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ABCs of The New ACA Reporting Requirements

Author: Jan Fernandez    Posted: October 31, 2015

If payroll and human resources didn’t have enough to do with all this new world employee benefits stuff, the ACA has decided to tack on another report or two, or maybe three.

Now, according to the ACAs section 6056, employers with 50 or more employees are required to provide the IRS with a report showing who was covered and how much the employer paid on the employee’s behalf.  This will be done through the form 1095-C, not to be confused with the 1095-B which insurance carriers have to send to the employees on behalf of the health plan. And of course this can’t be hard enough, employers with self-funded health plans must provide a 1095-B to all employees on the plan. (Hopefully, you have a good Third Party Administrator providing these on your behalf).  The 1095-C is very similar to a W-2 and is actually on the same distribution schedule as the W-2. Go figure, employees have to file it with their taxes.  Employers must also submit the individual 1095-Cs to the IRS along with the cover sheet known as the 1094-C.

The ACA couldn’t have a black and white reporting system either.  These forms have a complex system of codes with 17 pages of instructions that tell the story of the employees’ employment and health coverage with the employer during the 2015 calendar year.

The IRS website has an FAQ for most of the questions.

Does is sound like we are gearing up for the Cadillac Tax in 2018? Maybe.





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