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Washington D.C.may be in the midst of big battles over spending, but both parties appear to have reached a consensus on one point: allowing the payroll tax cut to quietly expire at the end of 2012. First enacted for the 2010 tax year, the payroll tax cut was put in place as a boost for workers, with the hope that the surplus income would bolster consumer spending by putting between $700 and $2,200 back into the worker’s pockets.
Insurance carriers and group health plans (including self-insured employer plans), must provide a Summary of Benefits and Coverage (SBC) to all participants and beneficiaries who enroll or re-enroll in group health coverage through open enrollment periods beginning on or after September 23, 2012.
Employers are required to report the aggregate cost of employer-sponsored health coverage on employee W-2s beginning with the 2012 tax year reporting in January 2013. The IRS has issued payroll reporting guidance for employers to support compliance with the Patient Protection and Affordable Care Act. The purpose of these guidelines is to clarify the health insurance-related items that must be reported on employee W-2s effective with 2012 forms issued no later than January 31, 2013. The reporting requirements apply to all employers who provide applicable employer-sponsored coverage.