Recent Changes to the Healthcare Bill | Tax Tip of the Week | No. 64
Tax Tip of the Week | October 27, 2010 | No. 64
Recent Changes to the Healthcare Bill - Already
Recently Released IRS Notices
The IRS recently released Notice 2010-69 which says, in part:“Provides that reporting the cost of coverage under an employer-sponsored group health plan on Form W-2, Wage and Tax Statement, pursuant to § 6051(a)(14) of the Code, will not be mandatory for Forms W-2 issued for 2011.”What does this mean? First some background.Several months ago we ran a series of Tax Tips regarding the new Healthcare Bill. One of the Tax Tips explained that starting in 2011 it would be required that employers show the cost of employer-sponsored group health costs on the employees W-2.With this new Notice, the IRS is making it optional to report group health care costs in 2011. The IRS is acknowledging that it may take some employers more time to get into compliance on this reporting requirement.Is this just the first “push back” change against the Healthcare Bill?We’ll keep you posted.As always, give us a call if you have any questions.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504. Or visit our website.Rick Prewitt - the guy behind TTW...until next week.