IRS to Host Webinar for Employers,
Thursday 8/14 at 12:00 p.m (EST):
How Applicable Large Employers Should Report Health Care Coverage –
As Part of the Employer Mandate
The Internal Revenue Code (IRC) Section 6056 is part of the Patient Protection and Affordable Care Act (PPACA), and will help the IRS administer compliance with the employer mandate.
Large Employer Definition – Who Must File
As part of the employer mandate, large 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. The IRS made draft forms available on July 24, 2014. We are still awaiting official instructions for completing these forms.
- Form 1094-C (a transmittal/cover sheet) to the IRS only, and
- Form 1095-C to both the IRS and named individuals.
Final Regulations Fact Sheet
On March 5th, the IRS issued final regulations on the reporting requirements of large employers and insurers. The requirements take effect in 2015, with first reporting due in early 2016.
Items to be Covered in the August 14th IRS Webinar
- Internal Revenue Code Section 6056
- Who is required to report
- What elements are required to be reported
- When Applicable Large Employers must report
- How do government entities designate reporting