Employers are still waiting for the final regulations and guidance they need to meet the health plan reporting requirements created by the Patient Protection and Affordable Care Act (PPACA).
While regulators are establishing the final PPACA reporting requirements, employers and their advisors can review what has been released to date, to get an idea of how those final requirements might impact large — and not so large — employers.
One section of PPACA that is already starting to get employers attention is PPACA Section 9002.
PPACA Section 9002 added Section 6051 (a)(14) to Internal Revenue Code (IRC) Section 6051.
Secton 6051(a)(14) requires employers that offer medical benefits to report the aggregate cost of the coverage in a new box on Form W-2 — Box 12DD.
The Section 6051(a)(14) reporting mandate applies to all employers that issue at least 250 W-2 forms annually.
The first due date for Box 12DD data was Jan. 31, 2013. Employers will have to send in new Box 12DD data on Jan. 31 every year.
The Box 12DD amount must include both the portion of the health benefits total paid by the employer and the portion paid by the employee, according to the implementing regulations.