United Benefit Advisors Insight and Analysis Blog

IRS Updates FAQs Related to 6055/6056 Reporting

Posted by: Danielle Capilla    Feb 4, 2016 11:00:00 AM

The long-standing IRS FAQs related to reporting under sections 6055 and 6056 on requirements provided by the Patient Protection and Affordable Care Act (ACA) have been updated to reflect new information. Final instructions for both the 1094-B and 1095-B and the 1094-C and 1095-C were released in September 2015, as were the final forms for 1094-B, 1095-B, 1094-C, and 1095-C. On December 28, 2015, in Notice 2016-04, the IRS extended the information reporting due dates for insurers, self-insuring employers, other health coverage providers and applicable large employers. The updated FAQs take the information from Notice 2016-04 into account.

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Topics: ACA, IRS Form 1095, IRS Form 1094, employer shared responsibility, Danielle Capilla, Affordable Care Act, ACA Section 6055, ACA Section 6056, individual shared responsibility

Affordable Care Act Information Returns

Posted by: Danielle Capilla    Sep 15, 2015 7:38:15 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. (If ALEs are not offering coverage, they will have to report on that, too).

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Topics: ACA, Danielle Capilla, employer-shared responsibility reporting, Affordable Care Act Information Returns, applicable large employers, ACA Section 6055, ACA Section 6056