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Video instructions and help with filling out and completing w2 box 12 dd
Welcome to our presentation on healthcare reform today we're going to discuss the w2 reporting requirements imposed by healthcare reform on employers my name is erika storm and i'm an attorney with extensive experience and employee benefits and employment law i also specialize in health care reform compliance for employers and health plans the health care reform law that was enacted in 2021 contains a new reporting requirement for employers under the new rule certain employers will be required to report the total cost of health plan coverage they prto their employees on the employees w-2 forms before we talk about the rule let's get one important thing straight the new w2 reporting requirement is just that it is a reporting requirement only the purpose of providing this information is to pruseful and comparable information to employees on the cost of their healthcare coverage including the value of the coverage on the w-2 form does not make the coverage taxable to the employee and the value of the coverage is not included as income to the employee there have been several changes to the compliance dates for the reporting rule the IRS made reporting optional for all employers for the 2021 tax year reporting has also been delayed until at least the 2021 tax year for small employers that filed fewer than 250 w-2 forms in the prior year however reporting is mandatory for large employers for the 2021 tax year which means the information will need to be reported on the w-2s that are issued in January 2021 which employers must comply with the new w2 reporting requirement the answer to this question is most employers unless an exemption applies if the employer provides applicable health coverage to its employees it will need to report the cost information on the double two forms along with private employers the rule specifically applies to government entities churches and religious organizations some exceptions do exist however Indian tribal governments and tribally chartered corporations that are owned by an Indian tribal government are excluded from the rule in addition employers that sponsor plans providing coverage that is excluded from the reporting requirement will not have to follow the rule for now however keep in mind that it doesn't mean those employers are permanently exempt if they later sponsor another type of plan that must be reported as we discussed small employers are exempt from the reporting rule at least for now the next question for employers is what information must be reported employers must report the total cost of certain types of employer-sponsored health coverage in general this means coverage under group health plans including both insured and self-funded plans it does not matter whether the employer or the employee pays for the coverage it is the total cost of the coverage that must be reported this means both the employer and employee paid portions this information must be reported in box 12 with code DD the value of some.