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

Instructions and Help about Who Form 1094 B Taxpayer

Hi welcome to our webinar on new ACA reporting requirements forms 1094 and 1095 see thank you for joining us today I'm Kristin Donahue and i'm here with rachel johnson hello one rachel is one of our principal community liaisons and healthcare brokers and she will be going through walking you through the forms today just a reminder that this is an executive overview we are going to try to keep this to a quick 20 minutes our goal is to give you the basic language and knowledge to communicate with your internal team or healthcare broker and then the other members of your team your CPA or any other professional and that arena we are going to cover today a walkthrough of the forms who's responsible for reporting when reporting is due in any penalties associated with not reporting another reminder is that this is for educational purposes only and please contact your health-care broker or tax professional for further counsel okay let's get started if you look in the right hand corner you will see that there is a place to type in questions throughout the webinar please feel free to do so we also had on the registration form and place to put questions and those of you that entered questions we will be addressing those throughout the webinar and at the end and we will do our best to get through everybody's questions and with that I'm going to turn it over to Rachel all right so what's new for 2015 so 4 2015 to be reported in 2016 all applicable large employers those are employers with 50 or more employees are going to be required to fill out some new forms for the RS and furnish them to your employees just a quick note there is some transition relief as far as the employee employer mandate for organizations from 50 to 99 we're not going to deep dive into that at all today so we're just going to assume all Ellie's our 50 plus our kind of lumped in together but keep in mind there's some transition relief for plan year 2015 so let's get started now there are two sets of forms that are required this year the 1090 for bees and the 10th 1094 1095 bees which all call the bees and 1094 and 1095 see which I'm going to call the Seas now the bees are required for anybody that is a provider of minimal essential coverage what this means to you is if you are a carrier so your kaiser your Blue Cross or Blue Shield or if you are a self-insured sponsor so if your self ensuring your health plan you need to fill out the bees and send them to the RS and furnish them to your employees as well we're going to focus on today is the Seas however this is what every a le needs to fill out and furnish to their full-time employees you're going to fill out a 1094 and a 10-9 a 1095 for each employee the 1094 is a transmittal sheet that you got your 1095 together and sent to the IRS and then each employee is going to get a 1095 see so very similar to your w-2s that you're already doing and like tax forms you report the following year for the previous right so you're going to be reporting in so your employees are going to need these in January 2016 for the 2015 plan year why why are we doing all these extra forms this is says so the IRS and administration of two things the employer mandate probably heard of this as the employer shared responsibility provision payer play goes by a bunch of different names but basically starting in 2014 and then 15 and then fully in 2016 employers with 50 or more employees are required to provide mental essential health coverage to their employees and their employees dependents dependence being children that are 26 or younger an additional this is going to help the IRS administer the individual the individual mandate so in employee everybody is required to have some form of insurance so this is to help them administer that as well and we have some blog posts as well as a penalties handbook that is coming out that we will share with everybody as well so this like I said we're trying to keep this to 20 minutes but for deeper dives you do have material educational materials that we can share with people who have other questions on that okay who is responsible like I mentioned before organizations with 50 ft FTEs that's full time equivalents in the previous calendar year so if in 2015 you 2014 you establish that you had 50 or more full-time equivalents then this is you are considered a le for the 2015 reporting year to be reported in 2016 and you're going to need to file the seas and if you are minimal essential coverage provider like I much before plan sponsor or a carrier then you're gonna need to do the fees this is just a quick kind of chart for everyone to drill down what they needs to fill out what it depending on what kind of plan you have so if you have you provide no coverage and you are an applicable large employer you still need to fill out the Seas to 10 9 24 10 95 c and even if that's saying that you're not providing any coverage or choosing the pay portion of the pair play you still have to provide those the RS and you still need to provide them to your employees if you are not an applicable large employee got less than fifty FTEs in 2014 you do not have any reporting requirement if you are fully ensuring your health insurance you're and you are inapplicable large employer so you have a that means you have a