Prepare for ACA Reporting: A Step-by-Step Guide for TY2018

It is important that you know what information you need before you begin preparing for ACA reporting. We’ve identified the following 7 key topics that may help you to correctly and timely complete your ACA filing with our Step-by-Step Guide. Continue reading Prepare for ACA Reporting: A Step-by-Step Guide for TY2018

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.

Who Receives a Form 1099-MISC?

Form 1099-MISC is used to report payments to non-employees. 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. This includes persons such as cleaning services, IT support, or maintenance services. Continue reading Who Receives a Form 1099-MISC?