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Showing posts from January, 2023

What You Need to Know About the ACA Section 6055 and 6056 Reporting Requirements

The Affordable Care Act requires employers with 50 or more full-time employees (or full-time equivalents) to report information about the health coverage they offer or don’t offer their employees to satisfy Internal Revenue Code Sections 6055 and 6056. To comply with these requirements, employers need to be familiar with two documents: the Section 6055 Reporting Workbook and the Section 6056 Reporting Workbook . But what exactly are these documents, and how can employers use them? Let’s take a closer look. What is Section 6055 and 6056 reporting? Under IRC Section 6055, entities that provide minimum essential coverage must report details of health insurance coverage offered or not offered during a calendar year. This includes details such as which employees were covered under an employer-sponsored plan, when coverage began and ended, whether any minimum essential coverage was offered, etc. The requirements in IRC Section 6056 cover larger employers classified as Applicable Large Emplo

Benefits Buzz - January 2023

  IRS finalizes deadline extension for furnishing ACA statements On Dec. 12, the Internal Revenue Service released a final rule that extends the annual statement furnishing deadlines for reporting under the Affordable Care Act’s Sections 6055 and 6056. This rule finalizes guidance that was proposed by the IRS in December 2021, with minor clarifications. Specifically, the rule: finalizes the 30-day automatic extension to the due date for furnishing statements to individuals under Sections 6055 and 6056; and confirms the availability of an alternate method for furnishing statements to individuals under Section 6055 for every year in which the individual mandate penalty is zero. The due date for filing forms with the IRS under Sections 6055 and 6056 remains unchanged. This means that forms must generally be filed with the IRS each year by Feb. 28 (or March 31, if filing electronically). Due to the 30-day automatic extension, employers have until March 2 (or March 1 in a leap year) to furn