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

Instructions and Help about Who Form 1094 B Provisions

Hello good afternoon and welcome to the tax credit coves webinar on the Affordable Care Act compliance topics of 1095 C and making it simple we hope to provide some answers and insight into the 1095 see during our time together today my name is Laurie peroni senior vice president with tax credit co and Before we jump into far i want to get introduce myself and tell you a little bit about my background and our team luray peroni senior vice president been in the tax credit and AC a space for over 19 years held leadership roles with a number of fortune companies before joining the experts here at tax credit co our presenter today is Mack schenker vice president of client services and government affairs who's been with TCC for nearly 15 years over that time he has helped Tax Credit code to develop industry-leading processes and systems to optimize tax incentive outcomes for our clients and has worked closely with many of our largest clients over the past year max has been an integral part of the team responsible for introducing tax credit codes ACA compliance offering i'm also very fortunate to work with the team of people here at tax credit co who are recognized as leaders in their fields with an impressive trail of publications board memberships and diverse backgrounds behind them all leading to a staff of over a hundred tax credit and financial professionals with fortune 500 experience across many major industries we have been in business for over 19 years serving all sizes of clients with a technical expertise in certain key industries such as retail manufacturing and other service related industries we have dedicated support teams to ensure our clients success and we are happy to be here to talk about ACA compliance today next slide thanks max all this to say is that when we tackle a client's challenges we do it with a wealth of knowledge and experience and our team aims to simplify the inherit complexities of tax credits incentives and what we're going to do today when we talk to you a little bit more about ACA and these forms who that have presented some particular challenges to employers as we near the first year of the requirements to file and complete those Maps I'd like to turn it over to you now thanks ray so today instead of trying to give a comprehensive overview of the reporting requirements for the Affordable Care Act I thought we'd talk about something more focused there's already a lot of great material out there on ACA generally on the employer mandate and on the IRS reporting requirements and at this point I'm assuming you have a pretty good idea of the major themes and requirements of ACA compliance so I wanted to focus in on just one specific topic that I know is particularly challenging today we'll cover first a discussion of the various codes it can be used on lines 14 and 16 of the IRS Form 1095 see second a new way of organizing those codes which we think simplifies understanding their functions and how to determine the correct ones to use and lastly we'll go through some examples to begin to see the implications that these codes have on potential employer penalties so what we're looking at here is the finalized IRS Form 1095 C 4 2015 this form along with the final instructions and the related form 1094 see were posted by the IRS just on September 16th of this year and today we'll be focusing on lines 14 and 16 a form 95 C needs to be completed for each full-time employee and provided to those employees by January 31st 2016 that's the date the forms need to be postmarked if you're mailing them this year that's a Sunday so you really have until februari first to send them keep in mind that being late to furnish these forms to employees or late and filing them them with the IRS which is due in March can cause penalties of up to two hundred and fifty dollars perform now when we say full-time employees we're referring to employees who are defined as full-time based on the regulations of the ACA basically that means employees hired into positions that the employer knows our full time like a salaried position for example and also variable our employees who have been measured as working on average at least 130 hours a month over the course of a measurement period what I'm saying is that you don't need to complete a form 1095 see for every employee who happens to work more than 130 hours in a single month unless you're using what's called the monthly measurement period which i think is rare however if an employee is full-time x ACA standards even for one month of the year then a complete 1095 form is required with all 12 months of information completed the 1095 is being used by the IRS to accomplish a couple of different objectives primarily along with the form 1094 it's the tool that employers will use to self-report their compliance with the ACA employer mandate in addition the IRS will cross-reference to 1095 is using the social security numbers of the individuals to those employees individual tax returns in order to determine if those individuals have incorrectly claimed a health care subsidy also known as a premium tax credit as we'll see the way the form is filled out can end up with an employer self reporting that they are liable for one of the ACA is pay or play penalties if we go back then to look at the form will first take a look at line 14 which the form refers to as the place to fill in an offer of coverage the IRS instructions to the form described the purpose of this line as specifying quote the type of coverage