Posted by Tamara Stanley on Thursday, October 16, 2014 - 00:00
As you likely know, the clock is ticking for the Patient Protection and Affordable Care Act (ACA) regulations to kick in. For accounting and finance professionals, this brings an onslaught of considerations and ramifications for how you work today, and how you will work in 2015 and beyond.
Our sister blog for Robert Half Finance & Accounting offers this overview of the impact of the ACA on the industry, a primer on new tax information, reporting, credits for small businesses, and medical billing.
Let's add in another consideration for 2015: tax forms. Starting in 2016, employers and health insurance issuers will need to report health coverage for 2015 to the IRS. That means, that starting January 1, employers must understand how to use these forms properly and have systems in place to collect data. Here's a quick guide to the Affordable Care Act tax forms, which are still being finalized by the IRS:
- 1095-B: Health Coverage: For insurers and self-insured employers to report on individuals who received at least one day of coverage through their health plans; it indicates the months during 2015 the insured or his or her family had coverage under the plan.
- 1094-B: Transmittal of Health Coverage Information Returns: The transmittal form for 1095-B.
- 1095-C: Employer-Provided Health Insurance Offer and Coverage: For employers with 50 or more full-time employees, including those who are full-time equivalent. This form is for employers to report that they offered health care, the months of coverage and the employee's share of the lowest cost monthly premium for self-only minimum value coverage. Large employers with self-insured plans only need to submit Form 1095-C because the information in Form 1095-B can be included in Form 1095-C.
- 1094-C: Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns: The transmittal form for Form 1095-C.