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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Health Coverage Exemption if You Live Outside the U.S.

U.S. persons living outside the U.S. may qualify for the health coverage exemption, meaning you may not have to pay the penalty (The Individual Shared Responsibility Payment) for the months you did not have minimum essential health coverage, as long as you fall into one of the following categories: 1. You are a US Citizen …

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Deadline approaching for employer ACA Form 1095 reporting

The IRS extended the Form 1095 information reporting due dates for insurers, self-insuring employers and applicable large employers. The IRS supplied the below chart to help employers understand the upcoming filing deadlines. *If you file 250 or more Forms 1095-B or Forms 1095-C, you must electronically file them with the IRS. Electronically filing ACA information …

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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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IRS Gives Extra Time to File ACA 2015 Forms 1094 & 1095

The IRS gave large employers a Christmas present by automatically extending the due date of the ACA 2015 Forms 1094 & 1095 which were due in early 2016. The Affordable Care Act requires applicable large employers to file: Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns and Form 1095-C, Employer-Provided Health …

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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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