The commission shall not require contribution and wage reports more frequently than quarterly. Effective with the quarter ending March 31, 2003, every employer with two hundred fifty or more employees and every individual or organization that, as an agent, reports wages on a total of two hundred fifty or more employees on behalf of one or more subject employers, and effective with the quarter ending March 31, 2005, every employer with one hundred or more employees and every individual or organization that, as an agent, reports wages on a total of one hundred or more employees on behalf of one or more subject employers, shall file that portion of the "Employer Quarterly Contribution and Wage Reports" containing the employee's social security number, name, and total wages on magnetic tapes, diskettes, or electronically, in a format approved by the commission. The commission may waive the requirement to file using magnetic media if hardship is shown. In determining whether a hardship has been shown, the commission shall take into account, among other relevant factors, the ability of the taxpayer to comply with the filing requirement at a reasonable cost.