Preparing Form 1095-B: A Step-by-Step Guide for TY2020

Preparing Form 1095-B

It is important that you know what information you need before you begin preparing form 1095-B for ACA reporting. We’ve identified the following 4 key topics that may help you to correctly and timely complete your Form 1095-B with our Step-by-Step Guide.

1. Identify Responsible and Covered Individuals

First, you’ll need to identify the responsible and covered individuals included in the health plan coverage. The IRS defines the responsible individual as “the person who, based on a relationship to the covered individuals, the primary name on the coverage, or some other circumstances, should receive the statement.”

2. Verify Individual TIN Information

It is crucial to verify the taxpayer identification numbers (TIN) of the responsible and covered individuals in order to avoid having to file corrections, re-issue forms to recipients, and potential penalties from the IRS.

Tools such as TINCorrect can help you verify TIN information for your businesses and employees before you file.

3. Determine Origin of Health Coverage

Health coverage can be offered by employers, government-sponsored programs, or other coverage options.

4. Obtain Issuer TIN and Contact Information

Be sure to verify your TIN information as well as a good phone number that recipients can call if they have questions about their 1095-B forms.

Form 1095-C Draft for Tax Year 2020 Released by IRS

The IRS has released an updated Form 1095-C draft for Tax Year 2020. The new draft has a few major changes you should know about. This draft will help employers prepare for 2020 Affordable Care Act (ACA) Reporting. A finalized version of the form should be released by early 2021.

Continue reading Form 1095-C Draft for Tax Year 2020 Released by IRS

New Features for Tax Year 2019

BoomTax is excited to announce the release of our Tax Year 2019 product. We’ve been hard at work developing new features that will save you time while keeping the filing process simple.

Continue reading New Features for Tax Year 2019