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October 13, 2010
The IRS released a 2011 Draft W-2 form yesterday, October 12, 2010, which can be used by employers to report wages and employee tax withholding. They also announced the deferment of the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan. The reporting by employers will be optional in 2011.
The IRS continues to stress that this reporting is for informational purposes only. The amounts reportable are not taxable. They are to be used to provide employees with greater transparency into overall health care costs.
For a copy of Notice 2010-69, please go to: http://www.irs.gov/pub/irs-drop/n-2010-69.pdf
A more detailed update can be found at: http://www.irs.gov/newsroom/article/0,,id=228881,00.html
Please contact your PS&F Benefits Team if you would like additional information.