The 2016 tax season may seem far away, but with numerous changes in the works for organizations that offer group health coverage, its actually the ideal time to start planning for ACA reporting. Previous blog posts have shared information around reporting requirements and the release of draft forms and penalty fees from the IRS.
Most organizations have likely started the process of gathering employee health coverage information and data necessary for 2015 tax returns. But even if you think you are on top of all the mandates around reporting, there are still some common misperceptions lingering:
In addition, it is worth clarifying when each form needs to be used, depending on your organization’s size and method of coverage. If your organization has 50+ employees and self-insures, you will use Forms 1094-C and 1095-C. If your organization has 50+ employees but has fully-insured coverage, you will use the same forms but only fill out the applicable section of 1095-C. And if your organization is self-insured but not subject to “pay or play” guidelines, you will use Forms 1094-B and 1095-B.
For questions around ACA reporting requirements, please contact us.
The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose