Wait…can it be true? Good news from the IRS? Yes!
If you file less than 250 W-2s for the tax year 2011, the IRS has delayed mandatory reporting of employer-sponsored health coverage information requirements. The amount of coverage is reported on section 14, other information. It is not taxable.
There is a mandatory reporting requirement for employers that file 250 or more for the tax year 2011, which will be issued in January 2012. If you fall into this category, now is the time to be gathering this information by employee.
For more information on tax law that is currently in place, new requirements for 2012 and beyond go to Paychex, Inc.–this site is full of useful information.
If you need help with your small business or are looking for an accountant in the Jacksonville, FL area, please don’t hesitate to contact us. Hagan CPA, Inc was founded in 2002 and has served small businesses and individuals with tax preparation, bookkeeping systems and strategic planning ever since.