IRS Fact Sheet: SECURE 2.0 Act Changes Affect How Businesses Complete Forms W-2

Businesses are reminded that starting in tax year 2023, changes under the SECURE 2.0 Act may affect the amounts they need to report on their Forms W-2, the IRS stated. The SECURE 2.0 Act allows for additional features in various employer retirement plans to encourage use of these plans, the IRS stated. The provisions potentially affecting Forms W-2 (including Forms W-2AS, W-2GU and W-2VI) are: (1) de minimis financial incentives (section 113 of the SECURE 2.0 Act); (2) Roth Savings Incentive Match Plan for Employees (SIMPLE) and Roth Simplified Employee Pension (SEP) Individual Retirement Arrangements (IRAs) (section 601 of the ...