Looks like 2016 has started on a positive note!
IRS Notice 2016-4 was released on December 28, 2015 extending the distribution and filing deadlines for ACA reporting forms under Section 6055 and 6056.
Here’s a quick recap of Section 6055 and 6056 requirements:
Employers are required to file IRS forms under Section 6055 and 6056 to report that their health insurance meets Employer Shared Responsibility requirements. Section 6055 shows that employers offer minimum essential coverage (MEC) while Section 6056 shows that affordable coverage was offered to all eligible employees. Employers who self-insure their medical benefits are required to complete forms under both Section 6055 and Section 6056. Employers whose medical policies are fully insured are only required to complete forms under Section 6056 and the insurance carrier is responsible for completing forms under Section 6055. Employers may qualify for a simplified filing if they can certify that coverage is offered to 95% of full-time employees.
Beginning in 2016, employers are required to file two forms annually:
| Previous Due Date | New Due Date |
|---|---|
Forms 1095-C were due to individualsFebruary 1, 2016 |
March 31, 2016 |
| If filing on paper Forms 1094-C and 1095-C were due to be filed with the IRS May 31, 2016 |
May 31, 2016 |
| If filing electronically Forms 1094-C and 1095-C were due to be filed with the IRS March 31, 2016 |
June 30, 2016 |
Workterra offers resources to help our clients comply with Affordable Care Act requirements. Contact us today for more information on our unified Human Capital Management solution.