IRS Information Reporting Forms (DRAFT Version) Available for Employers and Insurers

IRS Information Reporting Forms (DRAFT Version) Available for Employers and Insurers

From our partner, Cigna (emphasis added throughout)

*UPDATE 2/11/15* – FINAL FORMS AND INSTRUCTIONS ARE AVAILABLE

FINAL FORMS AND INSTRUCTIONS FOR EMPLOYER AND INDIVIDUAL MANDATE

Draft IRS Information Reporting Forms Available for Employers and Insurers

On July 24, 2014, the Internal Revenue Service (IRS) released initial drafts of forms (not for filing) to be used in reporting health insurance coverage offered by applicable employers, and minimum essential coverage by insurers and employers of self-insured plans. Click the button below to view the draft forms. Currently these are available as information only (not for filing). The IRS will post final versions for actual filing at a later date. Instructions for these forms are expected to be issued later this summer.

IRS DRAFT FORMS

Individual Mandate Reporting

Insurers and employers of self-insured plans (regardless of size) must report annually to both the IRS and any individual named in the report whether the individual had minimum essential coverage. It is the means by which the IRS can confirm such individuals have complied with the “individual mandate.” When employers self-insure their plans, they may report on compliance with both the individual and employer mandates on one form.

Employer Mandate Reporting

Employers with 50 or more full-time employees (including full-time equivalents) need to report on all of the employees offered coverage during the prior calendar year. This information must be provided to the IRS and all employees identified as being offered employer-sponsored health coverage.

Draft Forms

Insurers and employers have two (2) forms they must provide the IRS.

  • Each must provide a form that serves as a cover letter as well as forms providing data on the individual or employer mandate. The forms are to be completed and filed as follows:
    • Employers will file Form 1094-C (a transmittal/cover sheet) to the IRS only,
    • And Form 1095-C to both the IRS and named individuals. If its plan is insured, the employer will only complete Parts I and II of Form 1095-C.
    • Insurers will send Form 1094-B (a transmittal/cover sheet) to the IRS only,
    • And Form 1095-B to both the IRS and named individuals for insured coverage only.
  • The IRS is open to comments on these forms, which should be submitted to the Comment on Tax Forms and Publications page on IRS.gov.

FORM 1094C FORM 1095C FORM 1094B FORM 1095B Comment on Tax Forms and Publications

When instructions and revised or final forms are made available, we will keep you informed.

Final Regulations Issued for Employer Reporting Requirements Under the ACA

In March of 2014, the final regulations were issued for employer reporting requirements under sections 6055 and 6056 of the IRS code.

Effective date and enforcement of the ACA reporting requirements begins on 1/1/15. (The first reporting is required in early 2016 for the 2015 calendar year; however employers are encouraged to voluntarily report coverage information in 2015 for the 2014 calendar year.)

Revisit this important information by clicking on the Learn More button below:

Learn More

 Health Care Reform News and Updates

Health Care Reform News

Self-Funding Alternatives and Cost Containment Strategies

Self-Funding

Share

About the Author

FosterThomas is a leading professional services company that provides solutions in the areas of Human Resources Consulting and Outsourcing, HR Staffing, Outsourced Recruiting, Employee Benefits Brokerage, Payroll Implementation and Services, HR for Government Contractors, Business Insurance, HR Compliance and Risk Management. We help organizations by providing solutions designed with a focus on cost containment strategies and increasing HR efficiency. FosterThomas HR Consulting was established in 1993 with offices in Annapolis, Maryland (Corporate), McLean, Virginia and Raleigh, North Carolina. Today, FosterThomas occupies a unique position as a full service provider of HR services.

Leave a Comment

We would be glad to get your feedback. Take a moment to comment and tell us what you think.

Share
HR Outsourcing MD, DC, VA, PA