Thursday, February 09, 2023

IRS Releases 2016 Forms and Instructions for 6055/6056 Reporting

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United Benefit Advisors

(317) 705-1800

tax formsBy Danielle Capilla, Chief Compliance Officer for United Benefit Advisors

Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service (IRS) to verify that (1) individuals have the required minimum essential coverage, (2) individuals who request premium tax credits are entitled to them, and (3) ALEs are meeting their shared responsibility (play or pay) obligations, employers with 50 or more full-time or full-time equivalent employees and insurers will be required to report on the health coverage they offer. Final instructions for the 1094-B and 1095-B and the 1094-C and 1095-C forms were released in September 2016, as were the final forms for 1094-B, 1095-B, 1094-C, and 1095-C. The reporting requirements are in Sections 6055 and 6056 of the ACA.

Reporting was first due in 2016, based on coverage in 2015. Reporting in 2017 will be based on coverage in 2016. All reporting will be for the calendar year, even for non-calendar year plans.

On November 18, 2016, the IRS issued Notice 2016-70, delaying the reporting deadlines in 2017 for the 1095-B and 1095-C forms to individuals. There is no delay for the 1094-C and 1094-B forms, or for forms due to the IRS.

Original Deadlines Delayed Deadlines

The 1094-C, 1095-C, 1094-B, and 1085-B forms were originally due to the IRS by February 28, if filing on paper, or March 31, if filing electronically

Deadline to the IRS for all forms remains the same.
The 1095-C form was due to employees by January 31 of the year following the year to which the Form 1095-C relates.
The 1095-C form is now due to employees by March 2, 2017.
The 1095-B form was due to the individual identified as the "responsible individual" on the form by January 31.
The 1095-B form is now due to the individual identified as the "responsible individual" on the form by March 2, 2017.


For information on the extension process as well as the impact on individual taxpayers, view UBA's ACA Advisor, "IRS Delay in 6055 and 6056 Reporting for 2017".

For comprehensive highlights and detailed explanations of all forms and instructions for 6055/6056 reporting, including the 2016 updates and sample situations, request UBA's 16-page ACA Advisor, "IRS Rleeases 2016 Forms and Instructions for 6055/6056 Reporting".

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