IRS Releases Draft Health Care Forms for Employer Reporting Requirements

Filed in Business Management, Labor by on July 25, 2014 0 Comments

HealthInsuranceThe IRS has released draft tax forms for the Affordable Care Act’s (ACA) information reporting requirements for employers and health insurers. Employers will need to fill out the final version of these forms when they are released later this year to show the IRS that they are providing health coverage to their employees.

The draft forms will help employers to get a sneak preview and collect information to comply with the law.

The IRS announced on its website (See subheads “Information Reporting  on Health Coverage by Employers” and “Information Reporting  on Health Coverage by Insurers”) that draft instructions won’t be published until next month and that both the forms and instructions will NOT be finalized until later this year.

Under the health care law, employers with 100 or more workers must begin providing health insurance coverage to at least 70% of their workers beginning on Jan. 1, 2015 or pay a tax penalty. Beginning on Jan. 1, 2016, they will need to provide health coverage to all their full-time workers.

As of Jan. 1, 2016, employers with at least 50 full-time workers will be required to provide health insurance to their full-time employees or pay a tax penalty.

Smaller businesses with less than 50 workers are exempt from providing coverage under the health care law.

Here is a list of draft (NOT FINAL) IRS forms:

Insurance Coverage Reporting:

Individual Tax Forms:

  • Form 1040-A:  Individual Income Tax Return
  • Form 1094-B:  Transmittal of Health Coverage Information Returns
  • Form 1094-C:  Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Return
  • Form 8962:  Premium Tax Credit
  • Form 8965:  Health Care Coverage Exemptions

For more information, email Suzanne Beall at NAHB or call her at 800-368-5242 x8407.

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