Tax Advisory – New Forms for 2015 Reporting

For calendar year 2015, employers* and insurance providers must submit forms regarding health insurance coverage to the IRS and covered individuals. The forms must be provided to the employee or insured by January 31, 2016. They are used in the preparation of individual tax form 1040. The forms are required to be submitted to the IRS by February 29, 2016 (paper) or March 31, 2016 (electronic). The forms report insurance information for every individual covered for each month of 2015. If you have not addressed this with your payroll provider or department, you have three months to accumulate the information for the year in the required reporting format.

Insurance providers will file Form 1094-B (Transmittal of Health Coverage Information Returns) and Form 1095-B (Health Coverage). Employers must prepare Form 1094-C (Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns) and Form 1095-C (Employer-Provided Health Insurance Offer and Coverage).    To appreciate the volume of data to be accumulated and reported on the forms, the links to access the forms and instructions are provided below.

Form 1094-B http://www.irs.gov/pub/irs-pdf/f1094b.pdf

Form 1095-B  http://www.irs.gov/pub/irs-pdf/f1095b.pdf

Instructions for Form 1094-B and Form 1095-B   http://www.irs.gov/pub/irs-pdf/i109495b.pdf

Form 1094-C   http://www.irs.gov/pub/irs-pdf/f1094c.pdf

Form 1095-C http://www.irs.gov/pub/irs-pdf/f1095c.pdf

Instructions for Form 1094-C and Form 1095-C   http://www.irs.gov/pub/irs-pdf/i109495c.pdf

Extensions for filing can be requested on Form 8809. The 30 day extension is automatic if timely filed with the IRS.

*Employers with at least 50 full time employees must prepare this form for each employee who was a full time employee for any month in 2015.