Reporting Under Internal Revenue Code Sections 6055 & 6056

The Affordable Care Act (ACA) requires that large employers and group health plans collect certain information starting in 2015 and report it to employees and to the IRS in early 2016 (and in each subsequent year). The new reporting requirements enable the IRS to implement the employer shared responsibility payment (the employer penalty) and to determine whether individuals have met their mandate to have health coverage in place. This reporting also helps the IRS determine if employees and their family members were eligible to receive a premium-assistance tax credit if they purchased Exchange/Marketplace coverage.

To provide employees and the IRS with all the required information, employers must develop systems to track and report employees’ full-time status for each month of the calendar year, offers of health coverage to full-time employees, and month-by-month enrollment of all employees (not just full-time employees) and their family members in the employer’s self-insured group health plan.

This webinar discussed the specific information needed to be collected and reported, how the reporting requirements differ for employers with self-insured group health plans and insured group health plans (or insured plan options), which tax forms will be used to report this information, action steps that need to be taken to comply with these new requirements, and employers’ options for managing the reporting process.

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