Be Prepared For IRS Reporting

The ACA requires Applicable Large Employers to offer health insurance that meets certain requirements to full-time employees or pay a tax penalty. The ACA also requires Applicable Large Employers to file new tax returns with the IRS about the coverage offered. The reporting rules sound complex, but they really boil down to two simple things: Applicable Large Employers must tell the IRS about the coverage offered, and the employees to whom the offer was made.

Employers must complete IRS Forms 1094-C and 1095-C to remain compliant. Both forms are designed to help the IRS determine if employees owe individual mandate penalties, if employers owe employer mandate penalties, and if premium tax credits provided for marketplace plans were properly provided.

To make sure you don't get fined or taxed and fill out the necessary forms, watch the HCW Television exclusive below.