ACA: IRS Releases Reporting Requirement Information
The Internal Revenue Service recently released final forms and instructions for ACA tax reporting requirements. The forms and instructions have been delayed several times.
These forms are voluntary for tax year 2014. The first information returns and employee statements are not required for applicable employers until early 2016 for the 2015 calendar year. Although voluntary, employers may want to review these forms with their tax/benefits advisors in preparation for the full application of the provisions for calendar year 2015. No penalties will be applied for failure to comply with these information reporting provisions for year 2014.
The following forms were released:
- Form 1094-B Transmittal of Health Coverage Information Returns and Form 1095-B Health Coverage: Used to report certain information to the IRS and to taxpayers about individuals who are not liable for the individual shared responsibility payment relating to minimum essential coverage. These relate to the reporting requirements for providers of minimum essential coverage.
- Instructions for Forms 1094-B and 1095 B
- Form 1094-C Transmittal of Employer Provided Health Insurance Offer and Coverage Information Returns and Form 1095-C Employer-Provided Health Insurance Offer and Coverage: For use by employers with 50 or more full-time or full-time equivalent employees to report information about the health care coverage, if any, they offer.
- Instructions for Forms 1094-C and 1095-C
In addition, the IRS has designed a brochure to help understand ACA large employer reporting requirements: Understanding Employer Reporting Requirements of the Health Care Law.