The Affordable Care Act requires federal and state Marketplaces to send notices to employers of all sizes when one or more of their employees is receiving a premium tax credit. Those notices have started to go out, and naturally employers are confused. This session explains what’s in the notices and, more importantly, what employers should do if they receive one.
Tagged: Employer Reporting
In 2015, self-insured plans and Applicable Large Employers got their first taste of the new reporting requirements under section 6055 and 6056 of the tax code. Companies that are subject to these requirements must file an informational return with the IRS and furnish separate forms to each of their full-time employees. As we enter another tax reporting period, employers are once again scrambling to understand the rules and gather the information they need to complete the forms correctly.
Jennifer Reed discusses the new 6055 and 6056 reporting requirements under the health reform law, a top priority for self-insured and applicable large employers during the first quarter of 2016.
Gentrie Pool defines some of the more common acronyms in the insurance industry and provides a glossary for agents who need a quick reference tool.
These FAQs provide detailed information about completing Form 1094-C and Form 1095-C.
Information reporting under section 6055 is voluntary for calendar year 2014. Reporting is first required in early 2016 for calendar year 2015.
Information reporting under section 6056 is voluntary for calendar year 2014. Reporting is first required in early 2016 with respect to calendar year 2015.