Business Owners Watch Out for New Obamacare Reports Required Soon!

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Business owners watch out

Watch out for new reporting requirements in a few more months. If you have more than 50 employees of FTE (full time equivalents) you are required to provide medical insurance. And you are faced with information reporting requirements. Although the first round of reports is not due until early 2016, you need to start data collection for this additional responsibility.

There are two sets of annual information reports that you must be filed beginning with the 2015 calendar year: the 1094-B/1095-B or the 1094-C/1095-C. You must issue a copy to employees and also file a copy with the IRS, similar to forms 1096 and 1099. The type of form you file will depend on the type of health plan provided: self-insured plans or fully-insured plans.

Forms 1095-B and 1095-C must be furnished to employees no later than Jan. 31, 2016. These forms must also be filed with the IRS along with the corresponding transmittal form (forms 1094-B or 1094-C) by Feb. 28, 2016 (or March 31, 2016, if electronically filed). Those filing 250 or more forms are required to file electronically with the IRS.

Some things to start now:

Discuss reporting requirements with health-plan administrators and payroll vendors to identify which party will be responsible for data collection and form preparation.

Utilize a data collection system to track monthly health coverage and plan enrollment information.

Confirm mailing addresses with employees. You may want to mailing forms 1095-B and 1095-C with your employee’s Form W-2.

Don’t miss these new filings.

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