BoomTax is proud to announce the Tax Year 2016 version of our product is now live!
We are dedicated to making the simplest Affordable Care Act filing software anywhere, and we have added many new features to make filing even simpler.
1095-C Employer-Provided Health Insurance Offer and Coverage
Stay up to date on 1095C ACA forms as an employer. Avoid pesky IRS fines with articles that give you an advantage. Filing late isn’t a problem with tax year specific articles.
New Updates for Non-Calendar Year Plans
Our latest 2016 update includes some interface changes to account for the new guidelines for ALE members that offer a non-calendar year health plan.
In short, many ALEs will no longer be able to select 4980h Transition Relief on their 1094-C unless they participated in a non-calendar year plan. To qualify, they needed to have offered coverage where the plan began in 2015 and ended in 2016.
Prepare Employees for 1095-C Form
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.
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.
Employer Shared Responsibility – TY 2016
The Affordable Care Act mandate specifies that employers must offer a majority of their employees affordable health coverage. For tax year 2016 and forward, you’ll need to calculate whether 95% of your full-time employees (and their dependents) were covered. If 95% of your eligible employees were not offered with affordable healthcare coverage, you may be subject to fines.