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

Instructions and Help about Who Form 1094 B Imports

Hello this video is about Affordable Care Act reporting basics filing forms 1095 B and 1095-c I will cover the following topics in this video the mandates that serve as the basis for ACA information reporting provisions some important definitions who needs to file what when and how to file and finally associated penalties there are two primary mandates that serve as the basis 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 the name of this penalty is 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 of its full-time employees receives a premium tax credit the employer may be subject to a penalty the name of this penalty is 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 I think it is important to cover a few key terms relating to the Affordable Care Act first for ACA purposes a full-time employee is one who is employed an average of at least thirty 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 are counted as the equivalent of a full-time employee lastly an applicable large employer or al E is an employer that employed an average of at least 50 full-time employees including full-time equivalent employees during the preceding calendar year first let's look at who needs to file the first group of filers are applicable large employers Aeolis have a filing requirement to meet the provisions of the employer mandate the second third group of pilers are self-insured employers and healthcare insurers a self-insured employer means the employer has liability for all claims incurred and pays for each claim for ACA purposes a self-insured employer is actually the provider of the coverage writers have a filing requirement to meet the provisions of the individual mandate looking at the illustration on the right if you are an employer the two primary questions to be asked are do you have at least 50 full-time equivalent employees in the preceding year and are you self-insured if the answer to both of these questions is yes then you need to complete form 1095-c parts 1 2 & 3 if you have at least 50 full-time equivalent employees in the preceding year but are not self insured only complete parts 1 & 2 a form 1095-c if you don't have at least 50 full-time employees including full-time equivalent employees but you are self-insured and complete form 1095 B parts 1 3 & 4 Internal Revenue Code section 60 55 and 60 56 outline the requirements for 1095 B and 1095-c reporting and I strongly encourage you to read these regulations next I will talk about what to file for each 1095 you will need to send one copy to the IRS and another copy to the recipient or employee if you have 250 or more 1095 s to file of one form type you are required to file the 1095 to IRS electronically the deadlines for filing 1095 forms are as follows January 31st is the due date to submit 1095 to employees and recipients February 28th is the due date to submit 1095 steyr us on paper and March 31st is the due date to submit 1095-c IRS electronically if any of these due dates fall on a weekend or holiday the due date then is the next business day as mentioned already there are two filing methods allowed by IRS paper and e-file if you choose to file on paper the copy that is sent to IRS must match the official landscape form however when providing recipient copies a redesigned form is allowed gralen has actually created a few different designs for the 1095 forms so that they are compatible with window envelopes to make mailing the forms to recipients much easier again if you have more than 250 forms of one form type to file you must file electronically no matter what filing method you choose Greatland has the products and services to meet your needs along with the people and experience to help you with your ACA reporting check out yearly calm for your AC a filing solution failure to comply with ACA reporting requirements can subject you to severe penalties penalties apply for failure to file failure to furnish recipient statements failure to file on time and failure to file electronically when required to do so also the employer shared responsibility payment is a penalty as well for failure to comply with the requirements of the employer mandate great let's staff of specially trained account managers are standing by to provide you with excellent ACA reporting information call us at 899 thank you