New ACA IRS Forms Slated for Use in 2015
June 3, 2014
There are new IRS forms, 6055, 6056, and an updated 1095, which are annual reporting requirements imposed by the Affordable Care Act.
- The intent behind these two forms is to identify who has access to minimum essential coverage (MEC), what costs the employer took responsibility for paying, and if an individual or family is eligible for receiving premium assistance.
- These forms are not yet finalized for use, but will be available and required starting in 2015, and will synchronize with the new form 1095.
- Final regulations for this were passed on March 10, 2014.
Please seek counsel from your tax accountants with questions about the impact for your company. You can read more about the regulation here.