There are new reporting requirements mandated by the Affordable Care Act for some employers for 2015. Beginning in 2016 (for health coverage offered on or after January 1, 2015), Internal Revenue Code Section 6056 requires Applicable Large Employers (ALEs) to file information returns with the Internal Revenue Service to report applicable healthcare information. An ALE must file Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, for each full-time employee, and the related Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns. In addition, employers of all sizes will have a reporting requirement under IRC Section 6055 if the employer self-insures. These reporting requirements help administer the employer shared-responsibility mandate and the individual mandate added as a part of the Patient Protection and Affordable Care Act. (more…)
By Carol Wagner, Principal
With its purpose to provide health care for all individuals, the Affordable Care Act is an interesting blend of health insurance benefits, payroll considerations, and tax implications – the perfect storm for businesses. Companies can turn to professional service advisors to help weather this storm, including payroll service providers, health insurance brokers, and their tax professionals.