Form 1095-C is used to indicate an offer of coverage was made to an eligible employee by an applicable large employer.
Tax Year 2022 is coming to a close, which means that the filing season of 2023 is upon us! We’ve created this guide, so you don’t miss the 2023 ACA deadlines. Basic Information When each tax year, or calendar year, comes to a close employers must ensure that they meet all IRS tax requirements regarding … Read more
New Jersey is among the few states that have implemented state Affordable Care Act (ACA) mandates. With the 2023 filing season right around the corner, New Jersey ACA Changes have been announced amongst filing requirements. New Jersey ACA Changes There have been a couple updates regarding NJ ACA Requirements for the coming tax seasons. The … Read more
On Oct 19 2022, the RI Division of Taxation (part of the RI Department of Revenue) released an advisory for taxpayers and tax professionals regarding ACA individual mandate filing deadlines. Rhode Island ACA Deadlines The advisory states that the Rhode Island ACA deadlines for both furnishing forms and reporting with the state have been updated. … Read more
On Oct 13, 2022, the IRS released the final regulations regarding Affordability of Employer Coverage for Family Members of Employees and how this affects eligibility for the Premium Tax Credit (PTC). Background The final regulations amend the Income Tax Regulations (26 CFR part 1) under section 36B of the Code. The IRS and Treasury Department … Read more
Since tax year 2022 coming to an end that means that the filing season of 2023 is right around the corner. With that in mind, we have compiled this list of tax tips for IRS filing in 2023. Helpful Tax Tips As each tax year, or calendar year, ends filers must ensure that they meet … Read more
Tax Year 2022 is coming to a close, which means that the filing season of 2023 is upon us! We’ve created this guide, so you don’t miss the 2023 deadlines. Basic Information When each tax year, or calendar year, comes to a close employers must ensure that they meet all IRS tax requirements regarding filing. … Read more
ACA reporting can be very complex, but if you can use the Qualifying Offer Method then it may be a lot simpler! What is a Qualifying Offer? A Qualifying Offer is an offer that meets the following criteria: What is the Qualifying Offer Method? If the employer reports using the Qualifying Offer method, then they … Read more
If you e-file your ACA forms to IRS and later realize that you included an additional record by mistake, there is a way to fix it. Although, the IRS doesn’t have a straightforward way to void a 1095-C once it’s been filed, it can be corrected. So this raises the question: Is there a way … Read more
Health coverage affordability is an important part of complying with the ACA’s Employer Mandate. Failing to comply can result in penalties and fines. So, how do employers determine affordability? There are three affordability safe harbors that can be used: Form W-2, Federal Poverty Line (FPL), and Rate of Pay. ACA Employer Mandate The ACA Employer … Read more
Health insurance issuers and carriers must file Form 1095-B for most health coverage. When completing Form 1095-B, you will need to identify the Origin of Health Coverage being reported on Line 8 of the Form 1095-B. The Origin of Health Coverage is indicated using one of the seven IRS designated codes. The Origin of Health … Read more
The IRS has outlined two ACA measurement methods that can be used in determining employee status for ACA purposes. These are the Monthly Measurement Method and Look-Back Measurement Method. ACA Employer Mandate It’s important that Applicable Large Employers (ALEs) ensure that they meet all of the requirements outlined by the ACA Employer Mandate. This means … Read more
The Inflation Reduction Act was signed into law, which means that big changes are coming. Among those changes are increased IRS enforcement and the extension of ACA subsidies, or Premium Tax Credits. Inflation Reduction Act On August 16th, President Biden signed the Inflation Reduction Act of 2022 into law. It raises corporate taxes, makes large … Read more
With a software provider, you can e-file PDF Forms 1095-C by converting the data into an IRS-acceptable format. Can I e-File PDF Forms 1095-C directly to the IRS? No, you cannot e-File PDF Forms 1095-C directly to the IRS. The IRS has very specific requirements for ACA Information Returns that are filed electronically. How can … Read more
Completing 1095-C forms can be confusing, but we’re here to make it simple with this list of common 1095-C coverage scenarios and examples. We’ve even created an interactive code helper tool to help make ACA filing easier. Common 1095-C Coverage Scenarios: 1095-C Coverage Scenario 1: Full-Time Employee, Enrolled All 12 Months, qualifying offer In this … Read more
Perhaps the most intimidating (and challenging) part of Form 1095-C codes for new filers is determining what they mean and how to use them for Box 14 and 16 of the 1095-C. The use of short 1 digit, 1 letter codes to express coverage, full-time/part-time status, and affordability is cryptic at best, so we’ve compiled … Read more