The IRS will be requiring the long awaited “reporting” of benefits, its cost to the employer/employee and additional information starting in January 2015. Payroll services and accountants are gearing up for the additional information that must be transmitted back to the IRS in 2016.
Draft forms have been sent to us, but since it’s in draft form only, I’ve decided to hold off distributing these documents until they’ve finalized the forms – no sense reviewing 6055 and 6056 material until they’ve come to a decision about how to simplify the process.
If you want to take a look at a Q&A from the IRS, please see the link below. Stay tuned for the actual documents, which should be completed within the next month.