IRS Releases Draft Forms and Instructions for ACA Reporting

The Internal Revenue Service (IRS) recently released draft 2017 forms for reporting under Internal Revenue Code (Code) Sections 6055 and 6056.  Draft forms and instructions released are for:

  • Form 1094-C and 1095-C:  to be used by applicable large employers (ALEs) to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs who sponsor self-insured plans.
  • Forms 1094-B and 1095-B:  to be used by entities reporting under Section 6055, including self-insured plan sponsors that are not ALEs.

Instructions for these 2017 forms were released on Aug. 31, 2017. The draft 2017 forms are substantially similar to the final 2016 versions, except that sections related to expired Section 4980H Transition Relief were removed.

Background

Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees.

Reporting is required by employers with 50 or more full-time (or full-time equivalent) employees, insurers, or sponsors of self-funded health plans, on health coverage that is offered in order for the Internal Revenue Service (IRS) to verify that…  Read More»

 

 

DISCLOSURE

The information provided herein is intended solely for the use of our clients. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher or Publishers of articles within.

The information provided is for informational purposes only and does not constitute legal advice. The information above contains only a summary of the applicable legal provisions and does not purport to cover every aspect of any particular law, regulation or requirement. Depending on the specific facts of any situation, there may be additional or different requirements. This is to be used only as a guide and not as a definitive description of your compliance obligations.