Review of Reporting Requirements under Code Sections 6055 & 6056
In late August 2014, the IRS released instructions for completing Forms 1095-B, 1094-B, 1095-C and 1094-C. Many employers will use these forms to report its health coverage to the IRS and provide statements for coverage to its employees in early 2016.
These forms are very important because the IRS will use the information on these forms to determine credits and subsidies for individuals and any penalties for the employers.
To assist employers and their advisors, I have created an explanation that reviews these instructions and the above forms. These forms are very complex and every employer will need assistance in completing them.
If you would like a copy of the explanation, please click on the link below: