How will the new medical insurance law affect small business W2 reporting?
Business owners no doubt saw today's announcement that medical insurance costs are jumping a scary 9 percent compared with a year ago.
Those news reports say health-insurance premiums paid by employers will keep going up, with the average annual cost of family coverage topping $15,000.
Some of that increase, anticipated last year, come from the arrival of new medical insurance coverage requirements that come from the Obama Health Care plan.
The premium increase for the previous year was a more manageable 3 percent.
For businesses not sure how the law affects their health plans for workers, the IRS is offering a free webinar on reporting health care coverage on W2 forms.
The free webinar is Oct. 31 starting at 11 a.m. It will explain what employers and workers need to know about the law, including changes in W2s, different reporting requirements for benefits, and different valuation methods for reporting benefits.
To register for the webinar, go to this IRS page.