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IRS Releases Tax Tip on Filing ACA Information Returns

On November 12, 2015, the IRS released a Tax Tip to help employers and insurers understand the electronic filing requirements for information returns required by the Affordable Care Act (ACA). For the 2015 year, as required by the ACA, the IRS will receive and process information returns reporting on individual’s health insurance coverage from insurance companies, self-insured companies, and businesses that provide health insurance to their employees.

ACA Forms 1094-B, 1095-B, 1094-C, and 1095-C are classified as information returns under the Internal Revenue Code, and as such, any person or corporation that is required to file 250 or more information returns must do so electronically. The IRS noted that the 250 or more information return requirement applies separately for each type of return and separately to each type of corrected return. In addition, all filers are encouraged to file information returns electronically, even if they file less than 250.

ACA information returns should be electronically filed through the ACA Information Returns (AIR) system. AIR will process each electronic submission and provide a status and detailed acknowledgement. AIR accepts the following information return transmittals and documents:

  • Form 1094-B, Transmittal of Health Coverage Information Returns.
  • Form 1095-B, Health Coverage.
  • Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns.
  • Form 1095-C, Employer-Provided Health Insurance Offer and Coverage.

The IRS noted that issuers should retain a copy of information returns for at least three years from the reporting due date.

Tax Tip

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