Friday, October 15, 2010

Obamacare© and Your W-2: An Update

From reliable sources:

It appears that the requirement to report -- set to begin next year (2011) -- is voluntary only for that year. It's anticipated that the IRS will provide more guidance in the future, including clarity for 2012 W-2s. It's also anticipated that it will rain unicorns.

What this (probably) means:

■ If an employee leaves in, say, March 2011, the employer doesn't have to provide the info, but may still choose to do so.

■ When employers (or their payroll services) send out that mass of W-2s in January 2012 (for tax year 2011), this info will still be optional.

■ On the other hand, if an employee leaves in, say, April 2012, the employer does have to provide the info within a few weeks (unless, of course, the IRS pulls an Emily Litella).

■ When employers send out that mass of W-2s in January 2013 (for tax year 2012), this info is no longer optional, (unless - you guessed it - the IRS pulls another Emily L).

Hey, we're here to help clear things up.
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