Who Form 1094 B Imports 2022-2023

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...