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How to prepare Form 1094-B
About Form 1094-B
Form 1094-B is a crucial document that individuals and employers need to be familiar with when it comes to reporting health coverage. Here are a few key points to know about Form 1094-B: 1. Purpose of Form 1094-B: Form 1094-B is used by insurance providers and employers to report certain information about individuals who are covered by minimum essential coverage under their health plans. It acts as a transmittal form to accompany Form 1095-B, which provides the details of the covered individuals. 2. Reporting Requirements: Employers and insurers must send a copy of Form 1094-B to the IRS, along with copies of the corresponding Form 1095-B. These forms help the IRS identify individuals who have health coverage and ensure compliance with the Affordable Care Act (ACA) provisions. 3. Information Included: The form requires details such as the name, address, and employer identification number (EIN) of the provider or employer. It also includes the total number of individuals covered under the plan, along with the months they were covered. Additionally, the form asks for contact information of the responsible official filing the form. 4. Filing Deadlines: The deadline for furnishing Form 1095-B to individuals is January 31st of the year following the coverage year. The deadline for submitting copies of Form 1094-B, along with Form 1095-B, to the IRS depends on the filing method chosen. Electronic filers have until March 31st, while paper filers must submit the forms by February 28th. 5. Penalties for Non-compliance: Failure to file or furnish Forms 1094-B and 1095-B accurately and timely may result in penalties imposed by the IRS. It's crucial to meet the required deadlines and provide correct information to avoid potential fines. 6. Relationship to Form 1095-B: Form 1094-B is specifically designed as a transmittal form for Form 1095-B. While Form 1094-B provides an overview of the health coverage, Form 1095-B provides detailed information about each covered individual, including their name, social security number, and the months they were covered. In summary, Form 1094-B serves as an important reporting tool for insurance providers and employers, ensuring compliance with ACA provisions and providing the necessary information to the IRS regarding health coverage. Filing the form accurately and timely is crucial to avoid penalties and maintain compliance with the law.
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