IRS Form 1095's Complex Rules Will Impact Every Business Regardless Of Size
Corpus Christi, TX (PRWEB) December 21, 2015 -- Businesses have a huge new burden to fully comply with filling out and filing the new, very complicated, IRS Form1095s. If not submitted, vast numbers of individuals will be charged the new Obamacare tax. This surprise tax can be deducted from individual's refunds without warning or billed directly by the IRS. Why is this going to happen? Because many businesses do not know how to complete IRS Form 1095, nor are they aware they are required to send out the complex 1095 forms to their employees. Also, many businesses may get a surprise penalty from the IRS for not mailing a 1095 form to their employees, and not sending the IRS their copy. That’s two more surprises for businesses.
What are these surprises all about? And what is a IRS Form 1095? The simple answer is: An IRS Form 1095 tells the individuals and the IRS if health care coverage was provided or not. If not, individuals and businesses may be liable for the surprise tax noted above. Since 2015 is the first year for Obamacare taxes, many businesses are simply not ready and some are not even aware of this new regulatory burden.
Without an IRS Form 1095, the employee can be charged by the IRS for every month the person did not have 1095 proof of insurance. It’s a little like having proof of car insurance. Better not get caught by the police without it. Of course, there are exceptions in Obamacare, but predict many will be caught by surprise.
IRS Forms 1095 must be delivered to virtually everybody, so the IRS can calculate their Obamacare tax due, if any. Businesses are required to furnish the IRS Form 1095 to their employees and the IRS: Generally Employers to their Employees, Health Insurance Companies to their policy holders, and the Government Health Care Exchanges to those policy holders.
There is a real emergency at hand. IRS Form 1095 must be mailed to millions of people by the deadline of January 31, 2016. That's less than 45 days from now.
So what’s the solution? The solution will almost always require software, due to the complexity of the form. Plus, companies will need to possibly send electronic delivery to the IRS. There are many software packages available in all price ranges; some are very expensive, other solutions are under $500.00 and include features that assure the IRS receives their 1095 copies electronically, on time, by March 31.
Companies providing 1095 Compliance software can be found by Internet search on key words such as "1095 Compliance", or "1095 Forms", or "Obamacare Compliance", or similar search terms. Some of the companies that offer 1095 compliance software at very reasonable cost are http://www.1099Express.com and,http://www.WageFiling.com.
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FOR ADDITIONAL INFORMATION:
Bob Miner
1099 Express
Phone: 361/884-1500
Email: sales(at)1099Express.com
Bill Ritzhaupt, Vortex Solutions, http://www.vortexsolutions.biz, +1 214-499-0169, [email protected]
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