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Compliance Update
    W-2 Reporting 2016
     


January 7, 2016






It's Tax Time and W-2 Reporting.

Just a quick reminder - if you send out MORE than 250 W-2s you need to include the cost of health care too.

Reporting the Cost of Insurance on the W-2
The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan for businesses issuing 250 or more W-2s.

The employer's contribution to health coverage continues to be excludable from an employee's income, and it is not taxable. This reporting is for informational purposes only.  

Employers that are subject to this requirement should report the value of the health care coverage in Box 12 of the   Form W-2.

In general, the amount reported should include both the portion paid by the employer and the portion paid by the employee.

A Form W-2  is not required solely to report the value of the health care coverage for retirees or other employees or former employees if the employer would not otherwise provide a Form W-2 to them.

For additional information or questions please visit the IRS Website.
ACA Reporting - Deadline Extended
Companies with 50 or more Full-Time Equivalent employees do need to file the the1094/1095 forms this year for calendar year 2015.

Reporting Deadlines have been extended.

The 2015 Form 1095-B and Form 1095-C (Employer-Provided Health Insurance Offer and Coverage), the deadline has been extended from Feb.1, 2016, to March 31, 2016 for providing information to employees.
 
The filing with the IRS Form 1094-B, Form 1095-B, Form 1094-C (Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns) and Form 1095-C, the deadline has been extended from Feb. 29, 2016, to May 31, 2016 and from March 31, 2016, to June 30, 2016 if filing electronically. 
 
Any employer filing 250 or more information returns during the calendar year must file the returns electronically.

Have a Happy and Healthful New Year!
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For more information on the above update 
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This update is a publication of TBR Associates, designed to highlight employee benefit matters of interest to our readers.  The information contained in this publication is meant for general educational purposes only.