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

Instructions and Help about Can Form 1094 B Provisions

Hello, welcome to this short video on reporting by employers on Form 1094 C and 1095. My name is Rhonda Houchins, and I am a manager with Hargis & Associates, a certified public accounting and consulting firm. Our firm specializes in providing accounting, billing, and consulting services to long-term care facilities. For a more detailed list of our services, please visit our website at WWFandassociates.com. Our contact information will be provided at the conclusion of this video. We are going to discuss the basics of employer reporting, including what forms must be filed with the IRS, the purpose of the forms, who must file the forms, when and where to file the forms, and what information goes on the forms. The Affordable Care Act added employer reporting requirements to the Internal Revenue Code, taking effect in 2015. Code sections 60-56 and 6055 require information reporting under Section 60-56, which is first required in early 2016 for calendar year 2015. Section 60-56 requires applicable large employers to provide an annual statement to each full-time employee that reports the health insurance coverage offered to them, as well as the employer filing information returns to the IRS. Code section 6055 was voluntary for coverage providers in calendar year 2014, but it is first required in early 2016 for calendar year 2015. Section 6055 requires employers that provide minimum essential coverage under a self-funded plan to provide an annual statement to covered employees. The IRS has issued forms 1094 C and 1095 C to satisfy the filing requirements of sections 60-56 and 6055. On February 9, 2014, the Treasury issued final regulations on the employer shared responsibility provisions under section 49(a)(4) of the Internal Revenue Code. If employers subject to these provisions do not offer affordable health coverage that provides a minimum level of coverage to...