Who Form 1094 B Imports 2023-2024

Hello, this video is about Affordable Care Act reporting basics. We will be covering the following topics: mandates for ACA information reporting provisions, important definitions, who needs to file, when and how to file, and associated penalties. There are two primary mandates for the Affordable Care Act. The individual mandate states that each individual must have minimum essential health care coverage or qualify for an exemption or pay a penalty known as the individual shared responsibility payment. The employer mandate states that employers with at least 50 full-time employees (including full-time equivalent employees) must offer minimum essential coverage that is affordable and provides minimum value to its full-time employees and their dependents. If at least one full-time employee receives a premium tax credit, the employer may be subject to a penalty known as the employer shared responsibility payment. A premium tax credit is available to eligible individuals with low or moderate income to make minimum essential coverage more affordable through the exchange or marketplace. Before moving on, it is important to cover a few key terms relating to the Affordable Care Act. For ACA purposes, a full-time employee is defined as someone employed an average of 30 service hours per week or 130 service hours per month. A full-time equivalent employee is a combination of employees, each of whom is not treated as a full-time employee, but in combination, they are counted as the equivalent of a full-time employee. Lastly, an applicable large employer (ALE) is an employer that employed an average of at least 50 full-time employees (including full-time equivalent employees) during the preceding calendar year. Now let's discuss who needs to file. The first group of filers are applicable large employers (ALEs) who have a filing requirement to meet the provisions of the employer mandate. The second group of filers are self-insured...