First Information Returns Due in 2016

July 30, 2015 by Staff

The Internal Revenue Service (IRS) released draft forms for 2015 to help employers prepare for the new information reporting provisions under the Affordable Care Act (ACA). Employers are required to report for the first time in early 2016 for calendar year 2015.

Background

The ACA requires insurers, self-insuring employers, and other parties that provide minimum essential health coverage to report information on this coverage to the IRS and to covered individuals using Forms 1094-B and 1095-B. Large employers (generally those with 50 or more full-time employees, including full-time equivalents) are also required to report information to the IRS and to their employees about their compliance with the employer shared responsibility provisions (“pay or play”) and the health care coverage they have offered using Forms 1094-C and 1095-C.

2015 Draft Forms

•Draft Form 1094-C (transmittal)

•Draft Form 1095-C

•Draft Form 1094-B (transmittal)

•Draft Form 1095-B

As a reminder, Forms 1095-B and 1095-C must be electronically filed if the employer is required to file at least 250 of the specific form.

Changes to 2015 Draft Form 1095-C

Among other things, the last page of 2015 Draft Form 1095-C states that this Form is generally unchanged from the 2014 Form 1095-C, except for the addition of one new field titled “Plan Start Month.” This new field is optional for 2015, meaning that filers can choose to: (i) add this field and provide plan year information, (ii) add this field and enter “00,” or, (iii) leave this new field out (thus using the 2014 format). For 2016 and beyond, this field will be required.

In addition, 2015 Draft Form 1095-C includes a continuation sheet that filers use if they need to report coverage for more than six individuals.

For More Information

Additional details on the information reporting requirements for providers of minimum essential coverage, including self-insured employers, are available in IRS Questions and Answers. More information about the information reporting requirements for large employers subject to “pay or play” is available in separate IRS Questions and Answers.

Share this story

Summit Insurance Names J. Marissa Waskiewicz Employee Benefits Account Manager

July 29, 2015 by Staff

J. Marissa Waskiewicz has been named Employee Benefits Account Manager for Summit Insurance of Hunt Valley, MD; previously Waskiewicz was with Kelly & Associates Insurance Group for five years.

Summit Insurance President, James Biggar, stated, “We are thrilled to have Marissa as part of our growing client support staff. Her experience in banking and insurance brings valuable skills to our firm.”

In her new position, Marissa is responsible for client communications and service. Marissa earned a Bachelor of Arts degree in history from Washington College in Chestertown, MD. She is an active volunteer for the Lab Rescue of L.R.C.P. of Annandale, VA.

Summit Insurance is an independent insurance and employee benefits brokerage and consultant, with a proven record of providing risk management guidance and insurance products for public and private companies, growing entrepreneurial firms and high net worth individuals.. The firm is located in Hunt Valley, MD and was founded in 1993. sia-benefits.com

– See more at: citybizlist.com