported for the 2013 year, then for 2014, no reporting is required. There should be some "additional transitional guidance" on this topic released sometime in the near future; however such guidance will not become effective except for calendar years at least 6 months post-new transitional guidance.
The IRS has posted a chart on the W-2 informational reporting on the cost of employer-sponsored group health plan coverage, as well as FAQs.
The links are below. This chart will assist our clients in knowing what coverages are required to be reported, which are not reported, and which are optional to report.
The IRS webpage notes that the chart was created at the suggestion of and in collaboration with the IRS' Information Reporting Program Advisory Committee (IRPAC). IRPAC's members are representatives of the industries responsible for providing information returns, such as Form W-2, to the IRS. IRPAC works with IRS to improve the information reporting process.
For more information about this strategy and how IPS Advisors can benefit you visit us at www.ipsadvisors.com
The information provided is for educational purposes only. This information is from sources we believe to be reliable, but we cannot guarantee or represent that it is accurate or complete. The opinions are those of the writer, and the opinions and information presented are subject to change without notice.