Mastering Form 1095-B: The Essential Guide

1095-B

Form 1095-B, Health Coverage, is used to report information regarding individuals who are covered by minimum essential coverage (MEC) to the IRS. Eligibility for certain types of coverage can affect a taxpayer’s eligibility for the premium tax credit. This type of filing is typically completed by insurance companies and other coverage providers, such as small … Read more

Mastering Form 1095-C: The Essential Guide

Form 1095-C Featured Image

Form 1095-C provides information to both the IRS and the employees regarding health coverage offered by an employer to each employee. What is Form 1095-C? For employers, Form 1095-C combined with Form 1094-C is used to determine whether an Applicable Large Employer (ALE) owes an employer shared responsibility provision (ESRP) payment under IRS section 4980H. For employees, … Read more

Mastering Form 1094-B: The Essential Guide

1094-b

Form 1094-B, Transmittal of Health Coverage Information Returns, is purely a transmittal form — also known as a cover sheet or summary form. Form 1094-B must be filed to the IRS along with Forms 1095-B. Together, Forms 1094-B and 1095-B are used to report health coverage information to the IRS. What is Form 1094-B? Form 1094-B … Read more

Mastering Form 1099-DIV: The Essential Guide

1099-DIV

Form 1099-DIV is used by banks and other financial institutions to report dividend income and other distributions, such as stock or capital gains. They are completed for each person who has been paid dividends and other distributions on stock of $10 or more. There are circumstances where someone might receive a Form 1099-DIV; there are … Read more

Mastering Form 1099-NEC: The Essential Guide

1099-NEC

Form 1099-NEC is used to report non-employee compensation amounts to the IRS. A non-employee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies. Learn more about determining who should receive a Form 1099-NEC by navigating to our article “Who receives a Form … Read more