The IRS recently released Notice 2016-4 in which the Service has extended the due date for companies required to distribute Forms 1095-B Health Coverage, or 1095-C Employer-Provided Health Insurance Offer and Coverage. Employers and insurance providers alike will now have until March 31, 2016 to distribute Forms 1095 to their respective individuals, the previous deadline was February 1, 2016. The timing for filing these forms with the IRS has also been extended from February 29, 2016 to May 31, 2016, and slightly longer for those companies required to submit their forms electronically. The automatic extension was granted to provide companies additional time to implement the new systems and procedures necessary to accurately report health care coverage information to the individuals and the Service.
As part of the Affordable Care Act (ACA), IRS Code Section 6056 requires employers with 50 or more Full-Time Equivalents (FTEs) to report informational statements to their employees relating to the health insurance coverage that the employer offers (or does not offer) to its full-time employees. Most employers will be using Form 1095-C to report this information.
IRC Section 6055 requires ALL health insurance providers, (which includes self-insuring employers) to furnish information as to whether each of the respective individuals and their dependents maintained minimum essential coverage during the year. Most insurance providers will use Form 1095-B which those self-funded employers will also report this information on Part III of their 1095-C forms.
These forms provide details about health coverage for the individuals and all of their dependents, which is now required to be reported on their individual tax returns. Taxpayers who receive their Form 1095s after they may have filed their individual returns, will NOT need to file an amended return as they will be allowed to rely upon other information received from their employer or coverage providers.
You're Invited! Not-For-Profit CFOShare
Tuesday December 10, 2019
4:00 PM - 6:00 PM
You're Invited! Annual Accounting & Business Conference
Wednesday December 4 2019
Hosted at the MSU Management Education Center in Troy, MI
You're Invited! Construction Update
Thursday November 21, 2019
Detriot Athletic Club
241 Madison Avenue
Detriot, MI 48226