Under the Affordable Care Act (aka ACA or Obamacare)? Employers with more than 50 full-time equivalent employees are required to submit information reports on the health care coverage of employees to the IRS, effective January 2016.
this article covers the need to know information about the new Obamacare reporting requirements for health care, including who is required to report health care, what you will need to report on, and the deadlines for reports. 
Who shall declare health care to the IRS?
applicable large employers (ALES) are required to report their coverage of health care employees to the IRS. An FTA is an employer with 50+ full-time equivalent employees. We'll look at that next definition.
Are we a great applicable employer (FTA)?
In other words, if you have fewer than 50 employees, you are not an FTA. If you have 50 or more employees, you're probably an FTA.
But for employers about 50 employees, or with a mixture of full-time, part-time and seasonal employees, the calculation may become more complicated.
for further examination of how to calculate FTA, use the worksheet below.
Source: Zane Benefits
What are the new reporting requirements
starting from January 2016, ALES must submit IRS form 1095-C (a statement of employee) and Form 1094-C (transmission)
get organized now, and be ready to report on following :.
-
information on the basis of employer.
-
months during the calendar year for which the coverage of health care was available.
-
the number of full-time employees for each month during the calendar year.
-
Whether you, the employer, offered full-time employees and their dependents the opportunity to enroll in minimum essential coverage under a plan sponsored by the eligible employer (per calendar month).
-
Each full-time on the part of the employee monthly premium (self-only coverage) for the least expensive coverage with a minimum value under a regime sponsored by the eligible employer (per calendar month).
-
The name, address, and taxpayer identification number (TIN) of each full-time employee covered by such health benefits
See related :. Summary of new tax forms Obamacare
in addition to the report filed with the IRS, you will also provide a written statement to persons covered summarizing the information contained in the report.
What if we do not offer coverage to employees of health care?
As of 2016, all Aleš are required to file new tax forms to the IRS.
again, if you're an FTA and you propose minimum employees, affordable health insurance coverage in 2015, you may pay shared employer tax penalty liability if / when an employee buys subsidized individual insurance.
However, there is relief available for transition in 2015 and some employers with 50-99 FTE employees will pay no fees until 2016. Click here to learn more about the transition relief in 2015.
What information possible?
According to the IRS, you can begin to voluntarily report in 2015 for the plan year 2014, but the official annual report beginning in 2016 to 2015 plan.
from 2016, the states should be provided annually to employees by January 31. The forms must be submitted to the IRS by February 28 (March 31 if filed by electronic) for the previous calendar year.
Is there a fee for non-compliance?
ALES face penalties for not filing information reports. However, according to the IRS fines are exercisable for employers who do not file due to reasonable cause. Furthermore, the tax may be reduced for errors that are corrected in a timely manner, which is not due to reasonable cause
For more information, see :. IRS Bulletin and Federal Register .
Conclusion
As Obamacare rolls on, applicable large employers (ales) have new reporting requirements. Understand the reporting requirements of health care will now help you be better prepared to meet the new IRS tax forms in 2016.
What questions do you have about the new health declaration IRS Obamacare? Leave a question and we will help you answer.
0 Komentar