Under the Affordable Care Act (ACA), new reporting requirements were created under Internal Revenue Code Sections 6055 and 6056. Under these new rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees.
The IRS recently released draft version of the forms and instructions to help employers better understand what they may need to do to meet these requirements. Below is a brief overview of what was released:
- Forms 1094-B and 1095-B:
These forms will be used by entities reporting under Section 6055 as health insurance issuers, sponsors of self-insured group health plans that are not reporting as applicable large employers, sponsors of multiemployer plans and providers of government-sponsored coverage.
- Forms 1094-C and 1095-C:
These forms will be used by applicable large employers that are reporting under Section 6056, as well as for combined reporting by applicable large employers who report under both Sections 6055 and 6056.
These instructions are draft versions only, and should not be relied upon for filing. The IRS may make changes to the instructions prior to releasing final versions.
Click here to view/download the draft instructions >>
Additional Support and Information
I hope that you find this information helpful as you seek to understand and meet your company’s requirements under Health Care Reform.
If you could some assistance determining what exactly your firm may need to do, please contact our team at 781-759-1222. We look forward to helping you!