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IRS Advises On ACA Information Reporting Deadlines

by Mike Godfrey, Tax-News.com, Washington

15 October 2015


The Internal Revenue Service (IRS) has reminded US businesses providing health insurance coverage to individuals that they must now report information about the coverage that they provide in each calendar year.

Under the provisions of the Affordable Care Act, most Americans have been required to maintain "minimum essential" health insurance coverage. Every business who provides such coverage to an individual during a calendar year must provide an information return to the individual, with a deadline for 2015 of February 1, 2016. A transmittal form containing the data is also required to be sent to the IRS, by February 29, 2016, if filing on paper, or March 31, 2016, if filing electronically.

"Applicable large employers" (ALEs) with 50 or more full-time workers that do not offer health coverage are subject to the employer shared responsibility provisions. They have to pay an employer mandate penalty tax to the IRS of between USD2,000 and USD3,000 per employee if their workers had to instead obtain health coverage through a health insurance exchange.

ALEs that are subject to these provisions will use information return Form 1095-C and transmittal Form 1094-C to report the information required about offers of health coverage and enrollment in health coverage for their employees.

In addition, ALEs who sponsor self-insured group health plans will also use Forms 1095-C and 1094-C to report information about the coverage they provide to the covered individuals.

Employers with fewer than 50 employees that are not subject to the employer shared responsibility provisions, but who sponsor self-insured group health plans, will use information return Form 1094-B and transmittal Form 1095-B.

TAGS: individuals | compliance | tax | business | tax compliance | law | insurance | employees | excise duty | Internal Revenue Service (IRS) | tax authority | health care | United States | penalties

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