Does my Business Need to File ACA Form 1095?

If you are new to the Affordable Care Act, you may have a few questions about 1095 forms. So what do ACA 1095 Forms mean for your business?

What do ACA 1095 Forms Mean for Your Business?

Overview: IRS 1095 Forms

The Affordable Care Act requires all employers with 50 or more full-time employees to provide affordable health insurance that meets a set federal minimum coverage and value. So to make sure employers and insurance providers remain compliant with ACA rules and regulations the IRS created Form 1095 to report the coverage offered throughout the year.

Variations of ACA Form 1095:

Form 1095-A (Health Insurance Marketplace Statement): This form is for individual taxpayers who receive insurance through the Health Insurance Marketplace, often referred to as the exchange.

Form 1095-B (Health Coverage): This form is mail to individuals by the insurance agency to report minimum essential coverage. The forms will detail the type of coverage, the month’s covered and the individuals covered by the insurance plan.

Form 1095-C (Employer-Provided Health Insurance Offer and Coverage Insurance) Form issued by the employer to employees by businesses with 50 or more employees. This form will detail the coverage offered and whether or not the employee accepted the insurance.

New Hire

File IRS Form 1095

When ALEs and TPAs file Form 1095 they must file one copy with the IRS for ACA compliance and must send another copy to their employee for their tax return. However, the recipient copy of Form 1095 is for the employee’s records and is not required by the IRS along with their tax return.

Whichever Form 1095 is filed, a copy of Form 1094-B or C is sent to the IRS along with the complete 1095 return. Form 1094 can be seen as a cover sheet that summarizes the 1095 return it accompanies. Form 1094 does not need to be sent to the recipients of insurance, only to the IRS.

Do You Need Help Filing Form 1095?

Let ACAwise file all of your Form 1095s for your company. This all-in-one ACA reporting software designed to track and monitor your ACA compliance throughout the year. When it is time to file ACAwise creates your 1095 and 1094 forms for you! Then you just review your forms and securely e-file directly with the IRS. We will even mail your recipient copies from our South Carolina based office the next business day.

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