Are You Ready for the New Affordable Care Act Tax Forms?

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:

Employers must deliver the forms to employees no later than February 1, 2016 or become subject to penalties. For more information, visit the IRS page

Related post: Obamacare Tax Credits: What's it All Mean for Accounting and Finance