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The Internal Revenue Service (IRS) recently posted instructions to help employers prepare for the IRS healthcare coverage forms they will be responsible for using with employees and submitting to the IRS in the first quarter of 2016.
IRS Healthcare Coverage Reporting for Employer-sponsored plans
In July, the IRS released draft copies of the healthcare coverage forms to initially help stakeholders such as insurers, employers, tax providers and software professionals to have an opportunity to learn more about and prepare for the upcoming requirements.
Employers are responsible for reporting health insurance coverage information offered under employer-sponsored plans in accordance with guidelines deriving from the implementation of the Affordable Care Act (ACA). Employers with “on average” 50 or more full-time employees will need to provide Form 1095–C to their employees by January 31, 2016 to report their coverage for 2015 and along with their mandatory Form W-2s as well. Even though small employers with 50-99 employees were made exempt from the employer mandate in 2015, they are still responsible for this IRS reporting requirement as of January 2016.
According to a recent Business Insurance article, the draft forms indicate that information for covered employees and dependents will include: social security numbers or dates of birth, length of coverage either full-year or number of months covered, and the employee share of the monthly premiums for individual coverage in the lowest-cost plan providing minimum coverage.
Employers will have until the end of March 2016 to complete the information required on the forms and submit them to the IRS. Employers filing more than 250 forms will also be required to file electronically. These forms require significant work on the part of employers and this advanced notice and guidance provided by the IRS can facilitate a company’s readiness for reporting their health insurance coverage information.
Copies of the Draft Forms can be found here:
IRS Draft Form 1095-C http://www.irs.gov/pub/irs-dft/f1095c--dft.pdf
IRS Draft Form 1094-C http://www.irs.gov/pub/irs-dft/f1094c--dft.pdf
IRS Draft Form 1095-B http://www.irs.gov/pub/irs-dft/f1095b--dft.pdf
Resources for Employee IRS Healthcare Coverage Forms »
IRS Healthcare Coverage Reporting for Employer-sponsored plans
In July, the IRS released draft copies of the healthcare coverage forms to initially help stakeholders such as insurers, employers, tax providers and software professionals to have an opportunity to learn more about and prepare for the upcoming requirements.
Employers are responsible for reporting health insurance coverage information offered under employer-sponsored plans in accordance with guidelines deriving from the implementation of the Affordable Care Act (ACA). Employers with “on average” 50 or more full-time employees will need to provide Form 1095–C to their employees by January 31, 2016 to report their coverage for 2015 and along with their mandatory Form W-2s as well. Even though small employers with 50-99 employees were made exempt from the employer mandate in 2015, they are still responsible for this IRS reporting requirement as of January 2016.
According to a recent Business Insurance article, the draft forms indicate that information for covered employees and dependents will include: social security numbers or dates of birth, length of coverage either full-year or number of months covered, and the employee share of the monthly premiums for individual coverage in the lowest-cost plan providing minimum coverage.
Employers will have until the end of March 2016 to complete the information required on the forms and submit them to the IRS. Employers filing more than 250 forms will also be required to file electronically. These forms require significant work on the part of employers and this advanced notice and guidance provided by the IRS can facilitate a company’s readiness for reporting their health insurance coverage information.
Copies of the Draft Forms can be found here:
IRS Draft Form 1095-C http://www.irs.gov/pub/irs-dft/f1095c--dft.pdf
IRS Draft Form 1094-C http://www.irs.gov/pub/irs-dft/f1094c--dft.pdf
IRS Draft Form 1095-B http://www.irs.gov/pub/irs-dft/f1095b--dft.pdf
Resources for Employee IRS Healthcare Coverage Forms »
