Filing deadline extended for 2016 Forms 1095 B & C

In a show of understanding for the complexities faced under ACA reporting, in Notice 2016-70, the IRS has extended the filing deadline for the 2016 information reporting requirements under ACA (Affordable Care Act) for insurers, self-insuring employers and certain other providers. The IRS extended the due date for furnishing the 2016 Form 1095-B and the …

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ACA Compliance: Employer Questions that Matter

The Affordable Care Act (ACA) prompts employers to ask themselves and their employees many questions. Questions that matter if you want to avoid potential fines and penalties. As an employer, do you have 50 or more full-time equivalent employees? That matters because if you do, you must offer full-time employees health care coverage or pay …

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Premium Tax Credit: File Before the Extension Deadline

Well, it’s mid-summer and many taxpayers who have filed an extension are still thinking they have all the time in the world until their October deadline comes. However, if you filed for an extension and also chose to have “advance payments” of the Premium Tax credit made to your health coverage provider – it is …

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Reporting Health Insurance Coverage on IRS Tax Forms

The majority of taxpayers have health insurance coverage for all of 2015 and simply check a box on their tax return. For those who don’t, the IRS shared the below hints on reporting your health insurance related information: Form 8965, Health Coverage Exemptions Complete this form if you need to claim an insurance coverage exemption …

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Why Did I Get this Form 1095? New ACA Info Statements

This January many individuals will receive a Form 1095 for the first time. Form 1095 is part of the expanding ACA (Affordable Care Act) information reporting necessary to determine if you had required health insurance coverage in 2015: The IRS wants you to know these important facts about Form 1095: While the information on these …

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Are You Ready to File 1095-B & 1095-C?

Are you an employer with 50 full-time employees (or 50 full-time equivalents)? Do you self-insure medical insurance coverage for employees? If you answered yes, you are likely subject to the new Affordable Care Act reporting requirements for 2015. The complex ACA reporting on Forms 1095-B, 1095-C, 1094-B and 1094-C requires employers to pull together information …

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Penalties and Relief for the Affordable Care Act

2015 is the first year that the new health care reporting forms are being required to be used to report health care coverage by employers under the Affordable Care Act. These will be due in January of 2016 to report for the 2015 calendar year. Those that are affected are any employers that provide self-insured …

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Overpaying the Affordable Care Act Individual Mandate

According to a report from the National Taxpayer Advocate, more than 300,000 taxpayers overpaid the Individual Shared Responsibility Payment (ISRP) for health insurance on their tax returns processed through the end of April 2015. Most of those taxpayers were charged the ISRP, also known as the individual mandate, because they did not have health insurance …

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Is your small business impacted by the Affordable Care Act?

Most employers have fewer than 50 full-time employees or full-time equivalent employees and are therefore not subject to the employer shared responsibility provision of the Affordable Care Act. If an employer has fewer than 50 full-time employees, including full-time equivalent employees, on average during the prior year, the employer is not an applicable large employer …

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New Affordable Care Act Reporting Requirement

Under the Affordable Care Act, applicable large employers –those with 50 or more full-time employees, including full-time equivalent employees – are required to take some new actions. These employers must file information returns with the IRS and also provide statements to full-time employees about health coverage the employer offered or to show the employer didn’t …

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