IRS UPDATES GUIDANCE FOR W-2 REPORTING OF EMPLOYER-SPONSORED HEALTH COVERAGE

As we previously reported (click here to view Alert), the new Patient Protection and Affordable Care Act (PPACA) requires employers to report the cost of employer-sponsored health coverage on an employee’s W-2 generally beginning with W-2s issued in January 2013 for the 2012 tax year. IRS Notice 2011-28, which was issued early last year, provided initial guidance on the new reporting requirement. However, the IRS recently issued Notice 2012-9, which updates and supersedes the initial guidance. More…