Video instructions and help with filling out and completing Fill Form 1094 B Isnt

Instructions and Help about Fill Form 1094 B Isnt

Form 1095-c represents the most detailed work force reporting ever required of US businesses it is a federal reporting requirement for every business that needs to comply with the Affordable Care Act what exactly goes on it and how is it different from a w-2 a 1095-c packs a year's worth of payroll and benefits data unlike a w-2 which reports on summary data a 1095-c delivers month by month detail and whereas a w-2 form goes to all employees a 1095-c form is required only for some employees fully assured employers must produce this form for every ACA defined full-time employee self-insured employers must produce this form for every covered employee whether they are ACA eligible or not even though you may hear a RS form 1095-c referred to as the ACA version of a w-2 the only similarity in these two forms is their production time of January the other key difference from a w-2 is that population of form 1095-c centers not on dollars but on hours and not just hours worked on the job but hours when an employee was of service to the employer such as the situations listed here what makes this form the most detailed regulatory reporting required is the fact that the employers not only have to calculate hours for all employees and then report on which employees are full-time and thereby eligible for offers of health insurance they also need to report on attributes of the insurance offered does it meet ACA standards for quality and in each eligible employees case does it meet ACA standards of affordability because of all the monthly detail on this form and the confusing calculations behind many of the numbers professionals working with the 1095-c say it's more comparable to an NCAA Tournament bracket than a w-2 form that's particularly the case that organizations which are self-insured these employers need to provide additional information on a part of the form that is specific to them this information can often appear to conflict with information elsewhere on the form it is imperative if you are self-insured to learn about the differences between part 2 and part 3 reporting on a 1095-c it's important to remember that generation of IRS form 1095-c for employees and of its transmittal IRS form 10 94c has nothing to do with the applicable large employers pay or play strategy whether you choose to offer employees coverage as mandated or accept the penalties for not doing so producing and sending these forms out is not optional it's a federal requirement these are the due dates to note for ACA forms given how significant the employer penalties for ACA non-compliance are it's critical that you don't think of 1095 C's as just another year in form the IRS will be assessing coverage penalties monthly after it cross-references what employers have reported with information they receive from the exchanges and from the individual tax returns of employees monitoring eligibility and affordability data month after month is advisable be sure to reach out to other departments and professional advisors about choices and strategies for ACA compliant it is important to note that the IRS is moving forward with enforcement of the employer mandate and the 1095-c reporting needs to be done regardless similar to the w2 reporting fines are up to five hundred and twenty dollars per form here's a link with more resources for you such as blog posts with more details for self-insured employers more educational videos and easy ACA to do checklist an e-book with much more information and IRS resources so you can fact check the guidance for giving thank you for joining us we hope you found this presentation informative please make sure to check out all our educational resources on the Affordable Care Act now as always let us know how we can thank you Music