If you are either an applicable large employer (ALE) (i.e., employed more than 50 full-time “equivalent” employees in calendar year 2015) and/or are a self-funded plan sponsor required to report under new Affordable Care Act (ACA) annual reporting requirements under code Section 6055 or 6056 for the 2016 Benefit Year. Under these rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees.
Reporting for the 2016 Benefit Year marks the second mandatory reporting season for impacted employers and plan sponsors. The Internal Revenue Service (IRS) recently released final 2016 forms and instructions for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. Minor changes were made to the forms, including the addition of two new “Offer of Coverage” codes for use on Form 1095-C.
Please review the attached document for links to the final 2016 IRS forms and instructions. Forms 1094-B and 1095-B are used by entities reporting under Section 6055, including self-insured plan sponsors that are not applicable large employers (ALEs). Forms 1094-C and 1095-C are used by ALEs to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs who sponsor self-insured plans.
– January 31, 2017 – Individual statements for 2016 must be furnished to employees by Jan. 31, 2017.
– February 28, 2017 – IRS returns for 2016 must be filed by Feb. 28, 2017 (March 31, 2017, if filed electronically).
Our goal at TAH Benefits is to serve as your primary point of contact for guidance around ACA reporting. We have the tools and resources to help you keep track of all the information you need to report in order to make a good-faith effort.
We appreciate your business. Please let us know how we can help you with the 2016 reporting process.
Final Forms for ACA Reporting Released
The IRS has released final 2016 forms and instructions for ACA reporting under Code Sections 6055 and 6056. This ACA Compliance Bulletin provides an overview of the changes that were made.