Monday, April 6, 2015

IRS Releases Final Forms and Instructions for ACA Reporting

Dana Halvorson and Dianne De La Mare

According to a recent client alert from Proskauer, in February of 2015, the Internal Revenue Services (IRS) released final forms and instructions related to information reporting under the Affordable Care Act (ACA). These forms include Form 1095-B, Health Coverage, Form 1094-B, Transmittal of Health Coverage Information Returns, Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, and Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage. 

The Proskauer client alert notes that the issuance of the final forms is a critical step in implementing the ACA's reporting requirements, and that although these forms are not required to be provided to employees and filed with the IRS until early 2016 -- the reporting requirements are complex and require reporting detailed coverage and employment information for the 2015 calendar year. The client alert gives employers steps they should consider taking in preparation for these deadlines. The full Proskauer client alert can be found here. To learn more about the ACA and for helpful resources, please visit AHCA’s ACA website.

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