With no changes to the Affordable Care Act (ACA) on the horizon, employers must remember their reporting requirements. The Internal Revenue Service (IRS) recently released final forms and instructions for 2017 ACA tax reporting, as detailed below.
It is federally mandated that employers with 50 or more full-time or full-time equivalent employees must report information about the health care coverage, if any, they offer. The updated forms and instructions to do so are:
- File 2017 Form 1094-C Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns with the IRS;
- Furnish 2017 Form 1095-CEmployer-Provided Health Insurance Offer and Coverage to each full-time employee and file with the IRS; and
- Review the IRS’s Instructions for Forms 1094C and 1095-Cfor guidance.
For employers that sponsor self-funded minimum essential coverage plans, the required forms and their instructions are:
- File 2017 Form 1094-BTransmittal of Health Coverage Information with the IRS;
- Furnish 2017 Form 1095-BHealth Coverage to the enrollee and file with the IRS; and
- Review the IRS’s Instructions for Forms 1094-B and 1095-Bfor guidance.
For 2018, the deadline to furnish the 2017 Form 1095-B or Form 1095-C to the employees or individuals is January 31, 2018.
The deadlines to file ACA forms with the IRS depend on whether you are filing a paper form or filing electronically.
- The deadline to paper file all 2017 Forms 1095-C or 1095-B, as well as the appropriate transmittal Form 1094-C or 1094-B, is February 28, 2018.
- The deadline to electronically file all 2017 Forms 1095-C or 1095-B, as well as the appropriate transmittal Form 1094-C or 1094-B, is April 2, 2018.