New ACA Tax Forms and Filing Q&A for Employers

Confused by all the new rules surrounding ACA tax forms and filing? Wondering what tax forms you need for the 2015 year and where to get them? Let us help.

ACA Tax Reporting 2015 Webinar Confused by all the new rules surrounding Affordable Care Act (ACA) tax filing? Wondering what tax forms you need and where to get them?

First things first: new tax forms required by the Affordable Care Act (ACA) are now available. But is your business responsible for filing?

Who Needs to File ACA Tax Forms?

Beginning January 2016, employers are required to submit forms 1095-B and 1095-C to the IRS and provide employees copies with their health coverage information.

Companies with 50 or more employees, Applicable Large Employers (ALE’s) and self-insured employers with less than 50 employees will need to file. Transmittal forms 1094-B and 1094-C are required to accompany the filing to the IRS.

Why Report?

The basic reason you should file ACA tax forms is to verify that Minimal Essential Coverage (MEC) requirements have been met.

Who is Responsible for Reporting?

Health insurance companies, ALE’s and self-insured firms with less than 50 employees must file. Companies that will file 250 or more of form 1095-C must submit electronically.

Who is Liable for Reporting?

Even though a third party may report, liability for accurate and timely filing remains with the employer.

Are There Fines for Non-Reporting?

Yes. Failure to file and send statements to covered individuals could incur penalties of $250 per filing, up to a total of $3 million.

How Many Copies of the Forms Do You Need?

Employees who paper file will usually need three copies: one each for the IRS, for company records and one for the employee. Electronic filers will only need two copies.

How Does ACA Filing Affect Employees?

Employees and their dependents need the information to complete their personal tax returns. Those who do not have minimum essential coverage may receive a penalty on their returns.

Still have questions? We’ve got you covered. Contact us if you need help.