23 Jan Compliance Alert: New W-2 Reporting Advisory
Prestige is working diligently in 2013 to ensure our clients stay in compliance with all the new laws and regulations affecting small to medium size businesses.
Patient Protection and Affordable Care Act
Employers with 250 or more employees must report to their employees the total cost of their group health benefit plan coverage on their W-2 forms under the Patient Protection and Affordable Care Act. This requirement is in effect for the 2012 W-2 forms distributed to employees in January 2013.
Reporting Requirements:
- Employers are not required to report the cost of health benefit coverage on any W-2 forms prior to January 2013.
- Only covered employees that elect the coverage and pay the premiums or contribution amounts need to receive the information on their W-2 forms.
- Coverage that does not need to be reported and not subject to the W-2 reporting requirements includes HIPAA “excepted benefits”. This includes disability income, supplemental liability, workers’ compensation insurance, and stand-alone dental and vision plans.
What Prestige Is Doing To Make You Compliant
Prestige Employee Administrators, Inc. is alleviating our clients from the burden of complying with the new W-2 reporting regulations. Prestige is ahead of the game and preparing the W-2 forms for all worksite employees even if the company has under 250 employees.
- Prestige is reporting the required group health cost information on all W-2’s and sending to all worksite employees postmarked by January 31, 2013.
- Prestige is providing an option for employees to either receive their W-2 electronically or by mail.
- All worksite employees can contact Prestige directly with any questions or issues.
As usual, Prestige is eliminating our clients from worrying about completing the W-2 forms and will be reporting the additional information required by the Patient Protection and Affordable Care Act. Clients can rest easy knowing Prestige is on their team. Prestige is committed to keeping our clients compliant in 2013 and will continue to send compliance alerts.