New Form W-2 reporting requirements need attention now
It’s going to take planning, foresight and a good business partner to get companies in compliance with the reporting requirements called for by Health Care Reform. One of the first changes that must be addressed is updating payroll systems to be able to report the aggregate cost of applicable employer-sponsored benefits on employees’ Form W-2.
Although the W-2 reporting rule won’t go into effect until the tax year 2011, companies need to be updating payroll systems for this change now. Why? As early as February 1, 2011, employees terminating their employment are entitled to their Form W-2 at the time they leave the company. Therefore payroll systems need to be updated by January of 2011.
Fortunately, Businessolver clients have an edge.
Because Businessolver has many years experience in on-line management of our clients’ health insurance programs, we can help gather the information needed to determine the value of each employee’s health insurance benefit and deliver it seamlessly to our clients for reporting purposes.
“We’re geared up and ready to partner with clients to provide the necessary data needed to update their payroll systems,” said Jon Shanahan, President and CEO of Businessolver. “Together we’ll make sure everything is in place in plenty of time to meet the reporting requirements timeline.”
Over the years, Businessolver has integrated best-in-class customer care with the latest, most innovative technology. The result is a complete web-based solution that empowers employers to maintain control and retain access to critical employee and plan information—all while streamlining benefits administration and creating more efficiency.
For more information on the upcoming changes in W-2 reporting or for direct assistance in complying with Health Care Reform requirements, contact Businessolver at 888.460.9625 or visit us at www.businessolver.com.
