Greatland Offers Last-Minute Affordable Care Act Tax Reporting Support for Businesses
By a
While the due dates for 1095-B and 1095-C paper forms have passed, businesses have until
Only Greatland gives businesses the opportunity to e-file until
ACA reporting via 1094 and 1095 forms was required last year, and employers and insurers are again expected to comply with all HYPERLINK "http://www.greatland.com/category/filing+resources/1095+(affordable+care+act)+reporting.do" nACA reporting requirements, making it imperative that businesses understand the new requirements for 2016. In 2015, the
As a reminder, employers with 50 or more full-time employees (including full-time equivalent employees) and all self-insured employers regardless of size must report healthcare coverage information to employees and the
If you are an insurance company or business that is required to report healthcare coverage, you will need to file one of two form types to the federal government. Both paper and e-file are acceptable filing methods, with the e-file threshold being 250 forms.
1095-B - The Internal Revenue Code (IRC) Section 6055 outlines the requirements for 1095-B reporting. Form 1095-B must be issued by the insurance company (or self-insured employer) to the individual and the
1095-C - IRC Section 6056 defines the reporting requirements for large employers (50 or more full-time employees including full-time equivalent employees) to provide their employees with documentation outlining any applicable offer of health coverage. Form 1095-C is a statement issued by employers with 50 or more full time employees (including FTEs) to employees and the
Greatland has found that one of the biggest headaches for businesses is the completion of Lines 14-16 on Form 1095-C, the form used to provide employees with information about their medical benefits. This section has proven to be so unclear that many businesses pay high fees to have a third party calculate the required codes for them. Greatland's team of ACA compliance experts created a free HYPERLINK "http://yearlimail.greatland.com/public/viewmessage/html/14518/c6je7t5hcqtitun9z064ylqdjpg10" nACA Code Generator tool to help demystify the process, allowing businesses to complete this critical step on their own. Simply answer a few questions and this tool will guide you towards the correct codes to enter in Lines 14-16 of Form 1095-C.
To learn more about Greatland's ACA reporting services and tools, visit: HYPERLINK "http://www.greatland.com/category/aca.do" naca.greatland.com.
Keywords for this news article include: Affordable Care Act,
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