Video instructions and help with filling out and completing What Form 1094 B Pros

Instructions and Help about What Form 1094 B Pros

Hello ladies and gentlemen thank you for standing by welcome to the webinar today brought to you by comply right mandatory ACA reporting in effect how to meet the new requirements my name is Stephanie Thomas and i am your host today thank you everyone for attending this webinar and welcome i like to review a few housekeeping items before we begin if you would like to ask a question simply use the chat feature located in the lower left corner of your screen you can ask questions at any time if you have any audio trouble please message us in the chat box and we will assist you please ensure your speakers are turned on with the volume up finally with all of the information we will cover today please note you will receive an email with a copy of the slides and a recording of the presentation by the end of the week to catch anything you missed now I am pleased to introduce you to our speaker today Stacey H Barrow benefits attorney and ACA expert Stacy thank you for being here today Thank Stephanie good morning good afternoon everybody it's stacey barrow here from Marathas barrel and Leatherheads in boston and we are a full service employee benefits executive compensation and labor and employment law firm located in the heart of boston I practice basically exclusively in the area of employee benefits we have clients from out of the country and I'm also one of the co-authors of the definitive treatise on the ACA published by thompson's is that the new health care reform law what employers need to know and we actually just released our 6th edition that's available now and that's a full about 600 page Q a guide to everything you ever wanted to know about healthcare reform before we start today I want just take a quick poll and get an idea as to how many full-time or full-time equivalent employees that you may have in these terms will make sense to you in just a second so if you want to go ahead and check the right button there and we'll just give folks 30 seconds or soda click your responses in there see them flowing in again we're just asking here number of full-time in full-time equivalents so results are that most of you answered 50 or more and you certainly are in the right place then because this employee count makes you an applicable large employer and responsible for meeting the AC reporting requirements this 2016 tax filing season so we have a lot to cover in the next hour so let's jump right in as you know the Affordable Care Act or ACA represents the most comprehensive changes to the nation's health care system in decades signed into law in March of 2010 and upheld by a Supreme Court decision in June of 2012 one of the ACS primary goals was to expand health insurance coverage to millions of uninsured Americans by guaranteeing access to private health insurance and expanding the Medicaid program the law also been to place the employer shared responsibility provision which places new mandates on employers who have historically been the biggest suppliers of private health insurance in this country in today's webinar we're going to talk specifically about one of the latest aspects of ACA compliance for employers and that's the annual reporting the employer shared responsibility provision requires certain employers to file information returns with the IRS each year as well as provide summary statements to employees the 1095 forms capture certain health insurance coverage details for full-time employees in their dependents including verification that you've offered minimum essential coverage that is affordable in that provides minimum value this webinar will guide you through the overall process of 1095 filing and hopefully clear up some of the confusion surrounding the rules we're going to cover the origins of ACA reporting the types of businesses affected including applicable large employers how to calculate full-time equivalent employees the definition of minimum essential coverage which of the 1095 forms the file with tips on proper completion as well as deadlines in filing penalties so a bit of context here the IRS first released regulations in March of 2014 requiring ACA reporting for certain largest employers in smaller self-insured employers although the rules were optional for 2014 they are now mandatory for the 2015 calendar year for all effective employers and that's why we're all here today so the AC reporting requirements are enforced by two new sections of the Internal Revenue Code we have section 60 55 which applies to providers of health insurance coverage such as health insurance carriers employers small employers that sponsor self-funded health plans and any other entities that provide minimum essential coverage such as sponsors of multi-employer plans providers of governmental coverage like Medicare and Medicaid section 60 56 is a little different and that is directed towards applicable large employers or a el es of those employers that have 50 or more full-time employees including full-time equivalent employees section 60-56 also requires a el es to share coverage details with employees so that they can determine if they qualify for a premium tax credit to buy health insurance on their own through the health insurance exchanges that was set up under the ACA and through this mandatory information reporting section 60 55 and 60 56 of the Internal Revenue Code help ensure compliance with the ACA particularly the employer shared responsibility provision which applies specifically to a le s so basically if you're on a le and you don't offer health insurance to your full-time employees that meet the law's requirements from minimum essential coverage and affordability then you may be subject to penalties so generally speaking whether or not your company is responsible for reporting the health insurance status of your employees depends on the size of your business and the type of insurance you maintain for