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ACA Reporting Instructions for Employers

The IRS released the final 2020 forms and reporting instructions for employers under sections 6055 and 6056 under the International Revenue Code. It stated that 2020 Form 1094-B and Form 1095-B must be used by minimum essential coverage (MEC) providers including self-insured plan sponsors that are not ALEs- to report under Section 6055.

2020 Form 1094-C and Form 1095-C will be used by ALEs (applicable large employers) to report under Section 6056 and reporting by ALEs who sponsor self-insured plans will be in a combination of Section 6055 and 6056.

Some of the provisions of the Affordable Care Act, or health care law, apply only to small employers, generally those with fewer than 50 full-time employees, including full-time equivalent employees. If you have fewer than 50 employees, but are a member of a group with a certain level of common or related ownership with 50 or more full-time employees, including full-time equivalent employees, you are subject to the rules for large employers.

There are a few changes now in the 2020 reporting. They are:

  1. The deadline for furnishing individual statements is now extended to March 2, 2021.

  2. Relief from penalties has been extended into 2020 reporting, from reporting incorrect or incomplete information and giving individual statements under Section 6055 only upon request.

  3. “Plan Start Month” box is required for 2020 reporting.

  4. There are additional codes in Form 1095-C in Code Series 1, related to ICHRAs (individual coverage health reimbursement arrangement).

  5. Form 1095-B includes the letter ‘G’ for use on line 8 (Origin of the Health Coverage) to show coverage under an ICHRA.

The last day to file the IRS returns for 2020 is Feb 28, 2021 and March 31, 2020 if done electronically. It is important for employers to familiarize themselves with the forms and instructions for reporting for this year.

As members of the church, staying informed about tax and legal matters is a ‘necessary evil’. As Christ said, pay Caesar what is Caesar’s. For more information and assistance on money matters, visit Landmark Tax and talk with their tax and financial planning experts.

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