Video instructions and help with filling out and completing Can Form 1094 B Provider

Instructions and Help about Can Form 1094 B Provider

Hello everyone my name is angela and i am a tax professional and i have been for a very long time i have recorded a text HELP video theories that covers multiple topics for individuals who may have tax issues general questions etc this particular video is actually part 2 to the video i recorded yesterday februari the 11th 2015 regarding the ACA otherwise known as Obamacare taxed filing requirements in that particular video the information that I provided was more so geared towards the recipient the person receiving the coverage and receiving the forms in this particular video I am going to cover the forms and some requirements for employers and other providers outside of the marketplace now before I get into the meat of this video let me just recap the forms recap what I spoke about yesterday in the previous video and mention the forms that i mentioned in that video now as i mentioned in that video this ACA obamacare tax filing reporting requirement is new to everyone and of course you know the tax professionals were not excluded from that so we are learning as we go here if you will and so you have to please you don't have to you but you should please bear with your tax professional because there's a lot of new information out there that we have to absorb and there are a number of forms that are required in regards to making sure that the information is reported correctly so anyway to recap the form numbers from yesterday those forms are the 1095 a which is the health insurance marketplace statement form the form 8960 to which is the premium tax credit form and the form 89 65 which is the form used to report health care exemptions on it so those were the forms that were discussed in yesterday's video again that's a more so relevant to the recipient and you can refer to that video for more information because i did go into more detail regarding those forms now as for this video again this video is geared toward the information that i'm going to provide in this video is more so geared toward employers who provide health insurance coverage and others outside of the marketplace who provide coverage and what forms you need to file to make sure that you're in compliance so there seems to be a bunch of 1090 forms going on we gotta 1095 a which is the health insurance marketplace statement form and again that's the form of that providers through the marketplace will provide to recipients okay so for the forms for employers and others outside of the marketplace you have the form 1094 b which is the transmittal of health coverage info which is the transmittal of health care coverage information okay let's do this again the 1094 B is the transmittal of health coverage information returns this particular return is similar to the 10 96 form that you file with 1099 miscellaneous forms it's pretty much to report the information of about the individuals that you have issued v2 95b forms to now the 1095 be form is the health care health coverage the verification form for them I'm getting tongue-tied here but the 1095 B is the health coverage health coverage form that the provider the employer or other provider outside of the marketplace will provide to you there is also the 1095 fee form which is the employer-provided health insurance offer and coverage form now for more information about these forms you can refer to their instructions but what I'm going to do is I'm going to read part of the instructions for the former 1094 be and 295 feet ok the purpose of the forms 294 V and 295 be form 295 feet is used to before serving information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore are not liable for the individual shared responsibility payment minimum essential coverage include government sponsored programs eligible employer-sponsored plans individual market plans and miscellaneous coverage designated by the Department of Health and Human Services minimum essential coverage is described more in detail in the instructions of the form to 94 feet and 295 be ok so now let's talk about or shall I say let me discuss who must file every person that provides minimum essential coverage to an individual during a calendar year must file an information return and a transmittal most filers will use form 1094 B which is the transmittal form and 1095 B which is the information return however employers including government employers subject to the employer shared responsibility provisions sponsoring self-insured group health plans will report about the coverage in part 3 of form 1095 feet employer-provided health insurance offer and coverage instead of unformed 295 be in general and employer with a 50 50 50 or more full-time employees including full-time equivalent employees during the prior calendar year is subject to the employer shared responsibility provisions and you can refer to the instructions for forms 1094 c and 1095 see for more information ok so let's talk about where to file the forms 1094 b & b 290 5b or when it's a file the return and transmittal form must be filed with the IRS on or before februari 28th of the year following the calendar year coverage if you are not electronically filing if you are electronically filing these forms then you have until large 31st so again let me repeat that the return and transmittal form must be filed with the IRS on or before februari 28 of the year following the calendar year coverage if you're not electronically filing those forms and on march 31st or on or before march 31st if you are electronically filing the forms and as for aware to file the forms you can refer to the instructions for the form 294 be and 295