Contrary to popular belief, the Affordable Care Act’s (ACA’s) individual and employer mandate penalties continue to apply and the IRS intends to enforce them. Much of the confusion surrounding the ACA mandate penalties stems from President Trump’s Inauguration day Executive Order, in which he directed federal agencies to “minimize the unwarranted economic and regulatory burdens” […]
Read More...On Tuesday of this week, the IRS release 2015 versions of Form 1094 and 1095. These will be used to report information that is needed to satisfy and comply with both the Individual Mandate and the Employer Shared Responsibility provisions of the Affordable Care Act (in addition to assisting with the complex evaluation process for […]
Read More...From EBIA The IRS has provided both new and updated Q&A guidance on the reporting requirements for applicable large employers (ALEs) under Code §§ 6055 and 6056. As background, beginning in 2016, ALEs must file Forms 1094 and 1095 to provide information to the IRS and plan participants about health coverage provided in the prior year. […]
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