Preparing Form 1095-B: A Step-by-Step Guide for TY2019

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.

7 Essential ACA Terms You Should Know

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. 

Continue reading 7 Essential ACA Terms You Should Know

Penalties for Tax Year 2018 ACA, 1099 and W-2 Reporting

Take active measures to avoid paying penalties for Tax Year 2018 by planning ahead, keeping track of your deadlines, and double-checking your information. If you fail to timely file your information returns or file them incorrectly, you could be liable for additional fines or fees.

Continue reading Penalties for Tax Year 2018 ACA, 1099 and W-2 Reporting