|
Benefits Law
Alert
Agencies Issue
Additional Guidance on Health Care Reform
by Kymberly Kinchen
The Internal Revenue Service has
released IRS Notice 2010-69, which eliminates the Patient Protection
and Affordable Care Act ("PPACA")
requirement that employers report the cost of health insurance on
employees' W-2 Forms for the 2011 tax year.
The PPACA
amended the Internal Revenue Code to require employers to report the
aggregate cost of employer-sponsored coverage on Form W-2 effective
for the 2011 taxable year. According to Notice 2010-69, the
Treasury Department and the IRS have waived the reporting requirement
for 2011 in order 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. The Notice
further states that the IRS will be issuing formal guidance on the
new reporting requirement before the end of 2010.
To obtain a copy of the Notice, please
visit http://www.irs.gov/pub/irs-drop/n-2010-69.pdf.
In addition,
the Departments of Health and Human Services, Labor and the Treasury,
released two sets of Frequently Asked Questions ("FAQs") providing additional guidance with
regard to (i) grandfathered plans; (ii) the
effective dates for individual health insurance policies; and (iii)
exemptions for group health plans with less than two current
employees under the PPACA.
To obtain a
copy of these FAQs, please visit http://www.hhs.gov/ociio/regulations/implementation_faq.html#second.
|
