The Affordable Care Act added significant new reporting requirements to the Internal Revenue Code (IRC). In particular, IRC section 6056 requires each Applicable Large Employer subject to the Employer Mandate to report on their employer-sponsored coverage and to whom it is offered. This reporting, which is designed to assist the Internal Revenue Service (IRS) with enforcing the Employer Mandate and with facilitating the administration of the premium tax credit, is due for the first time in early 2016.
The IRS recently issued the final versions of Forms 1094-C and 1095-C that employers will use for this first reporting. Keenan held an educational webinar on October 27th to answer questions about the forms and reporting. For those unable to attend Affordable Care Act: “Fun” with Forms 1094 and 1095-C, a recording is now available and you may also download the presentation slides.
The webinar discusses many key concepts for completing the forms, opportunities for transition relief for employers that qualify and potential alternative reporting methods that may simplify aspects of the filing. We encourage you to review the webinar, consider the resources you’ll need to timely file your returns with the IRS and whether you need to procure outside assistance.