One of the notable implications we've learned about lately from the Affordable Care Act that was passed this year is that businesses will now be required to report the value of the health insurance coverage they provide employees on each employee's annual Form W-2.
Initially this was slated to take place in 2011, but on October 12, 2010 the IRS issued a delay for one year to 2012. The delay was due to the the realization of the time it will take businesses to make changes to their payroll systems or procedures in order to be compliant with this requirement. We will keep you posted as we hear more.
A draft of the the revised Form W-2 for 2011 is now available for viewing. This is the W-2 that most employees will receive in early 2012.
Read more about this and other tax provisions that will take place in the coming year at http://www.irs.gov/newsroom/article/0,,id=220809,00.html.
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