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IRS Delay in 6055 and 6056 Reporting for 2017

from Arrow Benefits Group

Under the Patient Protection and Affordable Care Act, individuals are required to have health insurance, while applicable large employers are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service to verify that (1) individuals have the required minimum essential coverage, (2) individuals who request premium tax credits are entitled to them, and (3) ALEs are meeting their shared responsibility (play or pay) obligations, employers with 50 or more full-time or full-time equivalent employees and insurers will be required to report on the health coverage they offer. Final instructions for the 1094-B and 1095-B and the 1094-C and 1095-C forms were released in September 2016, as were the final forms for 1094-B, 1095-B, 1094-C, and 1095-C. The reporting requirements are in Sections 6055 and 6056 of the ACA.

Reporting was first due in 2016, based on coverage in 2015. Reporting in 2017 will be based on coverage in 2016. All reporting will be for the calendar year, even for non-calendar year plans.

On Nov. 18, 2016, the IRS issued Notice 2016-70, delaying the reporting deadlines in 2017 for the 1095-B and 1095-C forms to individuals. There is no delay for the 1094-C and 1094-B forms, or for forms due to the IRS. more


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