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Video instructions and help with filling out and completing When Form 1094 B Employed

Instructions and Help about When Form 1094 B Employed

Hi, I'm Michelle and I work for the Internal Revenue Service. Under the health care law, anyone who provides health coverage to individuals has to report some information to the IRS and to those individuals covered by the plans. This requirement applies to insurance companies, government agencies, and some employers. Some provisions of the health care law apply only to employers with a large workforce, but this is not one of them. If you are an employer who provides self-insured employer-sponsored coverage, you will need to report that coverage regardless of the size of your workforce. You need to track some information each month during the year so you can report it at tax time the following year. The first thing you should keep track of is information about the individuals who enrolled in the coverage you provided. The second thing is the months you provided coverage for each individual. At the beginning of each year, you will prepare statements for the individuals you covered. Additionally, you will need to file information returns with the IRS. Make sure to check the dates each year for the reporting deadlines, as weekends and other factors can affect these dates. Also, the deadlines differ depending on whether you file the forms electronically or on paper. If you have to send the IRS $250 or more, you must file your returns electronically. There are two different forms for reporting. Most providers and smaller employers will use Form 1095-B, but if you have 50 or more full-time employees, including full-time equivalents, you will need to use Form 1095-C instead. This is because you are considered an applicable large employer, also known as an ALE. Just like other year-end forms you already file with the IRS, such as W-2s, you will file these forms using a...