United Benefit Advisors Insight and Analysis Blog

IRS Delay in 6055 and 6056 Reporting for 2017

Posted by: Danielle Capilla    Dec 8, 2016 10:30:00 AM

Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service (IRS) to verify that (1) individuals have the required minimum essential coverage, (2) individuals who request premium tax credits are entitled to them, and (3) ALEs are meeting their shared responsibility (play or pay) obligations, employers with 50 or more full-time or full-time equivalent employees and insurers will be required to report on the health coverage they offer. Final instructions for the 1094-B and 1095-B and the 1094-C and 1095-C forms were released in September 2016, as were the final forms for 1094-B, 1095-B, 1094-C, and 1095-C. The reporting requirements are in Sections 6055 and 6056 of the ACA.

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Topics: health insurance, ACA, PPACA reporting, Danielle Capilla, applicable large employers, ACA reporting, IRS Form 6055 and 6056

IRS Reporting Tip: Check the Right Boxes on Your Cover Sheet

Posted by: Danielle Capilla    Mar 31, 2016 12:00:00 PM

Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees.

In order for the Internal Revenue Service (IRS) to verify that (1) individuals have the required minimum essential coverage, (2) individuals who request premium tax credits are entitled to them, and (3) ALEs are meeting their shared responsibility (play or pay) obligations, employers with 50 or more full-time or full-time equivalent employees and insurers will be required to report on the health coverage they offer.

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Topics: ACA, PPACA, PPACA reporting, applicable large employers, IRS Form 1094-C

Top 10 UBA Blogs from 2015 Reveal Hot Button Healthcare Issues for Employers

Posted by: Bill Olson    Jan 7, 2016 12:00:00 PM

  1. IRS Provides Details on Reimbursing Premiums for Individual Health Coverage or Medicare Part B, Part D, for Medigap for Active Employees. For many years, employers were permitted to reimburse premiums paid for individual coverage on a tax-favored basis, however, these "employer payment plans" frequently are unable to meet all of the PPACA requirements. Read more
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Topics: wellness, ACA, PPACA, IRS Reporting Rules, summary of benefits and coverage, Cadillac Tax, PPACA reporting, Medicare, UBA Health Plan Survey, Affordable Care Act

Employers Procrastinating?

Posted by: Peter Freska    Jun 18, 2015 12:00:00 PM

Employee Benefit News published an article titled, “Employers procrastinating on ACA recordkeeping compliance.” It is an interesting read, as it refers to a recent survey by PricewaterhouseCoopers in which “Only 10% of some 480 employers in 36 industries responding to a recent poll have implemented an in-house or outsourced solution to comply with Affordable Care Act reporting requirements.” This is an alarming number, as employers may be subject to significant penalties for non-compliance.

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Topics: PPACA, UBA Partner Firms, PPACA Affordable Care Act, PPACA reporting, employer-shared responsibility reporting, The LBL Group

Highlights of Employer and Insurer Reporting Requirements

Posted by: Linda Rowings    Mar 3, 2015 12:00:00 PM

The Patient Protection and Affordable Care Act (PPACA) provides that individuals who do not have minimum essential (basic medical) coverage will owe a penalty unless they qualify for an exemption. Employers with 50 or more employees that do not offer affordable, minimum value coverage to their full-time employees also will owe a penalty. In addition, individuals who have lower incomes and meet other requirements may be eligible for advance tax credits to help pay for health coverage if they purchase coverage through a Marketplace. The Internal Revenue Service (IRS) is generally responsible for verifying that individuals have the required minimum essential coverage, individuals who request premium tax credits are entitled to them, and large employers are meeting their shared responsibility (play or pay) obligations. The IRS will be using IRS Forms 1094 and 1095 to gather the information it needs to administer penalties on those who owe them and to verify that tax credits are accurate.

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Topics: PPACA Affordable Care Act, IRS Form 1095, IRS Form 1094, PPACA reporting, minimum essential coverage