The Affordable Care Act (ACA) requires employers to comply with new reporting requirements for the 2015 calendar year.  These requirements are governed by two sections of the Internal Revenue Code:  Section 6055 and Section 6056.  Section 6055 applies to health insurance insurers and self-insured employers.  The new reporting requirements under this provision require covered entities to report which months individuals covered by the medical plan were offered "minimum essential coverage".  This information will help the IRS to determine whether individuals must pay the individual shared responsibility tax.  Section 6056 applies to covered large employers with 50 or more full-time employees.  It requires employers to provide information to assist the IRS in determining whether an employer is complying with ACA's employer shared responsibility payment requirements.  Final regulations for the implementation of Section 6055 and 6056 were released in March of 2014.

 

The Internal Revenue Services has released the final versions of Forms 1094-B, 1095-B, 1094-C, and 1095-C.  Final Instructions for Form B and Form C have also been provided.  Links to the final instructions and forms are available for member reference.