Employers are required to furnish employee W-2s no later than January 31st. Employer will meet the “furnish” requirement if the form is properly addressed, post-marked, and delivered electronically or by hand on or before the due date.
Every employer engaged in a trade or business who pays remuneration, including noncash payments of $600 or more for the year (all amounts if any income, social security, or Medicare tax was withheld) for services performed by an employee must file a Form W-2 for each employee (even if the employee is related to the employer) from whom:
- Income, social security, or Medicare tax was withheld.
- Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4, Employee’s Withholding Allowance Certificate.
This is the first year employers will need to report the cost of employee group health insurance coverage as required by the Patient Protection and Affordable Care Act. Under this act (PPACA), starting in January, 2013 for the 2012 tax year employers are required to begin informational reporting of amounts spent on certain health plan items. For the 2012 tax year, employers who issued fewer than 250 W-2’s for the 2011 tax year are excused from mandatory reporting, but may choose to test their payroll systems and report such amounts. For those who issued 250 or more W-2’s in 2011, reporting is required.
In addition to furnishing W2’s on time, employers also need to be aware of the OSHA 300 log. The Log of Work-Related Injuries and Illnesses (Form 300) is required by the Occupational Safety and Health Administration (OSHA) to classify work-related injuries and illnesses and to record the extent and severity of each case. Most employers are required to complete the OSHA 300 Log and post the log in their workplace from February 1 until April 30 of each year. There are cases in which injuries may not need to be reported, or employers may not need to post their 300 log. Each injury must be examined on a case by case basis by a professional who understands the rules and regulations of the OSHA reporting requirements.
Below you will find some helpful links on both W2 reporting, as well as OSHA 300 logs. Solution Services handles both W2 reporting as well as completing OSHA logs for all our clients. Give us a call, we can help in these areas as well as many others with your Payroll, HR, and Compliance needs.
IRS link to 2012 W2 forms
IRS link to General Instructions for Form W2 and W3
IRS link FAQ’s on reporting of the PPACA
