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Video instructions and help with filling out and completing Which Form 1094 B Requirement

Instructions and Help about Which Form 1094 B Requirement

Okay I'd like to introduce trip band walls doing our webinar today like to thank everybody for participating he's from Millard Johnson and he specializes in employer compliance ACA laws benefit law Cobra etc stuff like that obviously with the ACA had a lot of taxes and fees to companies like you already were taking care of their employees and doing the right stuff anyway but now there's actually more than that there's a lot of reporting things that you have to do so we've asked trip to do the webinar for this and webinar she lasts about an hour and then take some questions after that's got questions and then you know where I is available to help you pull the things together so like to introduce trip at this time thank you Jim alright welcome everybody a good afternoon and happy friday as Jim said my name is Tripp van der Waal and we are going to be covering some ACA reporting requirements so here are a couple of the form a tea or a couple of housekeeping issues you guys are all in listen-only mode right now however I understand that you have the ability to submit questions on over the computer so questions may be submitted via the chat feature on your dashboard as Jim said our presentation is going to last about an hour today and then we have allocated a half hour for questions at the end there are only eight people oh and slides are going to be a made available after the webinar as well as this is being recorded and you will have the opportunity to view it later if you should want to there are only eight of you on the webinar today so please feel free to take advantage of the question and answer period you know we with only eight we can probably get through a number of your questions this webinar because it is only an hour is kind of a high level review we cannot go through line by line of these reporting forms but we are going to address them in a more macro type environment last this webinar does assume that most of you have some working knowledge of the pay or play penalty as that applies to large employers now that we have covered all of these housekeeping items we will get started so as many of you are probably aware the individual mandate which is the obligation that employers that employee or I'm sorry the obligation that individuals have health insurance took effect in 2022 the employer payer play penalty took effect in 2022 and that is obviously the requirement that large employers offer their full-time employees health insurance or pay a penalty now beginning in 2022 the IRS are going to require employer's to do certain reporting in order to enforce these penalties be back in March of 2022 the IRS issued final regulations on these reporting requirements that are required under the Affordable Care Act the regulations were very helpful but they left a lot to be desired because they were just a listing of information that needed to be required in July of 2022 the IRS released draft reporting forms so we actually got to see the reporting forms themselves and what they were going to look like and how this information is going to be reported in two thousand in August of 2022 they release draft instructions which were very helpful and 2022 the IRS released final versions of the reporting forms and instructions now let me highlight something right now the reporting requirements for 2022 were optional and the forms that were issued in February 2022 relate to the report the optional reported in 2022 that would have had to been completed in the first quarter of 2022 just last week Friday already may have even been this past Monday the IRS released release draft forms and instructions for reporting purposes in 2022 and those are the forms that will be filed in 2022 the good news is is they are largely the same as the reporting forms for the 2022 calendar year so if you are familiar with those forms not much as change there are two types of reporting that will be required and they fall under different sections of the Internal Revenue Code the first is section 6055 reporting which we also refer to as individual mandate reporting and the second is section 60-56 reporting which we refer to as pay-or-play reporting section 6055 reporting requires employers and certain entities to report to the IRS and responsible individuals whether their coverage that they're enrolled in constitutes minimum essential coverage because if an individual is enrolled in coverage that is minimum essential coverage that individual is not subject to the individual mandate penalty under health care reform so this reporting requirement under Section 60 55 is intended to assist the IRS and force this individual mandate penalty again all individuals except for certain certain with certain exceptions must be enrolled in minimum essential coverage or they have to pay a pay or play penalty now the section 6055 reporting applies to all employer group health plans regardless of the employer size which as we will discuss is a little bit different than the section 60-56 reporting and there's no exceptions to this requirement now having said that you as the employer may not be obligated to comply with section 6055 because of the allocation of this obligation so as you can see on this slide the section 6055 reporting for those of you that sponsor fully insured group health plans the insurance company the insurance carrier is required to report on your behalf now if you are on the line in your organization sponsors a self-funded health plan you the employer is essentially the provider of coverage will have to comply with the section 6055 reporting there is no ensure that's going to do.

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