The IRS released final forms related to IRC Section 6055 reporting. The instructions are still in draft format. The final forms appear to have no substantial changes from the 2016 forms.
As a reminder, Forms 1094-B and 1095-B (the forms used for Section 6055 reporting) are required of insurers and small self-insured employers providing minimum essential coverage. These reports will help the IRS to administer and enforce PPACA’s individual mandate. Form 1095-B, the form distributed to the covered employee, will identify the employee, any covered family members, the group health plan and the months in 2016 for which the employee and family members had minimum essential coverage (MEC) under the employer's plan. If the plan is fully insured, Form 1094-B identifies the insurer (for a fully insured plan) or the employer (for a self-insured plan) and is used by the insurer to transmit corresponding Forms 1095-B to the IRS.
Please note that a completed Form 1095-B must be distributed to covered employees/individuals by Jan. 31, 2018, for the 2017 reporting year. The Forms 1095-B, along with the transmittal Form 1094-B, must be filed with the IRS by Feb. 28, 2018, if filing by paper and April 2, 2018 (March 31, 2018 falls on a Saturday), if filing electronically.
To Inquire, Review, or Discuss Any Updates Addressed on this Page
Source: HR 360, Inc.
All rights reserved