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

Instructions and Help about Which Form 1094 B Sponsors

Welcome to Express IRS Forms, the one-stop site for all of your IRS information return e-filing needs. We offer federal and state e-filing for multiple 1099 forms, W-2 forms, and their corrections. On our radar today are the new Affordable Care Act returns, which are required to be filed with the 2015 tax year. When the Affordable Care Act was passed, tax legislation changed to accommodate the new healthcare coverage requirements, ensuring that all Americans have at least the minimum essential health care coverage. Certain insurance providers and employers have to report the coverage offered when they file their income tax returns each year. According to the IRS Internal Revenue Code section 6055 and 6056, insurance companies or self-insured plan sponsors must now file Form 1094-B and 1095-B each year, and applicable large employers must file Forms 1094-C and 1095-C. The 1094 forms are transmittal forms, while the 1095 forms contain all of the coverage information for each recipient or employee. In addition to being filed with the IRS, a copy of each 1095 form must go to the listed recipient or employer. Similar to other information returns like the W-2 or 1099, before you can file with CACA information returns, you'll need the following information: a total count of your employees, including a total count of your prudent employers; each employee's social security number, name, address, and their share of the monthly premium; information about the healthcare coverage you offered; the months in which each employee was enrolled; information about safe harbor affordability; and information about self-insured covered individuals within your plan. IRS Forms 1095 must be provided to your recipients or employees by March 31st following the calendar year in which you file. If you're e-filing 1099 or W-2 forms with the IRS, they need to be filed by the last...