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IRS issues guidance on W-2 reporting

Zinser · January 20, 2012 · Leave a Comment

On January 3, 2012, the IRS issued additional interim guidance on the W-2 reporting requirement that is part of health care reform. In this guidance, the IRS confirms that employers filing fewer than 250 W-2s are not required to report the value of health benefits. This guidance extends that relief until further guidance is issued.

Additionally, the release indicates that specialty coverage, if included with medical benefits, must be reported.

The guidance reaffirms that this is a reporting requirement only and does not impact employees’ taxable wages.

Questions and Answers:

Q:   Are specialty products, if offered as one plan to an employee, included in the W-2 reporting requirement?

A:    According to the latest guidance from the IRS, yes. If the products are embedded or provided together, the total must be reported.

Q:   How do contingent premium groups report the value of health benefits under the W-2 reporting requirement?

A:    Please refer any customers with this question to their own tax and/or legal advisers as we do not provide tax advice. The latest information from the IRS related to the W-2 reporting requirement can be found at http://www.irs.gov/pub/irs-drop/n-12-09.pdf and may provide additional guidance.

Blood Donation

Zinser · December 19, 2011 · Leave a Comment

Here’s a nice document about giving blood.  Courtesy of United Health Care.

UHC Blood Donation Newsletter

Generic for Lipitor Now Available

Zinser · December 10, 2011 · Leave a Comment

On November 30, 2011 Ranbaxy Laboratories launched the generic equivalent for Lipitor, atorvastatin.  Ranbaxy will be the sole manufacturer of this generic drug for the next 180 days.  Other manufacturers of the drug will be available in May 2012.

The savings at the beginning will be minimal, but once May 2012 roles around we should see substantial savings.  This means big savings to consumers and payers alike.

 

November is Diabetes Awareness Month

Zinser · October 31, 2011 · Leave a Comment

November is Diabetes Awareness Month.  This is a cause that we personally have a stake in because my father in law had diabetes.  Our family participates in the Louisville ADA walk each year.  I’m also proud to say that my wife’s family is the number one fund-raising family and friends team.  They’ve been number one now for I’d say at least the last six years.

Here’s your newsletter

Diabetes Newsletter

Small Business Tax Credit

Zinser · October 31, 2011 · Leave a Comment

With businesses winding down for the 2011 calender year, this tax credit calculation tool will come in handy to the many small business customers that health insurance companies have.  This link is from United Health Care and goes over the small business tax credit.

Certain small businesses that offer health benefits are now eligible for health care tax credits. These vary depending on the tax-exempt status of the organization and employer contribution toward health benefits.

  • Eligible employers must pay at least half the cost of single coverage for their employees.
  • There must be no more than 25 full-time equivalent (FTE) employees, not counting owners or their family members.
  • Average annual wages of employees must be less than $50,000 per FTE.
We are not tax advisors, so please consult your personal tax advisor if you have any questions regarding this tax credit.
http://www.uhc.com/united_for_reform_resource_center/health_reform_provisions/small_business_tax_credit.htm
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Zinser Benefit Service - Small Business Insurance

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