IRS Issues Draft Instructions for 2015 ACA Reporting Forms

via Lockton Benefit Group

With early 2016 filing deadlines looming, the IRS recently issued draft instructions for the filing of four key reporting forms related to the Affordable Care Act’s (ACA’s) individual and employer mandates. The draft instructions serve as a reminder, for those who have begun preparing for ACA reporting, that the deadline is drawing slowly but inexorably nearer. The draft instructions are a call to action for employers who have not yet begun to prepare.

Background The ACA requires all but the smallest employers to provide a new tax form, Form 1095-C, to each of their employees who were full-time for at least one month in 2015. The form shows the extent to which the employer met the ACA’s employer mandate in 2015 with respect to that particular employee.

Lockton comment: Employers that dodged the employer mandate’s health insurance coverage obligation in 2015 because they had between 50-99 full-time and full-time equivalent employees during the relevant lookback period in 2014 are nevertheless required to comply with the employer mandate reporting obligation for 2015.

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About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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