A Brighter Way
A Brighter Way
Employers will be required to report the value of health insurance coverage provided to each employee on the annual W-2 form beginning with the current 2011 tax year. Although the amount reported does not affect liability, it is nonetheless required to be reported.
Types of coverage that must be reported include medical plans, prescription drug plans, dental and vision plans, executive physicals, onsite clinics, Medicare supplemental policies and employee assistance programs. The new reporting requirement also requires employers to issue W-2 forms early if an employee terminates employment during the year.
Click here for additional information on our Ohio Tax Services.
This article was originally published in Illuminations: Facts & Figures from people with a brighter way, a Rea & Associates enewsletter, Oct. 26, 2011 issue.
Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.
