A new report from Thomson Reuters Checkpoint helps large employers understand reporting requirements under new Internal Revenue Service (IRS) Forms 1094-C and1095-C, which will be required starting in 2016 to comply with the Affordable Care Act (ACA).
Specifically, the report explains that the forms collect information on offers of, and enrollment in, employer-sponsored health coverage so the IRS can administer the health care reform law’s premium tax credits, individual shared responsibility payments, and employer shared responsibility (play or pay) penalties.
The report, “Health Care Reform Information Reporting Requirements for Employers,” includes:
- A summary of relevant health care reform provisions;
- The basics of forms 1094-C and 1095-C;
- Reporting guidelines for self-insured and fully insured health plans;
- Applicable deadlines; and
- The consequences of filing failures.
The instructions for the final forms and other IRS guidance explain how applicable large employers (ALEs) will report offers of health care coverage to their employees and to the IRS.
“ALEs have a lot of work ahead of them,” says Jeff Knapp, senior editor with the Tax & Accounting business of Thomson Reuters. “Given the complexity of the forms and the use of a new electronic filing system, employers face a steep learning curve between now and the early 2016 filing deadlines.”
The report is available for download here at no cost.