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
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.
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.”
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.
Health coverage can be offered by employers, government-sponsored programs, or other coverage options.
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.
As more states begin to pass their own individual mandate, employers are understanding that meeting the Affordable Care Act’s reporting requirements is a complex process which includes overwhelming terminology. We’ve gathered a glossary of the most essential ACA terms you’ll need to know before filing.