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 see my name is Rhonda Houchins 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 WWF and associates 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 what is 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 to employer reporting requirements to the Internal Revenue Code taking effect 4 2015 code sections 60-56 and 6055 information reporting under Section 60 56 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 its first required in early 2016 for calendar year 2015 section 6055 requires employers that for bad 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 see to satisfy the filing requirements of sections 60-56 and 6055 on fab retention treasury issued final regulations on the employer shared responsibility provisions under section 49 a th 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 their full-time employees the employer may be subject to an employer shared responsibility payment if at least one of its full-time employees receives a premium tax credit for purchasing individual coverage on one of the new affordable insurance exchanges together forms 1094 c and 1095 c will be used in determining whether an employer as a payment under these provisions and in determining eligibility of employees for the premium tax credit all applicable large employers offering self-insured and fully insured plans must file forms 1094 c and 1095 see self-insured sponsored plans will complete parts 1 2 & 3 while fully insured sponsored plans to only complete parts 1 and 2 of form 1095 see for calendar year 2015 these forms are required to be filed by februari 29 2016 if filing on paper or march 31st 2016 if filing electronically employers must furnish each full-time employee with a form 1095 see by februari first 2016 for the 2015 calendar year if the employer is filing paper returns the returns will be mailed to the Department of Treasury in either Austin Texas or Kansas City Missouri dependent upon the employers location you can visit the IRS link on the slide to find the appropriate address you need if you have two hundred and fifty or more information returns to file you must file electronically the next two slides list briefly the information included on forms 1094 C and 1095 c4 fully insured and self-funded plans form 1094 see for both include employer information such as name ein address and contact person name and phone number information about whether you offer coverage to at least seventy percent of full-time employees this percentage is set to increase to ninety-five percent for 2016 also it includes the total number of forms 1095 see issued employee counts eligibility for transition relief if any and if part of an aggregated applicable large employer group information about its members if the applicable large employer sponsored a fully insured plan parts 1 into u of form 1095 C will be completed part 1 includes employer and employee information such as the employees name social security number address the employer name and ein address and phone number and name of a contact person the employee the employee or recipient can contact if they have questions about the information reported on the form part 2 includes the health coverage offer and coverage information by month there are three lines in this section to complete lines 14 15 and 16 line 14 requires an indicator code from code series 1 to be entered this code will indicate the type of coverage if any offered to the employee during the calendar year line 15 is where you must enter the amount of the employees share of the lowest cost monthly premium for self-only minimum value coverage offered to the employee line 16 is where section 49 a th safe harbor codes which our code series 2 are entered for self-funded plans part 3 of form 1095 c will also be completed this section lists information for all individuals covered under the employees plan an example would be if the employee has family coverage the spouse and children's information would be listed here this concludes our short video on reporting by employers on Form 1094 c and 1095 see i have included my contact information for you as well as multiple IRS links regarding employer reporting requirements thank you for listening to our video please visit our website at WWE and associates com to learn more about our firm and visit our news and hot topics tabs for other tax and healthcare information