Accounting and Tax Services, Medical Practice Management, Uncategorized
Oct 13

Health Care Reporting Reminder for Employers

The IRS has reminded Applicable Large Employers (ALEs) (generally those with 50 or more full-time equivalent employees) that they are subject to new reporting requirements for 2015. The first statements (Form 1095-C for employees and the IRS, and Form 1094-C for the IRS only) must be provided to employees by 2/1/16 and to the IRS by 2/29/16 (3/31/16, if filed electronically). The reports will provide information about health coverage the ALE offered (or didn’t offer) to each full-time employee, which the IRS will use to determine if the employer shared responsibility payment applies to the ALE and if the employee is eligible for the premium tax credit. All ALEs are subject to this reporting requirement—regardless of whether they offer coverage or are subject to the employer shared responsibility provisions. The IRS will use the information to determine if the ALE is eligible for transition relief under the employer shared responsibility provisions.

 

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →