Tax Reporting Requirements

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Tax Reporting Requirements

February 14, 2018

It is important to mark these upcoming dates on your calendar. The deadlines for employer and health insurance provider related to health coverage information reporting requirements are just around the corner.

  • February 28: Paper copies of forms 1094 B & C are due to the IRS
  • April 2: Forms 1094 B & C are due to the IRS (if filing electronically)
  • March 2: Forms 1095 B & C are due to covered individuals
  • April 17: Tax Day

With these dates quickly approaching, the Internal Revenue Service (IRS) has released several pieces of guidance to help advisers and consumers with any tax issues that may come up that relate to health insurance coverage.

The IRS has updated its frequently asked questions document about employer reporting to help applicable large employers with their information reporting requirements and completion of Forms 1094 and 1095 C. The IRS has released Publication 974 to help inform individuals and advisers with health insurance premium tax credit issues, which provides detailed answers about how the tax credit works, including how it may interact with Qualified Small Employer Health Reimbursement Accounts (QSEHRAs).

The IRS also released a document outlining the best practices relative to the individual shared responsibility requirement (individual mandate).  The individual mandate is still in effect for both the 2017 tax year (being reported in 2018) and for the 2018 tax year (which will be reported in the spring of 2019), so it is important to know the best way to address it both this year and next.

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