Notice anything different about your Form W-2? Take a look at Box 12. See anything that wasn’t there last year? The value of health care coverage provided by your employer is now reported in Box 12 with Code DD to identify the amount. The amount reported in the box should include both the portion paid…
The IRS has finally released proposed regulations relating to the requirement to maintain minimum health care insurance coverage under the terms of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended (“ACA”). Under the terms of ACA, there is a “shared responsibility to reform and…
I had prepped myself for the idea that taxpayers were going to be confused by the new health care reporting requirements ever since last year when the rumormongering about taxing health care benefits in 2011 started. I wasn’t expecting taxpayers to be in a dither quite so far ahead of tax season. Judging from the…
Apparently, the rumor mills are at it again. I’ve received three emails already this morning to this effect: I’ve been told by several friends that my employer provided health care benefits will be subject to regular income tax treatment in 2011. I pay a monthly amount that partially pays for a high-deductible Blue Cross policy….