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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 workforce 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 employee's 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...