IRS Announces New IR-TCC in Phase 2 of Plan to Update Legacy IRS FIRE TCC

IR-TCC Application

In a Quick Alert posted on June 15th, the IRS announced that it is pushing forward with its implementation of the new Information Returns Application for Transmitter Control Code (IR-TCC) standard for the FIRE System. This development is critical for existing FIRE system filers as these users will need to re-apply for a TCC using … Read more

Mastering Form 1095-B: The Essential Guide

1095-B

What is Form 1095-B? Form 1095-B, Health Coverage, is used to report information regarding individuals who are covered by minimum essential coverage (MEC) to the IRS. Eligibility for certain types of coverage can affect a taxpayer’s eligibility for the premium tax credit. This type of filing is typically completed by insurance companies and other coverage … Read more

Mastering Form 1095-C: The Essential Guide

Form 1095-C Featured Image

What is Form 1095-C? This form provides information regarding health coverage offered by an employer for each employee to both the IRS and the employees. For employers, this form combined with Form 1094-C is used to determine whether an Applicable Large Employer (ALE) owes an employer shared responsibility provision (ESRP) payment under IRS section 4980H. … Read more

Mastering Form 1094-B: The Essential Guide

1094-b

What is Form 1094-B? Form 1094-B, Transmittal of Health Coverage Information Returns is the transmittal form that must be filed to the IRS along with Forms 1095-B. It is used as a cover sheet and summary of the information being filed. Together, these forms are used to report health coverage information to the IRS. What … Read more