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

Instructions and Help about Who Form 1094 B Employers

Alright good morning folks this is david sharpe and chair with ronnie brown louisiana we are having this seminar today for all of our brown and brown clients i hope you find it informative some housekeeping items first of all all phones are going to be muted so you won't be able to speak during the presentation questions may be submitted to the presenter via the chat feature on your dashboard type them in and we will try to address them at the end at the end of the presentation and through email if time is not available will answer them a little bit later the slides will be made available following the webinar and we are recording the webinar in the video will be available monday or tuesday our speaker today is Mary Bowman her bio bio is that she's an attorney at Miller Johnson and Grand Rapids Michigan she worked with employers and establishing amending and terminating employee benefit plans of all types because Bowman is the chair of the firm's employee benefits an executive compensation practice group and leads to health care reform team miss Bowman is recognized by chambers USA for employee benefits and executive compensation and is listed in the best lawyers in america for employee benefits law of a significant honors include being recognized as a Michigan super lawyer a client service all store by bt I consulting most influential woman by Grand Rapids Business Journal and a woman in the law Michigan lawyers weekly and with that I'll turn this over to Mary Bowman hey David thank you so much and I've had the privilege of meeting David in person even though I am on the phone this morning with you from Michigan and thoroughly enjoyed working with David and his team so we we plan this seminar are you ready for the new ACA employee employer reporting requirements because as David and I were just discussing before the call began this is really a very very big deal one of the most significant I think compliance requirements for employers and one that many employers I think haven't really been aware of or if they are aware frankly they are fatigued by all of the other ACA Brook for requirements and it's like this is just one more so it's it I understand your frustration and your pain and we're going to try to walk through this together today and try to be constructive and hopefully sort this out in a helpful way for you okay so now I'm hitting a hard time at dancing the slides there we go okay so what is the reporting all about well remember the reporting is to enable the IRS to enforce penalties and the individual mandate penalty started to take effect last year and the employer payer play penalty takes effect this year in 2015 and beginning next year the IRS is going to require this new reporting so they can enforce the two penalties where do we come from on this well last year final regulations were issued about these new reporting requirements I refer to the ACA as the Affordable Care Act or I sometimes refer to it as health care reform but this is all as part of health care reform and then this past summer the IRS released what we call draft forms and draft instructions for the new reporting requirements and then they issued final versions of the forms and instructions just last month now interestingly the forms aren't instructions are for use right now with respect to reporting with respect to the 2014 calendar year and it's possible that the IRS will further revise the forms and instructions before they start to be used for 2015 do in 2016 but at this point we don't think that any changes that are made are going to be very significant so there are two different types of reporting as I mentioned earlier which are going to be required individual mandate reporting and payer play reporting now these two reporting obligations are set forth in two different sections of the Internal Revenue Code as added by the Affordable Care Act one is section 60 55 and that's our individual mandate reporting section and the other is section 60 56 which is our pay or play reporting section of the Internal Revenue Code we're going to first talk about 60 55 which is the simpler and probably not as consequential a reporting requirement so 6055 requires in reporting to the IRS and also to individuals that I call responsible individuals which is another way of saying they are the policyholders and it informs the IRS and those individuals as to whether the coverage constitutes minimum essential coverage and that's because we all have to have a minimum essential coverage be enrolled in that coverage or potentially pay the individual mandate penalty under health care reform so first thing I think out of the gate to really emphasize here and that is 6055 reporting replies regardless of an employer size so it's if you offer a health plan to your employees whether you are subject to the pay or play or not you must comply with 6055 reporting and the other thing to emphasize is is that this reporting applies on a calendar year basis and that is regardless of the 12 month cycle I upon which you renew your health plan coverage so who is responsible for the 6055 reporting the good news is if you are fully insured the insurance company is going to assume this reporting on your reporting requirement on your behalf and that's both for what you said to the IRS and what you provide to the individual so if you are on the call today and remember the plan that we're reporting about is what I call your primary medical plan we are not reporting dental or vision we're not reporting uh with respect to your HRA