Vernoia, Enterline + Brewer, CPA LLC

The IRS is reminding applicable large employees (ALE) of upcoming information reporting deadlines under the Affordable Care Act (ACA) for the 2015 plan year (Heath Care Tax Tip 2015-80). Reporting for 2014 was voluntary; reporting for 2015 is mandatory.

Mandatory reporting

Attractive Hispanic Doctor or Nurse and Businessman in Front of Corporate Building.Every provider of “minimum essential (health insurance) coverage” (MEC) must report coverage information by filing an information return with the IRS and furnishing a statement to individuals about the coverage offered. ALEs (employers with 50 or more full-time employees) must report to the IRS and their full-time employees whether or not they actually offer health insurance coverage. This information is needed to administer the employer mandate and the premium assistance tax credit.

Forms

The IRS developed new information forms under the ACA. These forms include:

  • Form 1094-B, Transmittal of Health Coverage Information Returns — to meet the information reporting requirements for providers of minimum essential coverage by employers who are not ALEs but provide self-insured coverage (due with the IRS February 29, 2016 for paper returns; due March 31, 2016 for electronic returns);
  • Form 1095-B, Health Coverage – for employees who enroll in the coverage (due with the IRS February 29, 2016 for paper returns; due March 31, 2016 for electronic returns);
  • Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns – report summary information to the IRS for each employer, and transmit Form 1095-C to the IRS (same due dates as Form 1094-B); and
  • Form 1095-C, Employer-Provided Health Insurance Offer and Coverage – report MEC under the employer plan for any full-time employee (a separate form for each employee); due to employees February 1, 2016; due to the IRS February 29, or March 31 if filed electronically).
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