Sterling Heights, Michigan (PRWEB) February 03, 2017
There have been a lot of questions lately surrounding the 1095 reporting requirements for the 2016 reporting period. Below are some bullet points from frequently asked questions:
- You still have to follow the 1095 reporting requirements even though President Trump was elected and has taken office.
- Employers with 50 or more full-time employees (large employers), MUST complete a Form 1095-C for EVERY full-time employee that was employed during the year. If they were full-time, and either started, or were terminated during the year, they will still be required to receive a 1095-C.
- Large employers using a fully insured type of plan ( Blue Cross, HAP, etc.) will only complete Part I and Part II on form 1095-C.
- Large employers that are also self-insured will complete ALL parts -Part I, Part II, and Part III.
- If insurance is through fully insured type of plan (Blue Cross, Humana, etc.) the insurance company will be providing and sending the covered employees Form 1095 – B which tells the government whether or not you maintained health care coverage for the year.
- Individuals who purchased insurance on the Marketplace Exchange, will receive a Form 1095-A
- The due date for sending 1095 B and 1095 C to employees is March 2, 2017 (extended from Jan. 31 by IRS Notice 2016-70)
- The due dates for Forms 1095 and Form 1094 (Transmittal) were NOT extended and are due to the IRS by Feb. 28, 2017 if paper filing, March 31, 2017 if filing electronically.
- Penalty relief was also extended under IRS 2016-70 for “good-faith efforts”.
- As was the case last year, individuals may STILL proceed with filing their Individual 1040s even though they may have not yet received a Form 1095 from their employer or insurer.