As many small and midsized employers struggle for the first time to comply with certain requirements of the Affordable Care Act, it will be welcome news to learn that adding voluntary benefits to their offerings will not trigger any changes to the IRS' W-2 reporting requirements.
In 2012, an ACA provision kicked in, requiring employers to begin reporting health care cost coverage on employees' wage and tax statements (i.e., W-2 forms). The IRS issued employer guidance on how to correctly do so.
Brokers may recall the period of confusion that ensued, along with the information from the IRS and the Department of Labor on the purpose of reporting requirements, and the extent to which voluntary and ancillary benefits must be reported.
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