How to prepare my employees for the IRS 1095-C form (2016)

ACA regulations require Applicable Large Employers to issue eligible employees an IRS 1095-C form. This form may be new for some employees so you may want to ensure they are well informed of what to expect.

At BoomTax, we’ve identified 3 key topics to discuss with your employees in the coming weeks. Continue reading How to prepare my employees for the IRS 1095-C form (2016)

What is an IRS Form 1095-C?

The IRS Form 1095-C provides you with information about the health coverage offered by your employer.  You may receive a form even you decline coverage.  This form provides information about your coverage such as the number of months you and your dependents (if applicable) were covered.  It will also show the cost of the lowest monthly premium plan offered to you. Continue reading What is an IRS Form 1095-C?

Part 4 – Determine Which Affordability Safe Harbor to Use (2016)

Perhaps one of the more complex pieces of the ACA compliance equation is the affordability safe harbor provisions.

At its simplest, coverage is considered affordable if the premium constitutes less than 9.8% of the household income of an eligible employee. Since this calculation takes into account the take home pay for spouses, it is often difficult (if not impossible) for a large employer to make this calculation, so the IRS has provided 3 alternative calculations that they refer to as affordability safe harbors. Continue reading Part 4 – Determine Which Affordability Safe Harbor to Use (2016)