Video instructions and help with filling out and completing Who Form 1094 B Certification

Instructions and Help about Who Form 1094 B Certification

Well to our training on the Affordable Care Act reporting steps by March 31st 2016 all clickable large employers and anyone offering self-funded medical insurance plans are required to provide forms 1095 to any employee with a full-time employee for one month or more during 2015 there then submit a copy of these documents to the IRS along with a 1094 transmittal form by May 31st done by now by May 30th done electronically during the next few minutes I'll walk you through how to complete these documents our objective is to help you get through this process in an easy step-by-step fashion hoping to meet all requirements I'm Jen Spencer president and CEO of HR service a provider of benefit compliance and HR solutions and before we begin I have a couple caveats talk to hall experts you have at your disposal it's the first year it's going to be a learning year labor attorneys benefit brokers CPAs HR software payroll providers you're all going to have with different kinds of knowledge exploited we provide you with everything needed to meet these requirements but it's a good idea to use all resources available to you it provides you with a little background we now have two new IRS sections six oh five five and six oh five six that outline requirements for applicable large employers and self-funded plans the weak employer shared responsibility provisions providing minimum essential coverage minimum value at affordable rates these provisions further outline reporting requirements which will be the focus of our discussion and that's the ACA reporting is simply providing required forms to the IRS and sending copies to full-time employees this helps them so they know who is meeting the requirements to have coverage or who they need to send fines do making sure if you need to complete the ACA reporting documents at all if you have 50 or more full-time equivalent employees during 2014 or if you offered a self-funded plan during 2015 you're required to report this applies to all entities even the government and nonprofit organizations it's important to consider if you are part of a control group because the total of all control group members is taken into consideration when determining the 50 full-time equivalent threshold all businesses when a coroner has 80% or more ownership or where 50 or fewer common owners have 80 percent control they would be considered part of a control group there step 2 determine which ACA forms to complete if you are an applicable large employer use forms 1095-c and 1094 see if you offer a self-funded plan and have less than 50 employees use forms 1095 B and 1094 B and this discussion focuses on completing forms 1095-c in 1094 C the most common forms there are two alternative methods of reporting under sections 605 6 which were developed to minimize the cost administrative hassles of employers the alternative methods are reporting based on certification of qualifying offers and an option to report without separate identification of full-time employees if certain requirements are satisfied I will cover these in greater detail it's important we mention that now because if you are looking at those options it will impact how you fill out some of the 1095-c document or whether or not you even have to accept 3 sections of 1095 it completes complete sections 1 & 2 for applicable large employers with fully insured plants complete all three sections 1 2 & 3 if you offer a self-funded plan here's a copy of the 1095-c showing parts 1 2 & 3 notice for self-funded plans in section 3 you'll need to cover individual information for dependents such as their names social security number date of birth and monthly recovered right in summary if you're applicable large employer and self-funded and a self-limited plan use forms 1095 and 1094 see reporting on all sections 1 2 & 3 if you're an applicable large employer and have a fully insured plan use forms 1095 and 1094 see the only report on parts 1 & 2 if you have less than 50 employees and offer a self-funded plan use forms 1094 b and 1095 be completing all sections like step 4 determine which employees had received forms 1095 provided 1095 to anyone who was considered a full-time employee for one full month or more during the year additional definition of a full-time employees and those who averaged 30 hours of more work time during the month I also provided 1095 any part-time employees if they were covered on the medical plan except five are now ready to begin pulling together the data needed to complete the reporting documents hopefully you already have a lot of this information pulled together through your payroll or HRAs systems a briefly Outland indicated by referencing each section the important run of the 1095-c report you'll need basic employee and employer information for employees you'll need the employees full name social security number and address an employer enough for the employers name di an address a telephone number section two is the most complicated area of 1095 as it requires you to reference table of counts to question 14 where you report on the type of coverage offered and question 16 where your show or show any applicable safe harbors or y-you may be excused for a certain type of offer question 15 is where you report an employee share of monthly premium cost for the employee only minimum value let's go into more detail with each of these sections the inner one a if you provided a qualifying offer meaning you offered minimum essential coverage minimum value at affordable rates to the employees spouse and dependents I'm not going to read through each of the codes at this time here but please reference these and you see them in the obstructions as well what you'll do is you'll put in whichever code applies so you've got each