IRS introduces new forms to meet Affordable Care Act reporting requirements

September 2013


The Internal Revenue Service (IRS) recently issued proposed regulations under Section 6056 which was added to the Internal Revenue Code by the Affordable Care Act. Section 6056 requires employers to report certain information on full-time employees to assist the IRS in determining whether an employer is subject to the Section 4980H excise tax. This excise tax will be assessed against large employers failing to offer minimum essential health coverage to their employees or providing health coverage which is not affordable.
Section 6056 also requires employers to furnish related statements to their full-time employees. The proposed regulations describe new Forms 1094-C and 1095-C that will be used to collect and report this information. Although the first Forms 1095-C will not be issued until January 2016, employers must start planning now for how the required information will be acquired, and how and by whom it will be reported.
Further, the IRS is requesting input from employers on changes that can reduce the burdens of information collection and promote ease of administration. Thus, employers have an opportunity to help shape the reporting process.

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