Other Employer Provisions
Are there any new administrative requirements related to vendors?
Beginning in 2012, the law will require all businesses and tax-exempt organizations to issue an IRS form called a 1099 to vendors from whom they buy goods totaling $600 or more annually. That will require thorough record-keeping.
Do employers have other short term IRS requirements?
Beginning in 2011, employers must report the value of health coverage on the W-2 form. The IRS has not yet issued guidance on this. In 2012 contributions to a health flexible spending account will be limited to $2500 per year, indexed in accordance with changes in the Consumer Price Index, starting in 2014.