State:
Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Copy of Overtime Primer: Highlights from the New Regulations

The federal DOL overtime regulations go into effect this year. Are you ready?


Download Now!




This report includes a summary of key changes, including the salary level test and salary basis test.

As a bonus, we've included a handy flowchart to help you determine exemption status under the FLSA.

Download Now!
October 13, 2010
IRS Releases Draft W-2 Form for 2011, Relief for Employers

The IRS issued a draft Form W-2 for 2011. The IRS also announced that it will defer the new requirement for organizations to report the cost of coverage under an employer-sponsored group health plan. It is optional for employers to report this information in 2011.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

The draft Form W-2 includes the codes that organizations may use to report the cost of coverage under an employer-sponsored group health plan. The Treasury Department and the IRS have determined that this relief is necessary to provide employers with adequate time to make changes to their payroll systems or procedures in preparation for compliance with the new reporting requirement (Notice 2010-69). The IRS will be publishing guidance on the new requirement later this year.

Although reporting the cost of coverage will be optional with respect to 2011, the IRS continues to stress that the amounts reportable are not taxable. As part of the Affordable Care Act (ACA), the new reporting requirement is intended to be informational only, and to provide employees with greater transparency into overall health care costs.

For more information on how healthcare reform may affect your organization, visit Healthcare Reform: A Resource Center for Employers.

Source:

IRS

Featured Special Report:
Top 100 FLSA Overtime Q&As
   
   
 
 
Twitter  Facebook  Linked In
Follow Us
CT-WEB02
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on http://Compensation.BLR.com
Document URL: http://compensation.blr.com/Compensation-news/Benefits-Leave/Healthcare-Insurance/IRS-Releases-Draft-W-2-Form-for-2011-Relief-for-Em/