Ken Ham
Both Forms 1095-B and 1095-C are for Affordable Care Act reporting, but you may find yourself asking: which ACA form do I need? There are some key differences in each form, so we have created this guide to help you decide which you need in order to report your data. What is the ACA? In … Read more
The IRS requires that employers report wage and salary information for employees using Form W-2. This form is also used to report other information, such as taxes withheld, employer fringe benefits, health savings account contributions, etc. This information is submitted to the IRS and provided to each employee. Who receives a Form W-2? Employers must … Read more
Avoid receiving TIN errors on your filings by using a TIN validation tool, like TINCorrect prior to submitting your filing. What is TINCorrect? TINCorrect allows you to verify SSNs (Social Security Numbers) or company EINs (Employer Identification Numbers) prior to submitting your tax forms to the IRS. Submitting tax forms with the wrong TIN information … Read more
Every BoomTax filing license comes with free unlimited corrections submissions. We hope you never have to use them, but you should know what they are, when to submit them, why they are necessary, and how to minimize them. What Are Corrections? After you’ve submitted your information returns to the IRS, they may come back as … Read more
After determining the individuals who should receive or be reported on the Form 1095-B, it is important to verify their taxpayer identification number (TIN) information. Verify TINs Before Filing Failing to include a recipient’s TIN, or providing the wrong TIN, could result in your filing being rejected, requiring corrections, re-issuing recipient copies, and potential penalties … Read more
One of the easiest steps of preparing Form 1095-B is to gather the information of the 1095-B issuer. This will include their TIN information and a point of contact for any recipient questions. Issuer TIN Like recipient TIN information, issuer TINs should be verified before the filings are submitted. Tools such as TINCorrect can help … Read more
One of the most common types of ACA e-filing errors returned from the IRS AIR system are TIN validation errors. What causes a TIN Validation Error? This will happen when the last name and SSN submitted in your filing doesn’t match what the IRS has on file, and this can happen for the following reasons: How … Read more
Under the Affordable Care Act (ACA), the federal and state governments, employers, and insurers were given a shared responsibility to improve the availability, quality, and affordability of health coverage in the US. The Affordable Care Act’s employer shared responsibility provisions require certain employers (called applicable large employers or ALEs) to offer affordable health coverage to … Read more
One of the first steps in preparing for ACA reporting is identifying all of your common law employees. The IRS defines an employee as anyone who performs services for you if you can control what will be done and how it will be done. This includes when you have given the employee freedom of action. … Read more
The first step in preparing your Forms 1095-B is identifying all responsible and covered individuals to be reported. Responsible and Covered Individuals Who is the Responsible Individual? The responsible individual is the recipient named at the top of the Form 1095-B. Generally, this is the person who would be liable for the individual shared responsibility … Read more