September 2, 2015
Below is a reminder for employers that have 50 or more full-time equivalent employees that they will be required to report health insurance coverage information to the IRS and their full-time employees on Form 1095-C for 2015. Also covered below is an explanation of how the employer shared responsibility provision of the Affordable Care Act works.
Reporting Requirements for Applicable Large Employers
All employers with 50 or more full time equivalent employees must report information about the health coverage offered to their full-time employees beginning this year (2015) to the IRS and the employee.
They will do this by completing and providing a Form 1095-C (Employer Provided Health Insurance Offer and Coverage) to all full time employees by January 31, 2016 and to the IRS by February 28, 2016.
To help explain the reporting requirements, the IRS has provided an Employer-Sponsored Health Coverage Information Reporting Requirements for Applicable Large Employers webinar on the IRS Video Portal website that explains:
For more information on these reporting requirements, see the following on the IRS website:
Employer Shared Responsibility Provision for Employers with 50 or more Full-Time Equivalent Employees
Under the Affordable Care Act, beginning in 2015, an applicable large employer is subject to an employer shared responsibility payment (penalty) in the following situations:
For 2015, the IRS is providing transitional relief from the penalty provisions to employers with between 50 and 100 full-time equivalent employees as long as they meet certain conditions.
For a more detailed explanation of the penalty provisions under the Affordable Care Act, see the following:
2018 Depreciation Changes
October 18, 2018
2018 Tax Law Changes that are Directly Reported on Form 1040
October 3, 2018
IRS Tax Transcripts Changes
September 27, 2018
Revised 2018 Schedule A due to Tax Cuts and Jobs Act Changes to Itemized Deductions
August 29, 2018
2018 Expansion of Preparer Due Diligence Requirements
August 8, 2018
IRS Accepting Renewal Applications for ITINs Expiring at End of 2018
July 25, 2018